The Wall Street Journal: Videogame-streamer DouYu raises $775 million in largest U.S. IPO by a Chinese company this year

A Chinese video-streaming service raised $775 million through a Nasdaq listing, capitalizing on the growing popularity of watching others play games on the internet.

The initial public offering by DouYu International Holdings Ltd. DOYU, +0.00%   was the biggest this year by a Chinese company in the U.S., ahead of the $645 million IPO of cafe chain Luckin Coffee Inc. DouYu offers both desktop and mobile apps, and counts China’s Huya Inc. HUYA, -4.99%   and Amazon.com Inc.’s AMZN, -0.89%   Twitch among its peers.

DouYu, which is backed by Chinese internet heavyweight Tencent Holdings Ltd. 700, +0.17%   , sold 67.39 million American depositary shares at $11.50 apiece, at the bottom of an indicative price range of $11.50 to $14 a share, it said in a statement. Its shares in the U.S. ended their first day of trading Wednesday flat at $11.50.

The IPO values the company at nearly $4 billion, including restricted shares issued to employees under a share-based compensation program.

An expanded version of this report appears on WSJ.com.

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