Tencent-backed Chinese entertainment company Douyu is planning a U.S. initial public offering to raise $600M-$700M "by cashing in on the esports phenomenon that is gripping China," according to Louise Lucas of the FINANCIAL TIMES. Five-year-old Douyu, which streams videos including online games, had been "considering a Hong Kong listing" but is now "weighing up" a U.S. debut, according to sources. Analysts at CBInsights value Douyu at $1.51B, while business information provider Crunchbase said that the streaming company’s total funding valued it at $1.1B. A listing would see Douyu "follow the path of rival Huya," which is also backed by Tencent. Huya’s share price quadrupled from its $12 issue price within a month of its IPO in May. Shares in Huya are now trading at about $36. Douyu’s plans come as the esports market, which streams video gamers in competition, "rapidly expands in China." At least 60% of esports views were of titles in which Tencent, one of China’s two tech firms and one of the world’s top 10 most valuable companies, has an interest (FT, 7/22).