Company:Huya Live

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Short description: Chinese live streaming service
Huya Live
[[File:150px
(Chinese)
150px
(Global)|250px]]
Type of site
Live streaming, video game, technology
Available inSimplified Chinese
Traded asNYSE: HUYA
HeadquartersGuangzhou, China
Area servedChina
Worldwide (as Nimo TV)
OwnerTencent (67.3% as of 31 March 2025)
Founder(s)
  • David Xueling Li
  • Rongjie Dong
CEOJunhong Huang (April 2026 - )
RevenueIncrease US$930 million (2025)
Website{{{1}}}
www.nimo.tv (outside China)
CommercialYes
Launched24 November 2014; 11 years ago (2014-11-24)
Current statusActive
Huya Live
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Huya Live (Chinese: 虎牙直播) is a Chinese video live streaming platform focused on video games and esports, operated by Huya Inc. (NYSE: HUYA). It is one of China’s two largest game live‑streaming services alongside DouYu and carries official esports broadcasts as well as user‑generated streams[1] and have been collectively known as the "Twitch (service) of China".[2] Huya Inc. is controlled by Tencent Holdings Limited. Outside mainland China, the service operates in selected overseas markets under the Nimo TV brand.[3]

History

On 24 November 2014, it was announced that YY.com's video streaming service would begin operating independently as Huya Live.[4]

Since 11 May 2018, HUYA Inc.'s American Depositary Shares (ADSs) have been listed on the New York Stock Exchange, under the symbol "HUYA."[5]

Huya had 150 million monthly active users at the start of 2019.[6]

In April 2020, Tencent became the largest shareholder of Huya, having increased its voting power to 50.1% which reduced JOYY's voting stake from 55.5% to 43%.[7] As of 31 March 2025, Tencent beneficially owned 67.3% of Huya's total issued and outstanding share capital and had voting power of 95.4%.[8]

The mobile app of Huya was banned in India (along with other Chinese apps) on 2 September 2020 by the government amid the 2020 China-India skirmish.[9][10]

In July 2021, Chinese regulators blocked a proposed merger between Huya and DouYu on antitrust grounds.[11]

In 2024, Huya's game-related services, advertising and other revenues accounted for 21.9% of its total net revenues, up from 7.8% in 2023.[12]

In February 2026, former League of Legends star Jian “Uzi” Zihao returned to the Huya platform, beginning with a special livestream on February 3.[13] Huya produced the UZI Cup, a self-produced League of Legends event named after Uzi, the event attracted more than 200 teams and generated more than 100 million views across the internet.[14]

Corporate developments

Special Dividends

First 2024 special dividend

On 19 March 2024, HUYA announced a special cash dividend of US$0.66 per ordinary share, or US$0.66 per American Depositary Share ("ADS"), representing an aggregate distribution of approximately US$150 million. The dividend yield was approximately 14.0% relative to HUYA's closing price of about US$4.72 immediately before the announcement.[15]

Second 2024 special dividend

On 13 August 2024, HUYA announced a second special cash dividend of US$1.08 per ordinary share, or US$1.08 per ADS, representing an aggregate distribution of approximately US$250 million. The dividend yield was approximately 24% relative to the closing price of approximately US$4.46 on 12 August 2024. HUYA stated that the dividend followed a review of its financial position, business plans, capital requirements and cash holdings, and reflected the company's intention to deliver additional shareholder returns.[16]

Together, HUYA's two 2024 special dividends amounted to US$1.74 per ADS, with approximately US$400 million returned to shareholders during the year.[16]

2025 Cash Dividend

On 18 March 2025, HUYA announced a cash dividend of US$1.47 per ordinary share, or US$1.47 per ADS, as part of its newly adopted 2025–2027 Dividend Plan. The dividend represented an aggregate distribution of approximately US$340 million and a dividend yield of approximately 32% relative to HUYA's closing price of about US$4.54 immediately before the announcement.[17][18]

