E-sports video streaming site Douyu planning a US IPO | Digital Asia
Digital Asia News Update
Shortly after widely circulated rumors about a Hong Kong IPO, Tencent-backed Douyu is reported to have turned its favors to the US stock market. The listing is expected to raise $600 million to $700 million by cash, the report added. If true, this is much higher than RFA Reuters’s previous estimation of $300 million to $400 million.
Originated from AcFun’s live streaming business, the platform features in-game live streaming, where viewers can watch players play live or live recorded videos.
Chinese gaming behemoth Tencent has backed the platform since March 2016 when it led a $100 million Series B along with Sequoia and Nanshan Capital. It also participated in Douyu’s RMB 1.5 billion Series C in August of the same year and led a $630 million strategic investment earlier this year. Douyu completed its Series D of financing led by CMBI International Capital Corporation and Nanshan Capital in 2017.
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The boom in live streaming and e-sports markets have given rise to companies like Douyu, which is sitting at the intersection of the two emerging sectors. Douyu’s major rival Huya, which also has Tencent backing, had its initial public offering on New York Stock Exchange in May, raising $180 million. The stock was priced at $12 per share and it surged to around $36 a piece now.
Douyu’s listing comes in the wake of an IPO crazy among Chinese tech unicorns. In the past a few months, we have witnessed IPO of top players in various verticals from smartphone maker Xiaomi to video streaming giants like iQiyi and Bilibili.
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The article E-sports video streaming site Douyu planning a US IPO first appeared on TechNode.
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The post E-sports video streaming site Douyu planning a US IPO appeared first on Tech News.