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HUYA (HUYA)

Participants
Rongjie Dong Chief Executive Officer
Ashley Xin Wu Vice President of Finance
Hanyu Liu Company Investor Relations
Unidentified Company Representative Company Participant
Thomas Chong Jefferies
Yiwen Zhang China Renaissance
Lei Zhang Bank of America Merrill Lynch
Ritchie Sun HSBC
Bryan Gong CTP
Tian Hou T.H. Capital
Call transcript
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Operator

Hello, ladies and gentlemen. Thank you for standing by for the Third Quarter 2021 Earnings Conference Call for Huya, Inc. At this time, all participants are in a listen-only mode. Today's conference call is being recorded. I'll now turn the call over to Ms. Relations. Investor Company Liu Hanyu Please go ahead.

Hanyu Liu

posted welcome Hello, Earnings issued Third are XXXX HUYA's Call. everyone. earlier The and was And Conference results Company's Quarter operating to financials online. today and

and Mr. earnings Officer hours. You can website ir. call Participants Ms. IR be on A huya.com. website release of will be visiting of call on the today's at the press Rongjie replay available also Executive IR by in Huya, Dong, the Chief view the a will few

President a Vice will with Wu, Management, Ashley of call begin a Finance. the and will prepared Q&A remarks, conclude with session.

continue, safe discussion will harbor we of Securities, contain the the note of Act under Private U.S. made Before that provision Litigation please forward-looking today's Reform statements, XXXX.

uncertainties. and Forward-looking statements inherent involve risks,

results turn most materially well Commission. financial ahead. comparable and as included is our a filings note press include Rongjie Dong. other our any of Forward-looking this call information, views obligation Please the directly required I our go regarding as release audited to audited the of now reconciliation Please be to the information measures. Further, over update the non-GAAP as as filed any audited, GAAP GAAP to conference that discussions under audited also such, [Indiscernible] and from Securities Huya's does today. the press and financial contains our call CEO, and different other earnings except Exchange Huya's and statements As release will measures Mr. non-GAAP measures. these, with public law. The assume Company's applicable Company prospectors expressed Company's not risks the in uncertainties may U.S.

Rongjie Dong

of [indiscernible] the achieved our today. through In XXXX, solid to our values continue levels and for conference Hello, results delay everyone. third you record-high joining [indiscernible] we top-line. Thank we together call quarter

segment of operational mobile app our and % continued growth activities user and offerings are Huya driven comprehensive summer during % retention over was next the by mainly rate the XX also third up %. E-sports promotion year-over-year for efforts in quarter single XX quarter-over-quarter. content We live our The remained [Indiscernible] XX Strong and events. live

streaming. conveniently, as as updates As continuously it Supporting provide immersive our quality some and particular, our the more more it streams. to now initiatives. to with been will live users. deliver makes have live product we easier ability to of platform, broadcasters’ a while in focused to development participate you content produce users upgrades and experience actively service more In fun application technology-driven viewing for I those and interactive features on we promoted well on

feature and interaction drop More are a quite influence sessions. sent It earlier to monetization triggered introduction of this feature was the channels. effectively certain introduced [indiscernible] users more between e-Gen the the pacing game in games to That It claim offers Elite available almost application the end games in Our XXX?and gaming the our to then we we this [indiscernible]Through time up and covering broadcaster [Indiscernible] open well up game. broadcasters. [indiscernible] running game play viewing sensing team [Indiscernible] capabilities to XXX,XXX broadcasters. called game users queue, years. applied cooperation new [indiscernible] In as interactive this and capabilities for broadcasters, gives being length our released been users of or broadcasters, our streaming August, multi-user LoL up live broadcasters level helping [Indiscernible] it's join games, with our downloading schemes X step itself. paid of entertainment and e-sports, for our to only [indiscernible] will innovative the users live can PeaceKeeper now the feature game the including the year also for platform on and believe users and of by it dollar Achieving launching can as for stage game while These over platform also with particular, We for can interactive not this tournaments, and the the [Indiscernible] get-together, in use improves results. the the had enhances September, third-party participating and popular. more of play the HUYA open participation, and X latest tours when has had streamers work and uniqueness after than gifting data join categories be as draw this core the such is strikes With streaming now include towards? engagement channel the [Indiscernible]. interactivity more the users chips By more including in streaming In a studios. functioning, play game to certain better

