DouYu Announces Formation of Special Committee and Appointment of Advisors

DouYu International Holdings Limited (“DouYu” or the “Company”) (Nasdaq: DOYU), a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced that its Board of Directors (the “Board”) has formed a special committee of independent directors (the “Special Committee”) consisting of Mr. Zhaoming Chen, Mr. Xi Cao, Mr. Xuehai Wang and Mr. Zhi Yan. The Special Committee will review and evaluate a previously-announced preliminary non-binding proposal that the Board received on August 10, 2020 from Tencent Holdings Limited, proposing that DouYu and HUYA Inc. (“Huya”) (NYSE: HUYA) enter into a stock-for-stock merger (the “Proposed Transaction”). Pursuant to the Proposed Transaction, each ordinary share of DouYu (including ordinary shares represented by American depositary shares) held by DouYu shareholders will be exchanged for a to be agreed number of newly issued Class A ordinary shares of Huya.

The Special Committee has retained Morgan Stanley Asia Limited as its financial advisor and Davis Polk & Wardwell LLP as its U.S. legal counsel in connection with its review and evaluation of the Proposed Transaction.

The Company cautions its shareholders and others considering trading in its securities that neither the Board nor the Special Committee has made any decision with respect to the Company’s response to the Proposed Transaction. There can be no assurance that any definitive offer will be made, that any definitive agreement will be executed relating to the Proposed Transaction or that this or any other transaction will be approved or consummated. The Company does not undertake any obligation to provide any updates with respect to this or any other transaction, except as required under applicable law.

Source: DouYu International Holdings Limited