2025–2027 Dividend Plan

The 2025–2027 Dividend Plan was introduced to enhance shareholder returns and optimize HUYA's capital structure. In addition to the large 2025 distribution, HUYA stated that it expected to distribute at least US$30 million in cash dividends in each of 2026 and 2027.[17]

2026 special dividend

On 17 March 2026, HUYA announced a special cash dividend of US$0.135 per ordinary share, or US$0.135 per ADS, implementing the second year of its 2025–2027 Dividend Plan. The distribution totaled approximately US$31 million, equivalent to a dividend yield of approximately 3.9% relative to HUYA's pre-announcement share price of about US$3.46.[19]

From March 2024 through June 2026, HUYA therefore declared a cumulative US$3.345 per ADS in cash dividends, representing approximately US$771 million of aggregate cash distributions to shareholders. The unusually large 2024 and 2025 distributions reflected HUYA's substantial cash reserves and a broader strategy of returning excess capital to shareholders through both dividends and share repurchases.[19]

Revenue Mix

Over the years, Huya has been diversifying from live streaming revenue focus to other revenue streams.

Revenue Spread for each Fiscal Year
Year Live Streaming Revenue (%) Game-Related Services, Advertising, and Other Revenues (%)
2018 95.3 4.7[20]
2019 95.2 4.8[21]
2020 94.5 5.5[22]
2021 93.5 6.5[23]
2022 88.5 11.5[24]
2023 86.2 13.1[25]
2024 78.1 21.9[26]
2025 70.7 29.4[27]

Streaming Rights

On 4 January 2018, Riot Games gave Huya Live exclusive rights to broadcast the LCK, South Korea's professional esports league for League of Legends, in China.[28] The same was done for the LCS and LEC on 20 January 2020, the equivalent leagues in North America and Europe respectively.[29][30]

In December 2025, Huya became the first third-party organizer and exclusive streaming platform for the Demacia Cup, hosting the 2025 tournament featuring 14 LPL teams and two streamer squads through January 3, 2026.[31]

In January 2026, Huya secured full rights to 2026 Badminton World Federation events and the 2026 World Snooker Tour. The 2026 World Snooker Championship generated more than 150 million total views on HUYA.[14]

Game Publishing

2026 - (Sustained Publishing Activity)[32]

In January 2026, Huya and Kingsoft Shiyou co-published Goose Goose Duck Mobile. Goose Goose Duck Mobile recorded above 5 million new registered users in a day and reached number 1 spot on Apple's app store in both the overall free apps and free games charts during the first few days of launch.[33][34][35] Goose Duck Mobile has returned to the number 1 position on China's iOS free game chart at the end of July 2026.[36]

On 26 June 2026, Huya announced exclusive publishing rights to Sword and Fairy: Reunion (also known as The Legend of Swordsman: Reunion, 剑侠情缘：重逢), a game developed by Seasun under licence from its Jianxia Qingyuan series, and opened pre-registration.[37] Huya said the game would run across a mobile app, a PC client and a WeChat mini-program, with account data shared between them.[38]

In July 2026, the National Press and Publication Administration approved This Island Has Fantasy Beasts (这岛有幻兽), for domestic release, with Guangdong Haiyan Electronic Audio-Visual Publishing House listed as publisher and Guangzhou Huya Information Technology as operator.[39][40]

In August 2026, HUYA Inc announced the exclusive launch of its new 3D food-themed match-3 mobile game, "Momo Adventure (消消奇遇)".[41][42][43][44]

Exclusive IP Content

In February 2026, former League of Legends star Jian “Uzi” Zihao returned to the Huya platform, beginning with a special livestream on February 3.[13] Huya produced the UZI Cup, a self-produced League of Legends event named after Uzi, the event attracted more than 200 teams and generated more than 100 million views across the internet.[14]

