HUYA Inc. [HUYA] Filings

20-F 1 d266941d20f.htm FORM 20-F FORM 20-F

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM

20-F

(Mark One)

☐	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

☒	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2021.

☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

☐	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of event requiring this shell company report

For the transition period from to

Commission file number:

001-38482

HUYA Inc.

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Cayman Islands

(Jurisdiction of incorporation or organization)

Building A3,

E-Park

280 Hanxi Road

Panyu District, Guangzhou 511446

People’s Republic of China

(Address of principal executive offices)

Rongjie Dong, Chief Executive Officer

E-mail:

ir@huya.com

Building A3,

E-Park

280 Hanxi Road

Panyu District, Guangzhou 511446

People’s Republic of China

Telephone: +86 20 2290-7888

(Name, Telephone,

E-mail

and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:


Title of each class	Trading symbol(s)	Name of each exchange on which registered
American Depositary Shares, each	HUYA	New York Stock Exchange
representing one Class A ordinary share, par value US$0.0001 per share
Class A ordinary shares, par value US$0.0001 per share*		New York Stock Exchange

(1)*	Not for trading, but only in connection with the listing on the New York Stock Exchange of our American depositary shares, each representing one Class A ordinary share.

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

None

(Title of Class)

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report.

As of December 31, 2021, there were 238,070,281 ordinary shares outstanding, being the sum of 86,993,764 Class A ordinary shares (excluding 891,498 Class A ordinary shares issued to our depositary bank for bulk issuance of ADSs reserved for issuances upon the exercise or vesting of awards under our share incentive plans) and 151,076,517 Class B ordinary shares.

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☐ Yes ☒ No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒ No

Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒ Yes ☐ No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation

S-T

(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒ Yes ☐ No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a

non-accelerated

filer, or an emerging growth company. See definition of “accelerated filer and large accelerated filer” and “emerging growth company” in Rule

12b-2

of the Exchange Act. (Check one):


Large accelerated filer	☒	Accelerated filer	☐	Non-accelerated filer	☐

				Emerging growth company	☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐

†The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:


U.S. GAAP ☒	International Financial Reporting Standards as issued		Other ☐
	by the International Accounting Standards Board	☐

If “other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow. ☐ Item 17 ☐ Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule

12b-2

of the Exchange Act). ☐ Yes ☒ No

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. ☐ Yes ☐ No

Table of Contents

TABLE OF CONTENTS


INTRODUCTION		1
FORWARD-LOOKING INFORMATION		2
PART I.		3
ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	3
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	3
ITEM 3.	KEY INFORMATION	3
ITEM 4.	INFORMATION ON THE COMPANY	66
ITEM 4.A.	UNRESOLVED STAFF COMMENTS	97
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	97
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	110
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	120
ITEM 8.	FINANCIAL INFORMATION	122
ITEM 9.	THE OFFER AND LISTING	123
ITEM 10.	ADDITIONAL INFORMATION	124
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	141
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	142
PART II.		143
ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	143
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	143
ITEM 15.	CONTROLS AND PROCEDURES	144
ITEM 16.A.	AUDIT COMMITTEE FINANCIAL EXPERT	145
ITEM 16.B.	CODE OF ETHICS	145
ITEM 16.C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	145
ITEM 16.D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	145
ITEM 16.E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	146
ITEM 16.F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	146
ITEM 16.G.	CORPORATE GOVERNANCE	146
ITEM 16.H.	MINE SAFETY DISCLOSURE	146
ITEM 16.I.	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	146
PART III.		147
ITEM 17.	FINANCIAL STATEMENTS	147
ITEM 18.	FINANCIAL STATEMENTS	147
ITEM 19.	EXHIBITS	147
SIGNATURES		150

Table of Contents

INTRODUCTION

Unless otherwise indicated and except where the context otherwise requires, references in this annual report to:

•

“ADSs” refers to our American depositary shares, each of which represents one Class A ordinary share;

•

“China” or “PRC” refers to the People’s Republic of China, excluding, for the purpose of this annual report only, Hong Kong, Macau and Taiwan;