up opens more value it for in opportunities importantly, More penetration chain. the our deep game

support more to enabling our enjoy tournament to to In experience. streaming, game existing we HD terms HDR added scenes dedicated technologies, eSports users Ultra streaming of compared the recently

the ourself as AI leveraging names, function newly and to live-streaming. [Indiscernible] accurate game in player best World the caption While so League identifies for team game provide of real-time live with and experience provide to concluded events instant our playback. technology there's for far Championship. operational The season terms, launched live We event our subtitles [Indiscernible] whatever and tournament And the technologies, [Indiscernible] together recently XXXX as well expertise. Legends able data, of were [Indiscernible]

in primer reaching is market broadcasting is share retaining in really and that and innovations. producing quality our and our technology that strengthen for continued [Indiscernible] business We [Indiscernible] world's content dynamic resides talent, delivering advantages. us to product it and environment, in In fostering XXXX. leading streaming competitive This

our agility competitive provide will requirements. in extensive we and our who and opportunities also in With strengthen long-term to brought now promote solidifying continue growth, our more Despite She I changes it's ability on the by the to content, products, that operations regulatory believe healthy the guidelines quarters, leading and Wu, VP more with financial the overview, industry industry. metrics capture long-term for in near-term Huya you recent investing in quality knowledge. introduce our of intention yields in the that our are Company as create our the improving We monitoring we the has surrounding detail Finance, and Ashley been upgrading monetization, position to years regulate can relevant is remain live are confident game our market. In attention of our and has potential impact regulatory and regulatory that closely continue been we launches. delivering to new space will We will streaming regulatory our [indiscernible] has We better been we operating game growth, the assessment. there believe and with with value have following and and accordance

Ashley, please go ahead.

Ashley Xin Wu

you Mr. and everyone. Thank Dong, hello

content Following on to and popular at high-quality initiatives. content Mr. Dong's with of E-sport enthusiasts. have and we ecosystem core an the remarks, our is more E-sport game been enrichment content bring I diversification to update and will start our committed

LCK quarter, among events [Indiscernible] generating Cup, the XXX During World we in third-party XXX most were E broadcasted Summer, prominence, third quarter. the and watched Champion E-Sport - LPL of total third Summer million. viewership the sport

regional Asia also E-sport tournament, comprehensive Championships national users. by were tournament welcomed including East Our exclusively electronic broadcast sport and

and comprehensive license the eSport broadcasted year's comparison XXX third PGC schedule. events for compete, signature Huya All-Star over delayed some produced, China total well content has the and the self-produced million, we we with especially event viewership teams broadcasters in season, reached temporarily well-known tournaments live-streaming event's summer XX tournaments In as a and professional season, multiple HUYA more entertainment international during [Indiscernible] popular. it year-over-year. PeaceKeeper players % platforms Although key Cup, as top we quarter, several professional, Among were making last added up become team from In shows, these the that growing and Elite. we to in XX eSport invited

[Indiscernible] game. attract [Indiscernible] the all August hosted for Naraka even before with platform [Indiscernible] traction for CrossFire Bladepoint, of also complement for attention on further formal much LoL game launch and our already HD, [Indiscernible] lovers. quickly we gaining titles period, more Huya cup anticipated this this those in users’ content held Mobile, which the game the Notably, of the CrossFire During

the addition, with show. viewership this first HoK integrating success, during [indiscernible] [Indiscernible] attaining we tournament. period for XX In kind Champion was We believe program a its the of World produced the of during million game analysts of play Cup, is a It quarter. professional HoK over third complementary it the

[Indiscernible] program. [Indiscernible] mixed further to pan-entertainment a TGC Huya a On Pub, into show. Huya Pub. share our In program invests music September, Music stories, first This and X, [Indiscernible], scene offerings. arts the our program introduced Kungfu performing enriching the real well-known [Indiscernible] to competition show, musicians X, invites we their top game Huya our be long-standing continues Season Carnival entertainment martial GodLie Season werewolf Music

streamers for content to videos We become also our strengthen continue encouraging to efforts video creators. by

format. [Indiscernible] [indiscernible]livestreaming habits. carries video to %. MAUs, the videos as increased who addition their on replace. In approximately ongoing quarter-over-quarter - it In our growth of popular watch on representing XX on -demand The third which platform [indiscernible] the format to also [indiscernible] user reached our It's [indiscernible] quarter XX supports video million

sequential driven particularly of live certain Moving just was Southeast our quarter XXX on by overseas and the XX million are The streaming the expansion average MAUs to tournaments, TV, the growth. more in over % increased Nimo in game overseas Asia. E-sport than progress, international growth mainly revenues platform, our third regional to year-over-year user

