INTERNATIONAL - China’s largest live-streaming platform DouYu International Holdings Limited, backed by social media and gaming giant Tencent Holdings Ltd, has filed for a US initial public offering (IPO) of up to $500 million.
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 China, along with US-listed rival Huya Inc and Huajiao.
The rapid growth of the live-streaming sector has seen China’s tech heavyweights - Tencent, Alibaba Group Holding and Baidu Inc - open their wallets to back a slew of firms in the hope it can boost existing services in e-commerce, social networking and gaming.
DouYu has exclusive streaming rights to 29 major tournaments in China, including League of Legends, PlayerUnknown’s Battlegrounds, and DOTA2, according to the draft prospectus which was uploaded to the US Securities and Exchange Commission website overnight on Monday.
DouYu was the largest game-streaming platform by average total monthly active users (MAUs) on both mobile and PC during the fourth quarter of 2018, according to the prospectus. The company had 159.2 million MAUs in the first quarter of 2019, representing year-on-year growth of 25.7 percent.