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Tencent Adds HuYa's Stake with US$810M, Plans Shr Exchange to Merge DouYu; HuYa, DouYu Surge 9-12% Pre-trade
DouYu (DOYU.US), a Chinese game live streaming platform, announced pre-trading that it received a preliminary non-binding proposal from TENCENT (00700.HK) which intended to merge D...
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Tencent Adds HuYa's Stake with US$810M, Plans Shr Exchange to Merge DouYu; HuYa, DouYu Surge 9-12% Pre-trade
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2020/08/10 19:49
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DouYu (DOYU.US), a Chinese game live streaming platform, announced pre-trading that it received a preliminary non-binding proposal from TENCENT (00700.HK) which intended to merge DouYu and peer HuYa (HUYA.US).

Pursuant to which, HuYa or its subsidiary will acquire the issued ordinary shares of DouYu, and DouYu shareholders shall receive new class A ordinary shares from HuYa. The board of directors of DouYu is reviewing and assessing the proposal, and not guarantee whether the proposal will become binding.

JOYY Inc. (YY.US) said it inked a binding equity transfer agreement with Linen Investment, a wholly owned subsidiary of TENCENT, today (10 August), where JOYY will transfer 30 million class B ordinary shares of HuYa to TENCENT at a cash consideration of US$810 million.

Prior to the transaction, TENCENT had owned HuYa and DouYu as to 37% and 38% stake. Wire had earlier reported that the merger was expected to make TENCENT the largest shareholder of the new company, which may mold a live streaming giant with over 300 million users and market cap of US$10 billion. Pre-trading, JOYY jumped 2.8% to US$75.5; DouYu shot up 12.3% to US$17.14; and HuYa mushroomed 8.8% to US$29.
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