Game-streaming platform Douyu planning US IPO for $500m
It's reported that Douyu has secretly applied for an IPO on the Nasdaq.
A Chinese webcasting hostess uses a smartphone to make a live webcast during the Douyu festival on May 29, 2017 in Wuhan China.[Photo: VCG]
The company is reportedly planning to raise 500 million U.S. dollars and be listed as early as the second quarter of the year.
It's expected to become China's third publicly listed live-streaming platform, following rivals Inke and Huya.
The company has received 7 billion yuan from investors such as Tencent, Sequoia Capital, and Nanshan Capital in six rounds of financing.
Tencent is Douyu's second-largest shareholder at 19 percent, second only to company founder Chen Shaojie.
As the two biggest platforms in the field of live game-streaming, Douyu and Huya have long been fierce competitors.
After its US IPO last year, Huya surpassed Douyu in terms of market penetration and daily usage time.