Tenet Fintech Group Inc. (CSE: PKK, OTC Pink: PKKFF)
Commercial Lending in China Ready to Tenet!
Tencent-backed online gaming portal Douyu is rumored to seek a US$700 million initial public offering in the US, according to a media report.
The report said the company had been considering a Hong Kong listing, but is now seeking a U.S. debut. Douyu did not immediately respond to China Money Network’s email seeking for comments.
Douyu follows its peers Huya and Inke, which went public in U.S. and Hong Kong respectively. Huya’s shares closed at US$35.71 on July 20th, up about 400 times compared to its IPO price at US$12. Inke is traded at HK$4.01, about 4% increase from its IPO price of HK$3.85.
It is not clear how the Douyu’s valuation will change after the new round, but the firm was valued at US$1.5 billion on China Money Network’s China Unicorn Ranking.
Douyu streams videos including entertainment, online games, sports events. In February, Douyu, Huya and YY topped the video streaming market, with market penetration rate of 4.25%, 3.61% and 3.33% respectively, according to Jiguang Data. More than half of Douyu’s users are males aged between 20 to 24 whose favourite game is Tencent’s Arena of Valor.
In March, Tencent invested RMB4 billion (US$632 million) in Douyu, a day before the social media giant led a US$461.6 million series B round in Douyu’s rival Huya.
Last November, Douyu raised a RMB1 billion (US$158 million) series D round from CMBI International Capital Corporation Ltd., and Nanshan Capital. It also raised a RMB1.5 billion (US$226 million) financing round led by Phoenix Capital Asset Management and Tencent Holdings Ltd. in 2016.
Source: China Money Network
