Tencent holds the key to China’s e-sports bonanza, says mak_robyn:
Chinese video-game streaming company DouYu International plans to raise up to $944 million in a New York initial public offering.
The company will issue 44.9 million new shares at a price range of $11.50 to $14.00 each, according to an updated prospectus dated July 12. Existing shareholders will sell 22.5 million additional shares. DouYu is expected to price the stock on July 16. The company had in May postponed the share sale, due to growing trade tensions between the United States and China, which led to global market sell-offs.
Revenue in the three months to March increased 123% year on year to 1.5 billion yuan . The company reported earnings of 18.8 million yuan, compared to a net loss attributable to ordinary shareholders of 162 million yuan in the same period last year.Morgan Stanley, JP Morgan, Bank of America Merrill Lynch and CMB International are joint bookrunners.
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