Tencent-Backed Game Streaming Platform Aims to Raise $944 Million in U.S. IPO

ABOUT US

CX Tech is Caixin Global's real-time tech news portal, featuring 24-hour news, short-form analysis, and roundups from business and tech media in China.

TRENDING: Xpeng Debuts New Car As China’s NEV Market Heats Up; Didi Given Greenlight to Test Autonomous Vehicles in Beijing Pilot Zone; ByteDance Powers Up Gaming Investment with C4games Acquisition

LATEST: 92-Year Old Li Ka-Shing Receives First Dose of BioNTech Vaccine; China Becomes World’s Biggest Buyer of Chip Equipment in 2020, Says SEMI; Geely-Controlled Swedish Electric Carmaker Polestar Raises $550 Million in First External Funding; Xpeng Looks to Cut Reliance on Foreign Made Chips Amid Global Shortage; Trending in China: The Fake Writing Competition That Conned Beijing Parents for Years; ByteDance Powers Up Gaming Investment with C4games Acquisition; Didi Given Greenlight to Test Autonomous Vehicles in Beijing Pilot Zone; Xpeng Debuts New Car As China’s NEV Market Heats Up; Lenovo Still Top Dog in Global PC Market in First Quarter of 2021; Tesla Says Any Data It Collects in China Is Stored in the Nation; Medtech Startup StoneWise Raises $100 Million to Promote Use of AI in Drug Development; Plus Accelerates Uptake of its Autonomous Truck Tech with Italian IVECO Deal; Trending in China: Farmer Given Suspended Jail Time For Felling Own Trees – Social Media Chimes In; ‘Tickets Please!’ Baidu Allowed to Charge for Robobus Service in Chongqing; Didi Reportedly Looking to List in U.S. as Soon as July; China’s NEV Sales Balloon in First Quarter on Strong Demand from Individual Consumers; Honor of Kings Beats PUBG Mobile as World’s Highest-Earning Mobile Game in March; Didi to Expand New Logistics Service From 8 to 19 Cities in China; China’s Li Auto Raises $750 Million Through Bond Sale to Fund Electric Car Development; Plant-Based Food Firm Beyond Meat to Open Plant Based in China

By Tianyu M. Fang / Jul 09, 2019 04:04 PM / Business & Tech

Photo: VCG

Chinese live-streaming platform Douyu International Holdings Ltd. aims to raise up to $944 million in a Nasdaq IPO, the company announced Monday.

Douyu will offer 44.9 million American depositary shares, with current shareholders selling an additional 22.4 million shares, a U.S. Security and Exchange Commission (SEC) filing shows. The company estimates the IPO price at between $11.50 to $14.00 per share.

The Twitch-like live-streaming platform, which focuses on esports, previously filed with the SEC to raise up to $500 million on the New York Stock Exchange in April, before the plan was called off due to market jitters in May.

Douyu hit 1.5 billion yuan ($221.9 million) in quarterly net revenue for the three months ended March 31, a significant increase from 666 million yuan for the same period in 2018.

Douyu’s IPO follows that of its rival — Huya Inc., which is also backed by Tencent — on the New York Stock Exchange in 2018. Douyu had over 6 million paying users in the first quarter of 2019, compared to Huya’s 5.4 million.

Share this article

Open WeChat and scan the QR code