Chinese Firms Fight Coronavirus; Wuhan's DouYu Donates $1.4 Million

The largest internet company in Hunan made a contribution to its homeland to address the coronavirus; other companies also join fight.

Belinda Zhou
    Jan 27, 2020 5:00 PM  PT
Chinese Firms Fight Coronavirus; Wuhan's DouYu Donates $1.4 Million
author: Belinda Zhou   

DouYu International Holdings Ltd. (Nasdaq: DOYU) has donated 10 million yuan ($1.4 million) to the local charity amid the coronavirus scare.

The largest internet company in Wuhan, Hubei province, said the donation will be used exclusively for the prevention and control of new coronavirus epidemics in a statement on Friday.

DouYu, backed by Tencent Holdings Ltd. (HKEX: 0700), said it will fight the epidemic together with its hometown and survive the crisis.

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 (DouYu donated 10 million yuan to Hubei province; Source: DouYu)

Other Chinese companies listed in the United States also announced their support and some made donations to help fight the country's health crisis.  

Beverage giant Luckin Coffee Inc. (Nasdaq: LK), digital media company Bilibili Inc. (Nasdaq: BILI) and content platform So-Young International Inc. (Nasdaq: SY) donated an aggregate $1.4 million to the city in trouble. Online consumer finance company LexinFintech Holdings Ltd. (Nasdaq: LX) and the parent company of 360 Finance Inc. (Nasdaq: QFIN) gave $2.1 million. 

E-commerce company Vipshop Holdings Ltd. (NYSE: VIPS), afterschool education services provider TAL Education Group (NYSE: TAL) and New Oriental Education & Technology Group Inc. (NYSE: EDU) donated $2.8 million each.

Shares in DouYu dropped nearly 2% to $7.60 apiece Monday. The company's stock slid 18% in the past five trading days.

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