(Yicai Global) April 23 -- Chinese video game live-streaming platform Douyu International Holdings applied yesterday for a listing on the New York Stock Exchange to raise up to USD500 million under the symbol 'DOYU.'

Proceeds will go to content, research and development, marketing to promote the brand, and general corporate purposes, which may include acquisition.

The company's greatest rival, Guangzhou-headquartered Huya, listed in the US in May. Shenzhen-based tech titan Tencent Holdings has invested heavily in both, which are China's leading game-streamers, Bloomberg News reported.

Wuhan-based Douyu posted a net loss of CNY876.3 million (USD127.4 million) last year, per its filing with the US Securities and Exchange Commission, up from the CNY612.9 million it logged in 2017. The game streamer had an average of 153.5 million users in the fourth quarter, in a 14.3 percent rise from a year earlier.

Tencent is a main Douyu shareholder with a stake of about 40 percent. It has successively invested in its B, C and E rounds since March 2016.

Editor: Ben Armour