 DouYu International Holdings Limited DouYu or the Company Nasdaq: DOYU, a leading game-centric live streaming platform in China and a pioneer in the eSports value chain, today announced that its Board of Directors the Board has received a preliminary non-binding proposal letter, dated August 10, 2020, from Tencent Holdings Limited, proposing that DouYu and HUYA Inc. Huya NYSE: HUYA enter into a stock-for-stock merger, as a result of which Huya or its subsidiary would acquire each outstanding ordinary share of DouYu including ordinary shares represented by American depositary shares the Proposed Transaction. Pursuant to the Proposed Transaction, shareholders of DouYu will receive a to be agreed number of newly issued Class A ordinary shares of Huya for their respective DouYu shares. A copy of the proposal letter is attached hereto as Exhibit A. 