DouYu International Holdings Ltd, China's largest live-streaming platform, on Tuesday said it sold US$775 million in stock at a US$3.73 billion ...
NEW YORK/HONG KONG: DouYu International Holdings Ltd, China's largest live-streaming platform, on Tuesday said it sold US$775 million in stock at a US$3.73 billion valuation after pricing its U.S. initial public offering at the bottom of an indicative range.
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.DouYu has exclusive streaming rights to 29 major tournaments in China, including League of Legends, PlayerUnknown's Battlegrounds and DOTA2, according to its IPO filing.
DouYu's losses in 2018 widened to 876.3 million yuan from 612.9 million yuan a year earlier, its prospectus showed. The company did, however, report a profit of 18.2 million yuan for the first three months of 2019.
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