•

“Class A ordinary shares” refers to our Class A ordinary shares of par value US$0.0001 per share;

•

“Class B ordinary shares” refers to our Class B ordinary shares of par value US$0.0001 per share;

•

“JOYY” refers to JOYY Inc. (Nasdaq: YY), formerly known as YY Inc.;

•

“the variable interest entity, ” “the PRC variable interest entity,” or “the VIE” refers to Guangzhou Huya Information Technology Co., Ltd., or Guangzhou Huya;

•

“MAUs”, or “monthly active users” for any period refers to the sum of users who accessed our platform through our mobile apps, our websites, our PC clients, or YY Client, a PC client offered by JOYY (before early January 2021 when we ceased offering content through YY Client), at least once during such relevant period. The calculations of our MAUs may not reflect the actual number of people who accessed our platform, such as it is possible that some people may use more than one device, or some people may share one device, or some people may access our platform through multiple channels;

•

“mobile MAUs” for any period refers to the sum of users who accessed our platform through our mobile apps at least once during such relevant period. The calculations of our mobile MAUs may not reflect the actual number of people who accessed our platform, such as it is possible that some people may use more than one device, or some people may share one device, or some people may access our platform through multiple channels. Average mobile MAUs for any period is calculated by dividing (i) the sum of our mobile MAUs for each month during such relevant period, by (ii) the number of months during such relevant period;

•

“paying users” for any period refers to the sum of user accounts that purchased various products and services on our platform at least once during such relevant period. A paying user is not necessarily a unique user, however, as a unique user may set up multiple paying user accounts on our platform;

•

“RMB” and “Renminbi” refer to the legal currency of China;

•

“shares” or “ordinary shares” refers to our Class A and Class B ordinary shares, par value $0.0001 per share;

•

“Tencent” refers to Tencent Holdings Limited and its subsidiaries;

•

“US$,” “U.S. dollars,” “$,” and “dollars” refer to the legal currency of the United States; and

•

“we,” “us,” “our company,” “our” and “Huya” refer to HUYA Inc., a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations and combined and consolidated financial information, also include the VIE and its subsidiaries in the PRC.

We present our financial results in RMB. We make no representation that any RMB or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or RMB, as the case may be, at any particular rate, or at all. The PRC government imposes control over its foreign currency reserves in part through direct regulation of the conversion of RMB into foreign exchange and through restrictions on foreign trade. This annual report contains translations of certain foreign currency amounts into U.S. dollars for the convenience of the reader. Unless otherwise stated, all translations of Renminbi into U.S. dollars were made at the rate at RMB6.3726 to US$1.00, the exchange rate as set forth in the H.10 statistical release of the Board of Governors of the Federal Reserve System in effect as of December 30, 2021.

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FORWARD-LOOKING INFORMATION

This annual report contains forward-looking statements that involve risks and uncertainties. These statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by the forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigations Reform Act of 1995.

You can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “likely to” or other similar expressions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy and financial needs. These forward-looking statements include, but are not limited to, statements about:

•

our goals and strategies;

•

our future business development, financial conditions and results of operations;

•

the expected growth of the live streaming market in China;

•

our expectations regarding demand for and market acceptance of our products and services;

•

our ability to retain and increase the number of users, broadcasters, talent agencies and advertisers, and expand our product and service offerings;

•

competition in our industry;

•

general economic and business condition in China and elsewhere;

•

our ability to monetize the user base;

•

relevant laws, government policies, regulations, rules and guidelines relating to our industry;

•

the impact of the

COVID-19

pandemic to our business operations and the economy in China and elsewhere generally; and

•

assumptions underlying or related to any of the foregoing.

You should read this annual report and the documents that we refer to in this annual report and have filed as exhibits to this annual report completely and with the understanding that our actual future results may be materially different from what we expect. Other sections of this annual report discuss factors which could adversely impact our business and financial performance. Moreover, we operate in an evolving environment. New risk factors emerge from time to time and it is not possible for our management to predict all risk factors, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of our forward-looking statements by these cautionary statements.

