DouYu International Holdings Ltd , China's largest live-streaming platform,...
NEW YORK/HONG KONG - DouYu International Holdings Ltd DOYU.N, China’s largest live-streaming platform, on Tuesday said it sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering at the bottom of an indicative range.
DouYu, which is backed by Chinese social media and gaming giant Tencent Holdings Ltd , sold American depositary shares at $11.5 each, compared with a previously stated target of $11.50 to $14.00, the firm said in a statement. Every 10 ADSs represent one ordinary share. However the weak pricing opens questions about the necessity of DouYu’s decision in May to put its IPO on hold amid a global markets sell-off stemming from U.S.-China trade tensions.
DouYu, which primarily focuses on the live-streaming of games, is one of several Chinese start-ups in the growing market for live-streaming in the world’s second-biggest economy, along with Huajiao and U.S.-listed Huya Inc .
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