While the U.S. gave Huawei a 90-day reprieve, allowing American businesses to keep selling specific products to the Chinese firm, it also added more affiliates of the...Technologyread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
China's pursuit of the Middle East may spur growth in the Islamic finance sector.World Economyread more
Twitter and Facebook have suspended accounts believed to be tied to a state-backed disinformation campaign originating from inside China.Technologyread more
United States Steel Corp will temporarily lay off hundreds of workers at its Great Lakes facility in Michigan in coming weeks, according to a filing the steelmaker made with...US Marketsread more
The report comes as Trump in recent days has lashed out over media reports about growing recession fears.Politicsread more
Beijing will lower borrowing costs for companies, but that may not boost the economy as much as some hope.China Economyread more
Stocks are bouncing higher but could be trapped in a range longer term, until there's a resolution of the trade wars.Market Insiderread more
Stocks in Asia mostly traded higher Tuesday afternoon as minutes from the Reserve Bank of Australia's July meeting were released. The People's Bank of China also published its...Asia Marketsread more
Powell will have the opportunity if not to walk back the "midcycle" assessment then to at least provide some further explanation about what it means.Economyread more
Apple has spent more than $6 billion on original TV shows and movies for its forthcoming Apple TV+ service, according to a Financial Times report on Monday.Technologyread more
DouYu International Holdings Ltd, China's largest live-streaming platform, on Tuesday said it 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.
DouYu, which is backed by Chinese social media and gaming giant Tencent Holdings, sold American depository shares (ADS) at $11.5 each, compared with a previously stated target of $11.50 to $14.00, the firm said in a statement. Every 10 ADSs represent one ordinary share.
That makes the deal the largest Chinese IPO in the United States so far in 2019, eclipsing that of Luckin Coffee which raised $645 million, according to Refinitiv data.
However the weak pricing opens questions about the necessity of DouYu's decision in May to put its IPO on hold amid a global markets sell-off stemming from U.S.-China trade tensions.
The IPO was also a test of U.S. investor demand for Chinese stocks after Anheuser Busch InBev NV called off the Hong Kong listing of its Asia-Pacific brewing business due to weak orders from U.S. "long only" fund managers.
DouYu, which primarily focuses on the live-streaming of games, is one of several Chinese start-ups in the growing market for live-streaming in the world's second-biggest economy, along with Huajiao and U.S.-listed Huya.
DouYu has exclusive streaming rights to 29 major tournaments in China, including League of Legends, PlayerUnknown's Battlegrounds and DOTA2, according to its IPO filing.
The rapid growth of the live-streaming sector has seen China's tech heavyweights — Tencent, Alibaba Group Holding and Baidu — open their wallets to back a slew of firms in the hope of boosting existing services in e-commerce, social networking and gaming.
DouYu's losses in 2018 widened to 876.3 million yuan ($127.43 million) from 612.9 million yuan a year earlier, its prospectus showed. The company did, however, report a profit of 18.2 million yuan for the first three months of 2019.
Of the shares on sale in the IPO, DouYu sold two-thirds to raise $517 million, with the remainder sold by existing investors.
Shares of DouYu, which translates to "Fighting Fish", are due to start trading on Wednesday under the symbol "DOYU" on the Nasdaq stock exchange.