Tencent-backed game live-streaming platform Douyu(斗鱼) is reported to plan an initial public offering in Hong Kong. The company is said to plan to raise more than $ 700 million. However, the company declined to comment on the information.

Douyu was earlier reported to plan to raise about $ 300-4000 million from IPO in Hong Kong this year in January and received $630 million investment from Tencent in March, being valued at more than $2.4 billion. Until March 2018, Douyu has completed 6 rounds of fundraising and became the first live streaming platform that entered the series D funding.

Originated from AcFun’s live streaming sector ”Shengfangsong Live Stream(生放送直播)”, the platform changed its name to Douyu and became an individual brand in 2014. The platform features in game live streaming, where viewers can watch players play live. There are also recorded videos on playing games. In spite Although video content on the platform is still gaming focused,  it has expanded to other categories of videos including entertainment and science and education.

Douyu’s main source of revenues come from advertising, online tipping, e-commerce and games. Cheng Chao, Douyu’s Chief Operation Officer said the company has been profiting since the series D funding.

Another Tencent-backed game streaming video platform Huya had its initial public offering on New York stock Exchange in May, raising $180 million. The stocks were priced at $12 per share. Shares of the company were sold at $29 each before the market opened on June 7, US eastern time.

Jiefei Liu is a Beijing based tech reporter. She focuses on the union of tech and content creation and loves agriculture. You can write to her at Jiefei@technode.com

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