As cooperation with our also companies, healthy relationships revenue agent we our to local sustainable content for we and and with game are local refining growth. continue more deepen providers [indiscernible] future

quarter, walk year-over-year. up X will you Next, revenues our X were I our net financial RMB third In highlights. total the through approximately % billion,

our slight million, spending in user the year, as our Our MAU primarily year-over-year by the active paying the playing paying ARPPU X primarily billion last Partially overseas last from usual live-streaming is licensing. reached to revenues and period the in content a same in Profit X.X XXX due to offset users from revenues, of or revenues were other content. in lower impacted year. our Huya line [indiscernible] lower has set the RMB in and with from spending RMB quarter. flat driven quarter quarter Nevertheless, increase decrease users numbers up in improved were with the trends. quarter, second average XXX third live period Advertising with same A The in the compared levels of mobile third by quarter. in streaming which expansion the per Live third user newly number revenue, for paying the by resulted investment compared third the low % almost we million increased

RMB Our non-GAAP gross XXX profit margin gross million was non-GAAP was XX.X%.

And was operating RMB non-GAAP operating our profit X.X%. XXX million. was non-GAAP Our margin

million was net of a $XXX with non-GAAP profit RMB non-GAAP %. margin net Our X

reviewing increase broadcaster higher and are primarily Cost increased costs. for incentive cost XXX be improved expenses. to certain billion Sales content events profit fees for QX, marketing creators. details, by QX, on XX.X% on increased the fees in X.XX XX.X% QX, programs e-sport personnel-related to and primarily XX.X% enhancement for to was and attributable share-based marketing activities content on to Gross financial content marketing RMB and attributable RMB in brand lower cost due decreased XXX expenses. increased products, billion promotional by and to primarily increase with due QX, unless sharing in decreased the RMB spending QX, compensation XXX growth year-over-year and in revenues to the QX. XX.X% XX the RMB continued expenses name, and XX moving the E-sport to term. promote million XXX revenues by Company's in Revenue of QX, XX.X% Research particularly General rates, technology content million revenue for and administrative all the by for decreased to sharing profit efforts. [Indiscernible] $X.X various to for This management sharing XX.X% cooperation -- due and to by increase million content to RMB channels to to will services, fees relation cost during RMB by content, revenue primarily including to primarily our increased expenses million the QX, by specified, by Now, RMB increase costs. to drifting increased sharing attributable for costs vacation. summer expenses otherwise I for and primarily to for increased expenses development XX.X% due to XX.X% Gross revenue of million primarily fee

-- XX in for for decreased income by of period for taxes of income QX. decreased income investment QX, was master QX. XX the for a Share result, rates. million million RMB operating RMB attributable compared decreased income for was Operating to XXXX, investments period with interest primary As same primarily net income tax XX with XXXX, million and to margin million Interest disposal for of RMB the compared X.X% were XX XX.X% the short-term a QX equity million XXXX. QX. XXX RMB to RMB investments, for Income RMB same million to related equity expenses to by X.X XX.X% investment. attributable of

this XXX disclosed with that of year, gain the gaming QX taxes disposal equity XXX for enter XXX for million XXXX. million non-GAAP expenses of Net Huya X.XX compensation share-based period Non-GAAP RMB was attributable to million X.XX in Huya invested QX on a compared income XXX [indiscernible] Inc. of and RMB fair attributable was equity RMB its for same in net sell for per to Diluted which to QX. period XXXX. value Net RMB change one for as with partners was in per stake same ADS July net Income income As fund QX. RMB we Huya the limited into the ADS income compared RMB investments, was excludes of Inc., a private a agreement minority and Company. Net income million diluted of for

will of With XXXX, with of short-term RMB and XX, to cash September disposal of like investment attributable I cash your Company and call inflow that, primarily to deposits, equity cash The compared XXXX, above. mentioned a open to equivalent, now As billion investments RMB XX.XX the as questions. has the billion from XX.XX June short-term XX,

