Huya Gets Preliminary Non-Binding Proposal From Tencent

HUYA Inc. (HUYA), a game live streaming platform in China, said that it has received a preliminary non-binding proposal letter from Tencent Holdings Limited, proposing that Huya and DouYu International Holdings Limited enter into a stock-for-stock merger to be effected, as a result of which Huya or its subsidiary would acquire each outstanding ordinary share of DouYu, including ordinary shares represented by American depositary shares, in exchange for a to be agreed number of newly issued Class A ordinary shares of Huya, including ordinary shares represented by American depositary shares.

As per the proposal letter, Tencent would support the transaction as a shareholder of each of Huya and DouYu, and would be willing to participate in the Transaction in such manner and on such terms and conditions as to be further discussed and mutually agreed upon.

Tencent has entered into a share transfer agreement with JOYY and a separate share transfer agreement with Rongjie Dong, the chief executive officer of Huya, pursuant to which Tencent will purchase from JOYY Inc. 30 million Class B ordinary shares of Huya and from Rongjie Dong 1 million Class B ordinary shares of Huya.

As per the proposal letter, the transfers under the agreements will be consummated on or before September 9, 2020.

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