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​Chinese game live-streaming site Huya makes NYSE debut

Xinhua Financein NEW YORK
2018-05-12 15:26

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Huya, a Chinese live-streaming platform for video games and e-sports, rang the New York Stock Exchange (NYSE) opening bell on Friday in celebration of its initial public offering (IPO).

Huya, trading under the ticker symbol of "HUYA", priced its IPO of 15,000,000 American depository shares (ADSs), at 12.00 U.S. dollars per ADS for a total offering size of approximately 180 million dollars, assuming the underwriters do not exercise their option to purchase additional ADSs.

Credit Suisse, Goldman Sachs (Asia) and UBS investment bank are the joint book runners on the deal.

Dong Rongjie, CEO of Huya, told Xinhua on Friday that the IPO on the NYSE marks a brand-new development stage for the company.

"I think the move will help us expand the market overseas and inspire our team to develop more innovative products as well," he said.

Huya started trading at 15.50 dollars per share on Friday, climbing 29.17 percent from its pricing, and was traded at 16.30 dollars apiece around midday.

Dong noted that the money raised will be used in further investing in live-streaming game and e-sports.

Huya reported net revenue of about 336 million U.S. dollars in 2017, driven mainly by live-streaming services and advertising.

The company said that by the end of last year, it had average monthly active users of over 86 million, with each mobile user spending about 99 minutes on average on the platform each day.

China has become the world's largest games market in terms of revenues and gamers, according to consultancy Frost & Sullivan Research. The country is also home to the world's largest active user base of live streaming, according to Huya's filing.
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