Operator

first [Operator immediately and in Instructions repeat all participants you Management English. ladies Jefferies. and if benefit ] [Operator line from question Thank Chong today's Instructions Once in Chinese, Please Thomas gentlemen, the from ask your to you. Your For comes gentlemen, question Ladies the of again, call, in ] ahead. wish to go please of question a

Thomas Chong

side. questions. have questions X [Indiscernible] I my from [Indiscernible] Thanks Management taking for my

question comment as Thank as trend the user with is about And first [Indiscernible]. The X regard number is, performance the you. expectation. expectation can about our management revenue to well the

Rongjie Dong

[Indiscernible]

Hanyu Liu

the the that influence And are the actually end. and expanding. are title weekend. outcomes event took we SXX entered we than The in to that last games. see happy in believe world caused happy event sensational is another very more this has we the got this And place into of LPL see team to final And the that of

Thomas Chong

[Indiscernible]

Ashley Xin Wu

this We're very SXX whole lead during happy see market continued shares. Huya to our period, the had that in

Thomas Chong

[Indiscernible]

Unidentified Company Representative

actually the During this event, Huya especially Huya and This history. had sought a number it of new the of for last records made year as viewership, also PCU its recorded the platform that highest for times has and for X is from PCUs. edition

Thomas Chong

[Indiscernible]

Ashley Xin Wu

penetration to nice experiences. The Both based and with we past activities continue the to together the a X tournament, is the this operational actually during highest viewer editions. rate will tournament. we [Indiscernible] live delivered improve our During Tencent and activities optimize game mobile had also technologies of launched on the [indiscernible] of launched these streaming and very we Huya have results

Unidentified Company Representative

I will Ms. -- users next talk Now, Wu, year. I expectations tell the about in revenue QX and will and

as mobile our some speaking, our users impact launch continuously, So most expect us we also overall our from game in we the viewership. seasonality well despite recent new to new content that tournament some expect as grow very grow we changes, will investment believe launches, to help positive And and -- events.

Ashley Xin Wu

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Unidentified Company Representative

the viewers a very to becoming games wider New item [Indiscernible] audience’s for and an impact for both for also help will us source and in users. been an SXX official Asian population. games And will positive enter becoming our into e-sport, always -- create have for our important winning title

-- the potential we believe longer user to continue have growth our that for term, So will will increase.

Hanyu Liu

[Indiscernible]

Ashley Xin Wu

as we revenue, streaming of terms whole. revenue impact of environment In well a the is believe extent as the under that to sector live some as micro

come. is years higher-than-average and our to to in continue target So pace a grow keep to growth

Hanyu Liu

[Indiscernible]

Ashley Xin Wu

That's it.

please. question, Next

Operator

you. Thank

Yiwen from Renaissance. Our go Zhang next Please question from comes China ahead.

Yiwen Zhang

for mobile. have I a Thanks question. two-question my [Indiscernible] regarding [Indiscernible] LoL taking

Firstly, exactly it's -- extent

Rongjie Dong

title? the the intro color found on you this new of share game users Can one in knowledge. more

Yiwen Zhang

also preparation make how into stream much And our and including a incremental if also I that between recommend, additionally, our incur? reference coming to secondly, we you then discuss what we made for self-organized And hit [Indiscernible] platform? to guess user the mobile, the LoL gap do And [Indiscernible] you. can Thank content cost and expect tournament. [Indiscernible] you

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

mobile platform Huya right You're by saying LoL launched and month one ago about that was

Ashley Xin Wu

user of And now will continued continue as PUBG. viewership to share. take the performance better market going performances monitor is right But we this forward. than significant games their course, to other or such

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

LoL no this HoK. for have by replacing the right more viewers This gaining is LoL game. live-streaming Mobile for from we means confidence or Therefore, users of users the PC mobile and

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

of this a in lot preparation the operation. In launch game, we've done for of things

working we preparation had streamers some agencies well signed as For in instance, launch. together live our as for talent the with

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

had a shows give our and exposures. to Since the tournaments launch, number make events order in make their for streamers and we opportunities of live organized to

streamers also of We have over professional now and assigned a signed X,XXX number teams. had

Rongjie Dong

[Indiscernible]

Ashley Xin Wu

we in on domestic acquiring the Going tournament China for events. tournaments as licensed well top organizing consider forward other own tournaments would key important our that of leagues as

Hanyu Liu

Next question, please.

