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.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.



Source link

Investing.com


Leave a Reply

Your email address will not be published. Required fields are marked *


About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.


CONTACT US

CALL US ANYTIME