You should not rely upon forward-looking statements as predictions of future events. The forward-looking statements made in this annual report relate only to events or information as of the date on which the statements are made in this annual report. Except as required by law, we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.

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PART I.

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

ITEM 3.

KEY INFORMATION

Our Holding Company Structure and Contractual Arrangements with the VIE

HUYA Inc. is not a Chinese operating company but a Cayman Islands holding company with no equity ownership in the VIE. We conduct our operations primarily through our subsidiaries and the VIE in China. PRC laws and regulations restrict and impose conditions on foreign direct investment in companies that engage in internet and other related businesses, including the provision of internet content. Therefore, we operate such business in China through the variable interest entity, Guangzhou Huya Information Technology Co., Ltd., or Guangzhou Huya, which we may refer to as “the VIE” and “the variable interest entity” in this annual report, and rely on contractual arrangements among our PRC subsidiary Guangzhou Huya Technology Co., Ltd., or Huya Technology, the VIE and its nominee shareholders to control the business operations of the VIE. The VIE is consolidated for accounting purposes, but is not an entity in which our Cayman Islands holding company, or our investors, own equity. Revenues contributed by the VIE accounted for 99.0%, 98.4% and 96.0% of our total net revenues for the fiscal years 2019, 2020 and 2021, respectively. As used in this annual report, “we,” “us,” “our company,” “our” and “Huya” refer to HUYA Inc., a Cayman Islands company, and its subsidiaries, and, in the context of describing our operations and combined and consolidated financial information, also include the VIE and its subsidiaries in the PRC. Investors in our ADSs are not purchasing equity interest in the VIE in China but instead are purchasing equity interest in a Cayman Islands holding company.

A series of contractual agreements, including an equity interest pledge agreement, an exclusive business cooperation agreement, a shareholder voting rights proxy agreement and an exclusive option agreement, have been entered into by and among Huya Technology, the VIE and its shareholders. As a result of the contractual arrangements, we have effective control over and are considered the primary beneficiary of the VIE and its subsidiaries, and we have consolidated the financial results of these companies in our consolidated financial statements. For more details of these contractual arrangements, see “Item 4. Information on the Company—D. Organizational Structure—Contractual Arrangements with Guangzhou Huya.”

However, the contractual arrangements may not be as effective as direct ownership in providing us with control over the VIE and we may incur substantial costs to enforce the terms of the arrangements. In addition, these arrangements have not been tested in PRC courts. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—We rely on contractual arrangements with the PRC variable interest entity and its shareholders for the operation of our business, which may not be as effective as direct ownership. If the PRC variable interest entity and its shareholders fail to perform their obligations under these contractual arrangements, we may have to resort to litigation to enforce our rights, which may be time-consuming, unpredictable, expensive and damaging to our operations and reputation” and “—The shareholders of the VIE may have potential conflicts of interest with us, and if any such conflicts of interest are not resolved in our favor, our business may be materially and adversely affected.”

There are also substantial uncertainties regarding the interpretation and application of current and future PRC laws, regulations and rules regarding the status of the rights of our Cayman Islands holding company with respect to its contractual arrangements with the VIE and its shareholders. It is uncertain whether any new PRC laws or regulations relating to variable interest entity structures will be adopted or if adopted, what they would provide. If we or any of the VIE is found to be in violation of any existing or future PRC laws or regulations, or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities would have broad discretion to take action in dealing with such violations or failures. See “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure— If the PRC government finds that the structure we have adopted for our business operations does not comply with PRC laws and regulations, or if these laws or regulations or interpretations of existing laws or regulations change in the future, we could be subject to severe penalties, including the shutting down of our platform and our business operations” and “—Uncertainties exist with respect to the interpretation and implementation of the newly enacted PRC Foreign Investment Law and how it may impact the viability of our current corporate structure, corporate governance and business operations.”

