Tencent Looking to Launch New $10 Billion Streaming Platform By Investing.com

Tencent Looking to Launch New $10 Billion Streaming Platform By

© Reuters.

By Bryan Wong

Investing.com – Tencent Holdings Ltd (HK:) has formally proposed a deal to merge DouYu International Holdings (NASDAQ:) Ltd. with Huya Inc, creating a new Chinese game streaming platform that could rival Amazon’s Twitch.

Tencent reportedly offered to buy 30 million shares of Huya (NYSE:) from itself, a part-owner of the company. Tencent will also seek control of the final entity, which would allow the WeChat operator to dominate the $3.4 billion Chinese live-stream gaming market.

Tencent’s Hong Kong shares rose 3.19% to HK$518 ($66.8352) by 12:44 AM ET (5:44 AM GMT), regaining some of losses sustained after U.S. President Donald Trump put the kibosh on U.S. transactions with the WeChat owner during the previous week.

There are also fears that the U.S. could start delisting more Chinese companies after U.S. Treasury Secretary Steven Mnuchin said on Monday that companies from China and elsewhere could be delisted from U.S. stock exchanges as of the end of 2021 if they do not comply with accounting standards.

However, Tony Yip, Chief Strategy Officer of Tencent Music Entertainment Group (NYSE:), a joint venture between Tencent and Spotify (NYSE:), said during an analyst briefing that it is still “premature” to speculate over a potential delisting.

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