Tencent-backed game-streaming firm DouYu files for $500mn US IPO

Chinese live-streaming platform, DouYu International Holdings Limited, has filed for a US IPO of up to $500mn.

Backed by social media and gaming giant Tencent, DouYu primarily focused on the live-streaming of games.

For instance, the firm has exclusive streaming rights to 20 major tournaments in China including League of Legends and DOTA2.

In the first quarter of 2018, DouYu was the largest game-streaming platform by average total monthly active users (MAU) on both mobile and PC.

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The company intends to list its American depositary shares on the NYSE under the ticker ‘DOYU’.

DouYu says it will use the funds to invest in eSports content, research and development, as well as marketing.

Morgan Stanley, J.P. Morgan and BofA Merrill Lynch are acting as underwriters for the IPO.