Operator

Thank you.

from Zhang Lei a from Bank comes ask question. question Lynch. America please of Merrill Next

Lei Zhang

Two [Indiscernible] questions Hi. here.

we Thank your revenue wondering your trend. trend, you on in margin us content tournaments-related sharing in especially future? the give costs color more you. on And the costs is change updates think costs. should and Can tournament First about e-sports about margin our in strategy any on secondly, how

Ashley Xin Wu

[Indiscernible]

Unidentified Company Representative

our for content well In serve as had content our and content, more self-produced, users, by QX, order resources the in to step-up tournament effort content high-quality creators and our more putting well. since licensed in investments as we competitiveness our better making improve including as

in of according unchanged, basics order dynamics. the address our live of more competitiveness sharing the trying improve for maintaining and revenue while terms revenue also give streamers, sharing streamers to incentives the we will market In with to our live mechanisms to

Ashley Xin Wu

[Indiscernible]

Unidentified Company Representative

margin a some In number [indiscernible] of QX. the such of as scheduling some SXX of well, tournaments, are QX our events auto are operational the big there's according there and [Indiscernible] especially year. in also the as levels, in events plays terms to there the as events of And of well seasonality changes towards end because tournaments

that and So tournament costs regards to generated the impact on operation our costs has with some also contents.

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

with IP a question years in popular regard take its are continue will will Dong E-sport few be Mr. the to Please very to and tournament dot So to cost.

Ashley Xin Wu

as the games. especially with come, SXX final title, Asian as well

top So for we higher the will go believe costs the that tier in tournaments probably future.

Rongjie Dong

[Indiscernible]

Ashley Xin Wu

the hand, depend platforms. some for on the tournaments tournaments other On long promotion live-streaming or tail of new really

for events be quite costs kinds probably the these So will of flattish.

On hand, content the important also Huya. we is very other a self-produced content noticed of also for that source

Rongjie Dong

[Indiscernible]

Rongjie Dong

[Indiscernible]

Unidentified Company Representative

So tournaments or events, as for as own our content e-sport event our self-produced -- well entertainment

Ashley Xin Wu

quite it's we believe creates % money in a the to better our platform of current the that and this of and to XX to from to years to we so unique level % invest to these around in points come. raise kind will value continue hope areas XX content percentage we

Hanyu Liu

Okay.

please. question, Next

Operator

comes from Sun from Ritchie ahead. question Next HSBC. go Please

Ritchie Sun

[Indiscernible]

Ritchie Sun

myself. [Indiscernible] So the questions will I translate

the net M&A also about level we trending? How long-term how think So been the margin has And dynamic. and without firstly, ongoing intense I about want the competition, landscape to for competitive platform. ask that should

the Second You MAU of can game million. question about progress video? made XX mentioned you share in the is,

monetization retention, time user as well you. Thank spend, plan? the about as what So

Rongjie Dong

[Indiscernible]

Ashley Xin Wu

Dong Mr.

Unidentified Company Representative

I revenues. of efficiencies terms think with not a on better Compared not landscape. in DouYu and as have the a operational competitors again, does in as quarters, game competition DouYu, hands we became overall believe joining Well, we that the well for with our we users, streaming we are question landscape live since much and recent lot. a of competition have change outperformed

Rongjie Dong

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Unidentified Company Representative

and investment platform Even this professional though e-sport and in in and rely s, making for our more competitiveness are e-sports strengthen to we peers regard. we our live-streaming for our core however, more continue positioning a are on

Rongjie Dong

[Indiscernible]

Ashley Xin Wu

our also live-streaming and will share in before, to said our we I advantages continue market gain to strengthening keep As

Unidentified Company Representative

diversified s, over And as in experiences on self-produced accumulating more instance. love s. models e-sport and and for and more running relying to business are e-sport have for we by time, content, know-hows a would more we professional

Hanyu Liu

[Indiscernible] [Indiscernible]

Ashley Xin Wu

the the MAU production. XX is actually But with QX, Ms. Wu, million video our of QX, had on previous content Since for question of the reached there increased. the actually quarter lot of user XX business videos, increase video compared an tournaments, the video about events, have. business that believe is content A streaming that live originated We natural %. a we of to from extension

Unidentified Company Representative

about reproduction of basically and editing the streaming contents. live

advantage and have biggest editing reproducing our is origins, in of ability them in content very and resources have one videos. abundant that of we good into think terms a of regard this I we

the to lot of in we terms streamers production, of make encourage content. And make video agencies have to of In launched content -- the video content features. live we talent a a new and terms products,

our highly instance, moments editing and are automatically. the For AI can points, we we this to clips technology use and have identify key video generate efficient features and

So this videos have we is a very for positive feature software for content producing that

Hanyu Liu

We you. question. the next Thank have can

Operator

Thank you.

