Benzinga | Aug 26, 2021 09:52AM EDT

Tencent Focuses On Game Streaming Following Chinese Crackdown: Bloomberg

* Tencent Holdings Ltd (OTC:TCEHY) has raised focus on its game streaming platform after China blocked the $6 billion HUYA Inc (NYSE:HUYA) and DouYu International Holdings Ltd (NASDAQ: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.