July 22, 2019
Latham & Watkins represented the underwriters in the IPO of DouYu International Holdings Limited, a leading game-centric live streaming platform in China and a pioneer in the eSports value chain. The US IPO is the largest in China this year. DouYu offered 67,387,110 American Depositary Shares ("ADSs") at US$11.5 per ADS. Every ten ADSs represent one ordinary share. The ADSs began trading on July 17, 2019 on the Nasdaq Global Select Market under the symbol "DOYU". The total gross proceeds of the offering are approximately US$775.0 million if the underwriters do not exercise their over-allotment option, and approximately US$891.2 million if the underwriters exercise their over-allotment option in full.
The cross-border Latham deal team that represented the underwriters, Morgan Stanley, J.P. Morgan, BofA Securities and CMB International, was led by Hong Kong partners Allen Wang and Dominik Sklenar, with Hong Kong counsel Louis Rabinowitz, and Hong Kong associates Wei Wei, Eric Yiu, and Leonard Lou. Advice was also provided on FINRA and broker-dealer matters by New York partner Dana Fleischman, with New York associate Gail Neely; and on securities law matters by Washington, D.C. partners Alex Cohen and Paul Dudek.