Davis Polk Advises DouYu International Holdings Limited on Its Initial Public Offering and Nasdaq Listing

Davis Polk advised DouYu International Holdings Limited on its SEC-registered initial public offering of 67,387,110 American Depositary Shares, consisting of 44,924,730 ADSs sold by DouYu and 22,462,380 ADSs sold by the selling shareholders, for total proceeds of approximately $775 million if the underwriters do not exercise their over-allotment option. DouYu will not receive any of the proceeds from the sale of the ADSs by the selling shareholders. Each ten ADSs represent one ordinary share of DouYu. The underwriters have an option to purchase up to an additional 6,738,690 ADSs from DouYu and 3,369,370 ADSs from the selling shareholders. DouYu is listed on the Nasdaq Global Select Market under the ticker symbol “DOYU.” Davis Polk also advised the selling shareholders as to U.S. law.

Headquartered in Wuhan, China, DouYu International Holdings Limited (Nasdaq: DOYU) is a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. DouYu operates its platform on both PC and mobile apps, through which users can enjoy immersive and interactive games and entertainment live streaming.

The Davis Polk corporate team included partner Li He, counsel-registered foreign lawyer Xuelin (Steve) Wang and registered foreign lawyers Kevin Zhang and Jennifer (Yujia) Jiang. Counsel Alon Gurfinkel and associates Veronica Davis and Omer Harel provided tax advice. Associate Jennifer Wang provided 1940 Act advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.