Tencent Focuses On Game Streaming Following Chinese Crackdown: Bloomberg
- Tencent Holdings Ltd (OTC: TCEHY) has raised focus on its game streaming platform after China blocked the $6 billion HUYA Inc (NYSE: HUYA) and DouYu International Holdings Ltd (NASDAQ: DOYU) merger in July, Bloomberg reports.
- Originally, Tencent had planned to assign Penguin Esports to the combined entity for $500 million. Now, Tencent has set up a new product design and operations team at its Penguin Esports streaming app.
- Huya Chairman Huang Lingdong will head Penguin Esports. Bobby Jin, who runs Tencent’s League of Legends Chinese esports league, will serve as Huang’s second-in-command.
- The existing game-streaming department will be broken up, with some of its staff relocating to Penguin Esports.
- Price Action: DOYU shares traded higher by 2.12% at $3.86 in the market session on the last check Thursday.
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