(Yicai Global) June 11 -- Douyu and Huya, two of China’s leading live-streaming platforms and both backed by Tencent Holdings, declined to comment on a report that they are poised to merge.

However Bejing News incited some insiders from Huya that the merger could happen as soon as the end of this year or early next year, before which the live-stream platform would have a new management team and new strategic goals. 

Tencent Holdings proposes to merge these two firms to better vie with arch-rival TikTok under Beijing Bytedance Technology, per the report. Tencent holds a 36.8 stake in Huya with 50.9 percent of voting rights, while the Shenzhen-based tech titan holds 38 percent of Douyu.

Editor: Ben Armour