Tencent Focuses On Game Streaming Following Chinese Crackdown: Bloomberg

Tencent Holdings Ltd TCEHY has raised focus on its game streaming platform after China blocked the $6 billion HUYA Inc HUYA and DouYu International Holdings Ltd DOYU merger in July, Bloomberg reports.
Originally, Tencent had planned to assign Penguin Esports to the combined entity for $500 million. Now, Tencent has set up a new product design and operations team at its Penguin Esports streaming app.
Huya Chairman Huang Lingdong will head Penguin Esports. Bobby Jin, who runs Tencent’s League of Legends Chinese esports league, will serve as Huang’s second-in-command.
The existing game-streaming department will be broken up, with some of its staff relocating to Penguin Esports.
Price Action: DOYU shares traded higher by 2.12% at $3.86 in the market session on the last check Thursday.