Aroundtheworld

Huya eyes $200m IPO in US

Livestreaming platform YY Inc said on Monday its subsidiary Huya had recently submitted IPO documents to the US Securities and Exchange Committee to tap into the US market.

The streaming division is seeking to raise about $200 million in 2018, Bloomberg reported in January, citing people familiar with the matter.

YY made the announcement as it announced its financial results, with a year-on-year increase of 41.3 percent in its net revenues for 2017, to 11.59 billion yuan ($1.78 billion), according to a statement on its website.

Huya’s IPO in the US market aims to fund its long-term growth, YY said.

CATL to build factory in EU

Chinese major electric-car battery producer Contemporary Amperx Technology (CATL) confirmed to the Global Times that it plans to build a factory in Europe.

The company is choosing among three sites for its first overseas plant, Zeng Yuqun, founder of CATL, was quoted as saying in a report by Bloomberg on Tuesday. Based in Ningde, East China’s Fujian Province, the company has been investing heavily in developing lithium-ion batteries. It was ranked top in terms of battery supplies with 328,245 kilowatt hours, surpassing Shenzhen-based BYD Co with a market share of 26 percent in the first quarter, media reported in May 2017.