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Stock Alert: HUYA Down 1%, Tencent Becomes Major Stake Holder

Shares of HUYA Inc. (HUYA), a game live streaming platform in China, are currently down more than 1%. Chinese tech giant Tencent Holding Limited exercised its options to increase its stake in HUYA.

HUYA is currently trading at $16.77, down $0.22 or 1.29%, on the NYSE.

HUYA said Tencent has exercised its option to acquire 16.5 million ordinary shares of Huya for about $262.6 million in cash from JOYY Inc. (YY).

Tencent has became the largest shareholder of Huya, increasing its voting power in Huya to 50.1%.

Meanwhile, Huya will continue to operate independently and remain headquartered in Guangzhou.

Tencent has appointed Lingdong Huang as a director and the Chairman of Huya's board, while Zhi Cheng, Hai Tao Pu and Guang Xu were each appointed as a director of Huya.

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