Douyu establishes interim management committee to manage company operations

Douyu announced the establishment of an interim management committee on November 24, 2023. The committee is composed of the company’s director and chief strategy officer Su Mingming, the company’s director and vice president Cao Hao, and the company’s director Ren Simin. Chengdu police issued an announcement on November 22, 2023, confirming that the company’s CEO and chairman of the board of directors, Chen Shaojie, had been arrested. An interim management committee will manage the company's operations until further notice. Ren Simin was appointed as the company’s vice president, which will be effective from November 24, 2023

According to reports, Douyu’s net profit in the second quarter was 61.4 million yuan, a year-on-year increase of 161%. However, total revenue was 1.392 billion yuan, a year-on-year decrease of 24.1%. This has been a decline for three consecutive years. So far, Douyu has not released its third quarter financial report

On October 25, Douyu announced that due to the closing price of Douyu’s American Depositary Shares (ADS) in the past 30 consecutive working days, All are lower than the minimum purchase price of US$1. If the stock price does not return to above US$1 before April 22, 2024, it may face delisting.

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