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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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.