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Our corporate structure is subject to risks associated with our contractual arrangements with the VIE. Investors may never directly hold equity interests in the VIE. If the PRC government finds that the agreements that establish the structure for operating our business do not comply with PRC laws and regulations, or if these regulations or their interpretations change in the future, we could be subject to severe penalties or be forced to relinquish our interests in those operations. Our holding company, our PRC subsidiaries, the VIE, and investors of our company face uncertainty about potential future actions by the PRC government that could affect the enforceability of the contractual arrangements with the VIE and, consequently, significantly affect the financial performance of the VIE and our company as a whole. The PRC regulatory authorities could disallow the VIE structure, which would likely result in a material adverse change in our operations, and our ADSs may decline significantly in value. For a detailed description of the risks associated with our corporate structure, please refer to risks disclosed under “—D. Risk Factors—Risks Related to Our Corporate Structure.”

Other Risks Related to Our PRC Operations

We face various legal and operational risks and uncertainties associated with being based in or having the majority of our operations in China and the complex and evolving PRC laws and regulations. For example, we face risks associated with regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, the use of variable interest entities, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, as well as the lack of inspection by the Public Company Accounting Oversight Board, or the PCAOB, on our auditors, which may impact our ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange. On December 16, 2021, the PCAOB issued a report to notify the SEC its determinations that it is unable to inspect or investigate completely registered public accounting firms headquartered in Mainland China, and identifies the registered public accounting firms in Mainland China that are subject to such determinations. Our auditor is identified by the PCAOB and is subject to the determination. Under the Holding Foreign Companies Accountable Act, if the SEC determines that we have filed audit reports issued by a registered public accounting firm that has not been subject to inspection by the PCAOB for three consecutive years beginning in 2021, the SEC shall prohibit our shares or ADSs from being traded on a national securities exchange or in the over the counter trading market in the U.S. The delisting of our ADSs, or the threat of their being delisted, may materially and adversely affect the value of your investment. These risks could result in a material adverse change in our operations and the value of our ADSs, significantly limit or completely hinder our ability to continue to offer securities to investors, or cause the value of such securities to significantly decline or become worthless. For a detailed description of risks related to doing business in China, please refer to risks disclosed under “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China.”

The PRC government’s significant authority in regulating our operations and its oversight and control over offerings conducted overseas by, and foreign investment in, China-based issuers could significantly limit or completely hinder our ability to offer or continue to offer securities to investors. Implementation of industry-wide regulations, including data security or anti-monopoly related regulations, in this nature may cause the value of such securities to significantly decline or become worthless. For more details, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The PRC government’s significant oversight and discretion over our business operation could result in a material adverse change in our operations and the value of our ADSs.”

Risks and uncertainties arising from the legal system in China, including risks and uncertainties regarding the enforcement of laws and quickly evolving rules and regulations in China, could result in a material adverse change in our operations and the value of our ADSs. For more details, see “Item 3. Key Information—D. Risk Factors— Risks Related to Doing Business in China—Uncertainties with respect to the PRC legal system and the interpretation and enforcement of PRC laws and regulations could limit the legal protections available to you and us.”

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Permissions Required from the PRC Authorities for Our Operations

We conduct our business primarily through our subsidiaries and the VIE in China. Our operations in China are governed by PRC laws and regulations. As of the date of this annual report, our PRC subsidiaries, the VIE and its subsidiaries have obtained the requisite licenses and permits from the PRC government authorities that are material for our business operations in China, including, among others, the Value-added Telecommunications Business Operation License for information services via internet, or ICP License, the Permit for Internet Audio-Video Program Service, a radio and television program production and operating permit, a commercial performance license and an internet culture operation license for music products. Given the uncertainties of interpretation and implementation of relevant laws and regulations and the enforcement practice by relevant government authorities, we may be required to obtain additional licenses, permits, filings or approvals for the functions and services of our platform in the future. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Business and Industry—If we fail to obtain and maintain the licenses and approvals required under the complex regulatory environment for internet-based businesses in China, our business, financial condition and results of operations may be materially and adversely affected.”

