NEW YORK -- Douyu, the gaming-focused streaming platform backed by internet giant Tencent Holdings, began trading Wednesday on the Nasdaq after a $775 million IPO -- the largest by a Chinese company in the U.S. this year. The Wuhan-based company opened at $11.02 per American depositary share. This is 4% lower than the initial public offering price of $11.50, which already fell on the low end of its expected range. Douyu initially filed to raise $500 million but lifted its fundraising target after moving into the black in the first quarter of 2019. The company lost $127 million in 2018 on $532 million in revenue.