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Tencent-backed livestreaming startup Douyu ups its US IPO target

Chinese platform reports strong Q1 amid fierce battle with compatriot Huya

NEW YORK -- Douyu, an e-sports livestreaming platform backed by Tencent Holdings, on Monday raised the target for its Nasdaq debut after moving into the black for the first time last quarter.

The Wuhan, China-based startup filed to raise up to $629 million at $11.50 to $14 per American depositary share, while Douyu shareholders will be selling an additional $314 million worth of equity, according to Douyu's updated prospectus. The company previously sought a $500 million listing.

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