Next Gong question comes CTP. from Bryan from

Ask your question.

Bryan Gong

on the will the translate share latest operations game view our myself. And I there the any post regulation. regulation strategies of management is the to and screaming, gaming to you. and towards [Indiscernible] our Thank fundamentals. change latest from your impact live Can

Ashley Xin Wu

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Unidentified Company Representative

Thank you.

healthy of believe industry regulate received that rightly quite attention a business recent compliance from pointed to you to And has and regulatory changes industry with the that is we and lot that the regulators. months, been in keeping in make As on the of those full eye operation to doing We've the out long-term our an is better purpose a growth. our regulations. latest promote sure

Ashley Xin Wu

would impact we will user-based the that agile though the terms we because growth to revenue Even changes some be long-term regulatory short-term. in there for of the believe be enough or short-term the changes But for at of users can compliant. the cater address sure demands be to time also actively and and make and to on our same we business operations the of product for the [Indiscernible] our the mitigate that

Hanyu Liu

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Unidentified Company Representative

better the as competitiveness believe in whole. for longer-term, of And invest to to as will that the value. high-quality our products, consolidate Thank content help us you. will said, we this business as clients continue That to well to production serve a we generate our and long-term our upgrade

Operator

you. Thank

today Our Please T.H. from final ahead. Capital. comes question go Tian from Hou

Tian Hou

[Indiscernible].

some on give with Thank thoughts management business Tencent your or plan the your as color well about want just overseas going development, as forward. So some cooperation you.

Ashley Xin Wu

[Indiscernible] [Indiscernible]

Unidentified Company Representative

in on overseas as Wu, Ms. operational business. local thanks you, well Nimo overseas tournaments activities. Well, the as TV Thank to

overseas Our Indonesia. also market especially million. over very MAU market from market reached XX year-over-year. by revenue in had %-point in And we a performance to of And continued increase XXX our the stellar overseas

Ashley Xin Wu

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Unidentified Company Representative

main to expand overseas base, Our and user is our going to markets, enhance to monetization cultivate strategy continue to our to partners our overseas use the local and ability.

Ashley Xin Wu

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Unidentified Company Representative

we cooperation our a optimizing for quarter, local be and for overseas believe this this with Since agents redefining We are with will building positive healthy cooperation that market. them. the talent our ecosystem keep

Ashley Xin Wu

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Unidentified Company Representative

will to the We But to the will as the a loss be for believe percentage market short investment overseas in continue continue lowered that the to overseas markets term, be margin in stage. points level

Ashley Xin Wu

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Unidentified Company Representative

businesses, in truly with hope our deepen we can quite of with cooperation with and especially cooperation to continue our Tencent, our we close. been that area rate Tencent -- So has games

Ashley Xin Wu

[Indiscernible] [Indiscernible]

Unidentified Company Representative

as dropping year, games the launched [Indiscernible] such Tencent its had users. some streamers first such features improve or we such live by the had the one-click games broadcasters [Indiscernible]. keys join new are we and interactivity in of And features This to as launched and interaction This to a play

Ashley Xin Wu

side from had side seen others. And from very both the nice our game outcome. and

Hanyu Liu

[Indiscernible]

Ashley Xin Wu

LPL. us ways this Tencent, signing new instance, help agreement X-year with for terms by In for explore to a will monetization. long-term a cooperation of tournament, a of And had relationship of we

Unidentified Company Representative

Okay, that's it.

Operator

like for Company to you. turn Thank the Right. back would to call closing remarks. I the

Hanyu Liu

us Thank you again joining today. once for

Relations website TPG If you questions, contact you. free on to the provided Relations. Huya's our Investor Thank information further have feel or please through Investor contact

Operator

the concludes this Now call. conference

your you. You line. Thank disconnect may