On Monday 9 April, Chinese gaming platform Huya filed a petition to the US Securities and Exchange Commission (SEC), asking for a go-ahead with an initial public offering. Based on the documents SEC received, Huya currently has as many as 86.7 million monthly users.
Huya intends to raise $200 million in fresh capital and use the money to brush up on its eSports initiatives. In recent months, Huya has been involved in a number of high-profile eSports investment transactions.
Earlier in January, Huya won the broadcast rights to stream the 2018 League of Legends Korea Championships across China. More recently, another gaming behemoth on the Chinese market, Tencent, has acquired stakes in both Huya and competitor platform Douyu TV.
Huya is often described as the Chinese alternative of Twitch. The company will list on the New York Stock Exchange (NYSE) as HUYA. Underwriters of the deal will be Credit Suisse, Goldman Sachs, and UBS Investment Bank. SEC documents have revealed that Huya posted $12.5 million in losses in 2017.