The Tencent-backed livestreaming platform is favouring the US for an initial public offering expected to raise between $600m and $700m.

China-based online streaming platform Douyu plans to raise up to $700m in an initial public offering that would allow internet group Tencent to exit, the Financial Times reported yesterday.

The company had initially favoured Hong Kong for the IPO but is now looking to the US for an offering expected to raise between $600m and $700m, according to bankers familiar with the matter.

Douyu operates an online livestreaming platform that covers a wide range of topics including cookery demonstrations and…