On July 17, 2019, Douyu Network Technology Co., Ltd. (hereafter referred to as "Douyu"), a project directly invested in by Yuanhe Bingsheng, was successfully listed on the NASDAQ in the U.S., trading under the ticker symbol "DOYU." On its first day of trading, the company’s market capitalization exceeded $3.7 billion.

Douyu Network Technology Co., Ltd. is a bullet-comment-style live-streaming platform dedicated to bringing joy to everyone—and has emerged as a leader among China's domestic live-streaming websites. Currently, Douyu primarily focuses on gaming livestreams but also offers a diverse range of content, including sports, variety shows, and entertainment. Not only does Douyu lead the industry in terms of monthly active users, paying subscribers, and the number of top-tier streamers, but it also leverages strategic resources from Tencent, ensuring robust event broadcasting rights that contribute to its vibrant community atmosphere.

Yuancheng He Bingsheng Mother Fund invested RMB 50 million in Douyu's C+ round in June 2017, with Nanshan Capital serving as the recommending institution. Additionally, Yuancheng He Bingsheng's Nanshan Phase I Fund significantly increased its stake in Douyu during both the B and C rounds, accumulating total investments exceeding RMB 160 million.

Douyu is the first direct-investment project from Yuanhe BingSheng Fund to list on the U.S. stock market, and we believe that more high-quality companies from our fund portfolio will soon join the capital markets in the future.