Platform and technology

On 18 July 2026, Huya debuted its VAM 1.0, a real-time multimodal digital human model based on a diffusion transformer (DiT) architecture, during the 2026 World Artificial Intelligence Conference (WAIC) in Shanghai.[45] Under the launch version, Huya streamers are able to generate a virtual presenter that speaks and responds in real time.[46]

See also

References

  1. ↑ Wu, Kane; Horwitz, Josh; Leng, Cheng (July 10, 2021). "Chinese antitrust regulator blocks Tencent's $5.3 bln video games merger" (in en-US). Reuters. https://www.reuters.com/world/china/chinese-antitrust-regulator-blocks-tencents-video-games-merger-2021-07-10/. 
  2. ↑ "How Douyu won the live-streaming war to become China's Twitch" (in en). 2019-07-19. https://www.scmp.com/abacus/who-what/what/article/3028270/how-douyu-won-live-streaming-war-become-chinas-twitch. 
  3. ↑ "Form 20-F Huya Inc.". April 17, 2025. https://www.sec.gov/Archives/edgar/data/1728190/000141057825000781/huya-20241231x20f.htm. 
  4. ↑ 种昂 (1 February 2018). "虎牙直播改道上市 背后玄机引发业界猜疑" (in zh-CN). http://www.eeo.com.cn/2018/0201/321880.shtml. 
  5. ↑ "Chinese game live-streaming site Huya makes NYSE debut - Xinhua | English.news.cn". http://www.xinhuanet.com/english/2018-05/12/c_137173085.htm. 
  6. ↑ Huang, Zheping (7 January 2019). "'China's Twitch' Huya surpasses 100 million users despite content crackdown" (in en). South China Morning Post. https://www.scmp.com/tech/article/2180973/chinas-twitch-huya-surpasses-100-million-monthly-active-users-despite-beijings. 
  7. ↑ Sun, Leo. "Tencent Gains Control of Huya: What Does This Mean for JOYY?" (in en). NASDAQ. https://www.nasdaq.com/articles/tencent-gains-control-of-huya%3A-what-does-this-mean-for-joyy-2020-04-09. 
  8. ↑ "Huya Investor Relations SEC Filings". https://ir.huya.com/SEC-Filings. 
  9. ↑ "Government Bans 118 mobile apps which are prejudicial to sovereignty and integrity of India, defence of India, security of state and public order" (Press release). Government of India. 2 September 2020. Retrieved 2 September 2020.
  10. ↑ Yasir, Sameer; Kumar, Hari (2020-09-02). "India Bans 118 Chinese Apps as Indian Soldier Is Killed on Disputed Border" (in en-US). The New York Times. ISSN 0362-4331. https://www.nytimes.com/2020/09/02/world/asia/india-bans-china-apps.html. 
  11. ↑ Wu, Kane; Horwitz, Josh; Leng, Cheng (2021-07-10). "Chinese antitrust regulator blocks Tencent's $5.3 billion video games merger". Reuters. https://www.reuters.com/world/china/chinese-antitrust-regulator-blocks-tencents-video-games-merger-2021-07-10/. 
  12. ↑ Seck, Tobias (2025-03-18). "Huya Q4 Earnings Reflect a Strategic Shift Amid Revenue Transformation" (in en). https://esportsadvocate.net/2025/03/huyas-q4-earnings-reflect-a-strategic-shift-amid-revenue-transformation/. 
  13. ↑ 13.0 13.1 "Huya Announces Return of E-sports Icon Uzi, Underscoring Huya's Growing Appeal to Top Streamers" (in en). https://ir.huya.com/2026-02-02-Huya-Announces-Return-of-E-sports-Icon-Uzi,-Underscoring-Huyas-Growing-Appeal-to-Top-Streamers. 
  14. ↑ 14.0 14.1 14.2 "HUYA Q1 Earnings Call Highlights" (in en-CA). https://www.theglobeandmail.com/investing/markets/stocks/HUYA/pressreleases/1904468/huya-q1-earnings-call-highlights/. 
