DouYu means "fighting fish" in Chinese, and it fought for every viewer in a crowded pool. The Wuhan company streamed live video games to millions of Chinese fans. Viewers sent streamers virtual gifts that cost real money, and DouYu took a share. Tencent was its biggest backer. When DouYu went public in July 2019, it raised about $775 million, the largest U.S. listing by a Chinese company that year to that point.

Esports in a Chat Window

Chen Shaojie became DouYu's chief executive in May 2014, when the platform launched. He had earlier built online platforms for esports games such as Warcraft. DouYu's bet was that Chinese gamers would watch other people play the way sports fans watch games. Star streamers drew huge audiences, and fans paid them through gifts. A close rival, Huya, chased the same fans. Tencent invested in both.

Flat Debut, Hard Years

DouYu priced its offering at $11.50 a share on July 16, 2019. The stock dipped in early trading on Nasdaq and closed its first day right at $11.50. In 2020 Tencent arranged a merger of DouYu and Huya. China's market regulator blocked it in July 2021. In November 2023, police detained Chen on gambling charges, and in 2026 he resigned as chief executive. DouYu still trades on Nasdaq as DOYU.

Cover: Carp Ascending Waterfall, Hasegawa Sadanobu. Art Institute of Chicago, public domain. Chosen for a carp leaping up a waterfall (Douyu, the fighting fish).