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Report: Tencent-backed game platform planning US$700M Hong Kong IPO

Tencent Holdings Ltd.-backed live-streaming games platform Wuhan Douyu Network Technology Co. Ltd. is gearing up for a US$700 million IPO in Hong Kong in July, the South China Morning Post reported June 7, citing people familiar with the matter.

The Wuhan, China-based company, which also broadcasts video content, is aiming to list in the third quarter, according to the report.

Douyu was valued at more than US$2.4 billion after its latest round of fundraising in March, when Tencent invested US$630 million.