  15. ↑ IQ, S&P Capital (2024-03-19). "HUYA Inc. Declares Special Cash Dividend, Payable on or Around May 24, 2024 | MarketScreener" (in en-US). https://www.marketscreener.com/quote/stock/HUYA-INC-45039991/news/HUYA-Inc-Declares-Special-Cash-Dividend-Payable-on-or-Around-May-24-2024-46272377/. 
  16. ↑ 16.0 16.1 "HUYA Inc. Reports Second Quarter 2024 Unaudited Financial Results and Announces Share Repurchase Program Extension and Special Cash Dividend" (in en). https://ir.huya.com/2024-08-13-HUYA-Inc-Reports-Second-Quarter-2024-Unaudited-Financial-Results-and-Announces-Share-Repurchase-Program-Extension-and-Special-Cash-Dividend. 
  17. ↑ 17.0 17.1 "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and Announces Dividend Plan" (in en). https://ir.huya.com/2025-03-18-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2024-Unaudited-Financial-Results-and-Announces-Dividend-Plan. 
  18. ↑ "HUYA Inc. Announces Ex-dividend Date for Recently Announced Cash Dividend" (in en). https://ir.huya.com/2025-03-20-HUYA-Inc-Announces-Ex-dividend-Date-for-Recently-Announced-Cash-Dividend. 
  19. ↑ 19.0 19.1 "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and Announces Cash Dividend" (in en). https://ir.huya.com/2026-03-17-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2025-Unaudited-Financial-Results-and-Announces-Cash-Dividend. 
  20. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2018 Unaudited Financial Results" (in en). https://ir.huya.com/2019-03-04-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2018-Unaudited-Financial-Results. 
  21. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2019 Unaudited Financial Results" (in en). https://ir.huya.com/2020-03-16-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2019-Unaudited-Financial-Results. 
  22. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2020 Unaudited Financial Results" (in en). https://ir.huya.com/2021-03-23-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2020-Unaudited-Financial-Results. 
  23. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2022 Unaudited Financial Results" (in en). https://ir.huya.com/2023-03-21-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2022-Unaudited-Financial-Results. 
  24. ↑ Transcribing, Motley Fool (2023-03-21). "HUYA (HUYA) Q4 2022 Earnings Call Transcript" (in en). https://www.fool.com/earnings/call-transcripts/2023/03/21/huya-huya-q4-2022-earnings-call-transcript/. 
  25. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2023 Unaudited Financial Results and Announces Special Cash Dividend" (in en). https://ir.huya.com/2024-03-19-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2023-Unaudited-Financial-Results-and-Announces-Special-Cash-Dividend. 
  26. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2024 Unaudited Financial Results and Announces Dividend Plan" (in en). https://ir.huya.com/2025-03-18-HUYA-Inc-Reports-Fourth-Quarter-and-Fiscal-Year-2024-Unaudited-Financial-Results-and-Announces-Dividend-Plan. 
  27. ↑ "HUYA Inc. Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results and Announces Cash Dividend" (in en). https://www.prnewswire.com/news-releases/huya-inc-reports-fourth-quarter-and-fiscal-year-2025-unaudited-financial-results-and-announces-cash-dividend-302715724.html. 
