NEW YORK -- Douyu, the gaming-focused streaming platform backed by internet giant Tencent Holdings, had a lackluster debut on the Nasdaq Wednesday after a $775 million IPO -- the largest by a Chinese company in the U.S. this year.
The Wuhan-based company closed its first day of trading on Wall Street at $11.50 per American depositary share, matching its initial public offering price. Shares opened at 4% lower Wednesday morning after being priced at the low end of the expected range. The IPO values Douyu at roughly $3.7 billion.
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