(Yicai Global) May 21 -- Shares of Cheetah Mobile surged after the Chinese security software maker said that it will sell its remaining stake in TikTok parent ByteDance, paying a special dividend.

Cheetah Mobile's stock price [NYSE: CMCM] jumped by 47.34 percent to USD3.05 yesterday, the highest since mid-February. It got listed on the New York Stock Exchange in 2014.

The software firm is expected to gain USD66 million in the second quarter via the sale, resulting in a cash inflow of USD130 million, the Beijing-based company, whose parent is led by Xiaomi founder Lei Jun, said in a statement yesterday. The deal will close by the end of next month.

On July 9, Cheetah Mobile will pay a special cash dividend of USD1.44 per each American Depositary Share, or US 14 cents per every ordinary share to shareholders of record as of June 23, expecting to spend USD200 million in total, the statement added.

The company could use the money. Cheetah Mobile reported a net loss of CNY314 million (USD45.1 million) last year, in comparison to a CNY1.2 billion (USD168.9 million) gain a year before that. Meanwhile, its revenue slid by 28 percent to CNY3.6 billion (USD515.3 million).

"We are currently facing some difficulties in our legacy mobile internet business,” said Chairman Fu Sheng. "Looking into 2020, we will continue to implement prudent cost-saving measures," said Chief Financial Officer Thomas Ren.

Founded in 2010, Cheetah Mobile also provides users with video games and advertising services.

Editor: Emmi Laine