  28. ↑ "虎牙直播将独播LCK2018春季赛" (in zh-CN). 4 January 2018. http://www.techweb.com.cn/onlinegamenews/2018-01-04/2625715.shtml. 
  29. ↑ Esguerra, Tyler (20 January 2020). "Huya becomes newest exclusive LCS and LEC broadcaster in China". Dot Esports. https://dotesports.com/league-of-legends/news/huya-becomes-newest-exclusive-lcs-and-lec-broadcaster-in-china. 
  30. ↑ Murray, Trent (20 January 2020). "Huya Secures Chinese Broadcast Rights for LCS, LEC". The Esports Observer. https://esportsobserver.com/lcslec-china-huya/. 
  31. ↑ "Huya Serves as the Official Organizer and Exclusive Streaming Platform for the 2025 Demacia Cup" (in en). https://ir.huya.com/2025-12-15-Huya-Serves-as-the-Official-Organizer-and-Exclusive-Streaming-Platform-for-the-2025-Demacia-Cup. 
  32. ↑ "China's gaming industry has regained momentum" (in en-US). http://www.moomoo.com/community/feed/china-s-gaming-industry-has-regained-momentum-117166850965909. 
  33. ↑ "从《鹅鸭杀》到“电竞苏超”：虎牙的转型账簿 _ 东方财富网". https://finance.eastmoney.com/a/202604123702211464.html. 
  34. ↑ "Goose Goose Duck Mobile Achieves No. 1 Apple App Store Ranking,..." (in en). https://marketchameleon.com/articles/b/2026/1/8/goose-goose-duck-mobile-no1-app-huya-gaming-strategy. 
  35. ↑ "Yahoo Finance Goose Goose Duck Performance". https://finance.yahoo.com/news/huya-reports-goose-goose-duck-142000239.html. 
  36. ↑ "HUYA (HUYA) Q2 2026 Earnings Call Transcript" (in en-US). Yahoo Finance. https://finance.yahoo.com/markets/stocks/articles/huya-huya-q2-2026-earnings-020353323.html. 
  37. ↑ "Huya to Exclusively Publish The Legend of Swordman: Reunion in Chinese Mainland" (in en). https://ir.huya.com/2026-06-26-Huya-to-Exclusively-Publish-The-Legend-of-Swordman-Reunion-in-Chinese-Mainland. 
  38. ↑ 腾讯网 (2026-06-26). "剑侠再启！虎牙、西山居强强联合，推出新作《剑侠情缘：重逢》_腾讯新闻" (in zh-CN). https://news.qq.com/rain/a/20260626A06W8400. 
  39. ↑ "The National Press and Publication Administration (NPPA) Official Website". Number 186. https://www.nppa.gov.cn/bsfw/jggs/yxspjg/gcwlyxspxx/202607/t20260723_1000636.html. 
  40. ↑ "《这岛有幻兽》获得游戏版号，游戏运营方为广州虎牙信息科技有限公司" (in en). https://m.sohu.com/a/m.sohu.com/a/1054343754_114984. 
  41. ↑ "Document". https://news.futunn.com/en/post/77226204/3d-match-3-mobile-game-xiao-xiao-qi-yu-is?level=1&data_ticket=1787202826109311. 
  42. ↑ "Huya to Exclusively Publish Xiao Xiao Qi Yu, an Officially Licensed Zanmang Loopy IP Mobile Game Powered by Triple Match 3D's Core Gameplay – Company Announcement - FT.com". https://markets.ft.com/data/announce/detail?dockey=600-202608060500PR_NEWS_USPRX____CN20759-1. 
  43. ↑ "Huya to Exclusively Publish Xiao Xiao Qi Yu, an Officially Licensed Zanmang Loopy IP Mobile Game Powered by Triple Match 3D's Core Gameplay" (in en). https://ir.huya.com/2026-08-06-Huya-to-Exclusively-Publish-Xiao-Xiao-Qi-Yu,-an-Officially-Licensed-Zanmang-Loopy-IP-Mobile-Game-Powered-by-Triple-Match-3Ds-Core-Gameplay. 
  44. ↑ "虎牙直播改不了命". https://36kr.com/p/3954277035873928. 
  45. ↑ "虎牙WAIC 2026发布实时多模态数字人VAM 1.0-新华网". https://www.news.cn/tech/20260718/2d91948e02f34d28bcdb6a3ea3a929fa/c.html. 
  46. ↑ "虎牙WAIC 2026首发实时多模态数字人VAM 1.0|界面新闻 · 快讯". https://www.jiemian.com/article/14789013.html. 
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