July 17, 2019 / 1:56 AM / a month ago

Tencent-backed live-streaming firm DouYu prices U.S. IPO at low end of range -sources

NEW YORK/HONG KONG, July 16 (Reuters) - DouYu International Holdings Ltd, China’s largest live-streaming platform, on Tuesday sold $775 million in stock at a $3.73 billion valuation after pricing its U.S. initial public offering (IPO) at the bottom of an indicative range, people with direct knowledge of the matter said.

DouYu sold American depositary shares (ADS) at $11.5 each, compared with a previously stated target of $11.50 to $14.00, the people said, requesting anonymity to speak freely about the deal.

DouYu, which is backed by Chinese social media and gaming giant Tencent Holdings Ltd, declined to comment.

$1 = 6.8769 Chinese yuan renminbi Reporting by Joshua Franklin in New York and Julie Zhu in Hong Kong; Editing by Christopher Cushing

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