(Yicai Global) July 18 -- Douyu Network Technology, which operates Chinese live-streaming platform Douyu, slumped in its Nasdaq debut yesterday before climbing back to end on par with its issue price.

The Wuhan-based firm's share price [NASDAQ: DOYU] dived almost 4.2 percent at the open to USD11.02 but managed to close the day at USD11.5. The initial public offering raised about USD775 million in total, the largest stateside IPO for a Chinese firm this year.

Douyu plans to use the funds to offer more high-quality e-sports content, enhance its data management, improve the user experience and ramp up marketing to raise awareness, according to its prospectus.

Founded in 2014, the company is China's largest game-centric live streamer and also covers sports, variety shows and entertainment in other categories. It made CNY18.2 million (USD2.7 million) in net profit in the first quarter, while revenue more than doubled to CNY1.5 billion (USD216 million).

It had over 159 million monthly active users in the first quarter, up 25.7 percent on the year, with mobile users rising 37.5 percent to 49.1 million, per its prospectus.

Editor: James Boynton