Investing.com - Tencent (HK:0700)-backed Chinese game-streaming company Huya Inc (NYSE:HUYA) announced in a stock exchange filing on April 8 that it is launching a follow-on public offering of American Depositary shares (ADS).
The company is selling 13.6 million primary shares, according to the statement. At the same time, social media platform YY Inc is selling 4.8 million of Huya shares.
Based on Huya’s closing prices on Monday, the combined sale could raise as much as $464 million.
The funds raised from the offering would be used for investment in its content and e-sports partners, the company said.
Citigroup (NYSE:C), Credit Suisse (SIX:CSGN), Goldman Sachs (NYSE:GS) and Jefferies are joint bookrunners for the deal.
Huya, which raised $180 million in 2018 through its initial public offering on the New York Stock Exchange, is China's largest active game live streaming platform, its offering prospectus showed. Its competitor, Douyu, is reportedly planning to go public in New York later in 2019.
Huya’s shares closed down 2.9% on Monday in the U.S. following the announcement.