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DouYu Ends First Day at Its Offer Price in $775 Million IPO
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Chinese Startup Douyu, Holders Raise $775 Million in U.S. IPO
(Bloomberg) -- Chinese video-game live-streaming platform DouYu International Holdings Ltd. and its shareholders raised $775 million after pricing its U.S. initial public offering at the bottom of its marketed range.The company, which delayed its IPO amid market jitters in May, sold 44.9 million American depository shares for $11.50 each, according to a statement. Its existing investors sold 22.5 million shares of the base offering, which had been marketed for $11.50 to $14.00 apiece.At bottom-end pricing, the company is valued in the listing at about $3.7 billion, based on the number of shares listed as outstanding in its filings with the U.S. Securities and Exchange Commission. It is the biggest cross-border listing from China since Tencent Music Entertainment Group raised $1.07 billion in December.DouYu, one of China’s top two video-game live-streaming platforms, initially planned to start its IPO roadshow in May but postponed it following President Donald Trump’s threat to boost tariffs on China, people familiar with the matter said at the time. The Wuhan-based company had filed for its IPO on April 22, almost a year after its biggest competitor, Huya Inc., went public in the U.S.DouYu, backed by Tencent Holdings Ltd., had net income of $2.7 million on revenue of $222 million in the first quarter, according to its filings. That compared with a loss of about $23 million on revenue of $97 million during the same period last year.Existing investors that are selling shares in the IPO included Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming, according to the company’s filings.Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and CMB International Capital Ltd. led the offering. The shares are expected to start trading Wednesday on the Nasdaq Global Select Market under the symbol "DOYU".\--With assistance from Crystal Tse.To contact the reporters on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net;Yueqi Yang in New York at yyang492@bloomberg.netTo contact the editors responsible for this story: Polina Noskova at pnoskova@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Fion LiFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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Tencent-Backed DouYu Falls After U.S. IPO Raising $775 Million
(Bloomberg) -- Chinese video-game live-streaming platform DouYu International Holdings Ltd. fell in its trading debut after its $775 million U.S. initial public offering.The company, which delayed its IPO amid market jitters in May, sold 44.9 million American depository shares for $11.50 each on Tuesday, with its investors selling 22.5 million additional shares. The shares, which which were priced at the bottom end of the marketed range, opened down 4.2% at $11.02.DouYu, backed by Tencent Holdings Ltd., fell 0.9% to $11.40 at 12:03 p.m. in New York trading, valuing the company at $3.68 billion.The offering was the biggest cross-border listing from China since Tencent Music Entertainment Group raised $1.07 billion in its U.S. IPO in December.DouYu, one of China’s top two video-game live-streaming platforms, initially planned to start its IPO roadshow in May but postponed it following President Donald Trump’s threat to boost tariffs on China, people familiar with the matter said at the time. The Wuhan-based company had filed for its IPO on April 22, almost a year after its biggest competitor, Huya Inc., went public in the U.S.DouYu had net income of $2.7 million on revenue of $222 million in the first quarter, according to its filings with the U.S. Securities and Exchange Commission. That compared with a loss of about $23 million on revenue of $97 million during the same period last year.Existing investors that sold shares in the IPO included Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming, according to the company’s filings.Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and CMB International Capital Ltd. led the offering. The shares are trading on the Nasdaq Global Select Market under the symbol DOYU.\--With assistance from Crystal Tse.To contact the reporters on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net;Yueqi Yang in New York at yyang492@bloomberg.netTo contact the editors responsible for this story: Polina Noskova at pnoskova@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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DouYu Ends First Day at Its Offer Price in $775 Million IPO
(Bloomberg) -- Chinese video-game live-streaming platform DouYu International Holdings Ltd. ended flat in its trading debut after its $775 million U.S. initial public offering.Shares of the company, backed by Tencent Holdings Ltd., closed their first day of trading Wednesday at $11.50, the same price as when they were sold in its IPO on Tuesday.DouYu, which delayed its listing amid market jitters in May, sold 44.9 million American depository shares and its investors sold another 22.5 million. The shares, which which had been priced at the bottom of the marketed range, opened down 4.2% and never rose more than 0.4% on Wednesday.The offering, which valued DouYu at $3.73 billion, was the biggest cross-border listing from China since Tencent Music Entertainment Group raised $1.07 billion in its U.S. IPO in December.DouYu, one of China’s top two video-game live-streaming platforms, initially planned to start its IPO roadshow in May but postponed it following President Donald Trump’s threat to boost tariffs on China, people familiar with the matter said at the time. The Wuhan-based company had filed for its IPO on April 22, almost a year after its biggest competitor, Huya Inc., went public in the U.S.DouYu had net income of $2.7 million on revenue of $222 million in the first quarter, according to its filings with the U.S. Securities and Exchange Commission. That compared with a loss of about $23 million on revenue of $97 million during the same period last year.Existing investors that sold shares in the IPO included Aodong Investments and Co-Chief Executive Officer and co-founder Zhang Wenming, according to the company’s filings.Morgan Stanley, JPMorgan Chase & Co., Bank of America Corp. and CMB International Capital Ltd. led the offering. The shares are trading on the Nasdaq Global Select Market under the symbol DOYU.(Updates with closing share price in second paragraph)\--With assistance from Crystal Tse.To contact the reporters on this story: Michael Hytha in San Francisco at mhytha@bloomberg.net;Yueqi Yang in New York at yyang492@bloomberg.netTo contact the editors responsible for this story: Polina Noskova at pnoskova@bloomberg.net, ;Liana Baker at lbaker75@bloomberg.net, Michael Hytha, Matthew MonksFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
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