In connection with our previous issuance of securities to foreign investors, as of the date of this annual report, we, our PRC subsidiaries and the VIE (i) have not been required to obtain permissions from the China Securities Regulatory Commission, or the CSRC, (ii) have not been required to go through cybersecurity review by the Cyberspace Administration of China, or the CAC, and (iii) have not been asked to obtain or were denied such permissions by any PRC authority. However, the PRC government has recently indicated an intent to exert more oversight and control over offerings that are conducted overseas and/or foreign investment in

China-based

issuers. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Related to Doing Business in China—The approval of the CSRC or other PRC government authorities may be required in connection with our offshore offerings under PRC law, and, if required, we cannot predict whether or for how long we will be able to obtain such approval.”

Furthermore, if we are deemed to be a critical information infrastructure operator under the PRC cybersecurity laws and regulations, we must fulfill certain obligations as required under the PRC cybersecurity laws and regulations including, among others, storing personal information and important data collected and produced within the PRC territory during our operations in China, and we may be subject to review when purchasing internet products and services. If we are not able to comply with the cybersecurity and data privacy requirements in a timely manner, or at all, we may be subject to government enforcement actions and investigations, fines, penalties, suspension of our

non-compliant

operations, or removal of our apps from the relevant application stores, among other sanctions, which could materially and adversely affect our business and results of operations. For more detailed information, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Our Industry—Our business generates and processes a large amount of data, and we are required to comply with PRC and other applicable laws relating to privacy and cybersecurity. The improper use or disclosure of data could have a material and adverse effect on our business and prospects.”

Cash Flows through Our Organization

HUYA Inc. is a holding company with no operations of its own. We conduct our operations in China primarily through our subsidiaries and the VIE in China. As a result, although other means are available for us to obtain financing at the holding company level, HUYA Inc.’s ability to pay dividends to the shareholders and to service any debt it may incur may depend upon dividends paid by our PRC subsidiaries and service fees paid by the VIE. If any of our subsidiaries incurs debt on its own behalf in the future, the instruments governing such debt may restrict its ability to pay dividends to HUYA Inc. In addition, our PRC subsidiaries are permitted to pay dividends to HUYA Inc. only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. Further, our PRC subsidiaries and the VIE are required to make appropriations to certain statutory reserve funds or may make appropriations to certain discretionary funds, which are not distributable as cash dividends and can only be used for specific purposes. For more details, see “Item 5. Operating and Financial Review and Prospects—B. Liquidity and Capital Resources—Holding Company Structure.”

Under PRC laws and regulations, our PRC subsidiaries and the VIE are subject to certain restrictions with respect to paying dividends or otherwise transferring any of their net assets to us. The VIE cannot pay dividends to us as we do not own any equity interest in the VIE. Remittance of dividends by a wholly foreign-owned enterprise out of China is also subject to examination by the banks designated by the PRC State Administration of Foreign Exchange, or SAFE. The amounts restricted include the

paid-up

capital and the statutory reserve funds of our PRC subsidiaries and the net assets of the VIE in which we have no legal ownership. For risks relating to the fund flows of our operations in China, see “Item 3. Key Information—D. Risk Factors—Risks Related to Our Corporate Structure—Our PRC subsidiaries and PRC variable interest entity are subject to restrictions on paying dividends or making other payments to us, which may restrict our ability to satisfy our liquidity requirements.”

Under PRC law, HUYA Inc. and its offshore subsidiaries may provide funding to our PRC subsidiaries only through capital contributions or loans, including advances, and to the VIE only through loans, including advances, subject to satisfaction of applicable government registration and approval requirements. HUYA Inc. and its offshore subsidiaries extended capital contributions of RMB47.6 million, RMB299.8 million and RMB323.1 million (US$50.7 million) in the years ended December 31, 2019, 2020 and 2021 respectively, and advances in the amount of RMB98.5 million and RMB75.4 million (US$11.8 million) as of December 31, 2020 and 2021 respectively, to our PRC subsidiaries.

The VIE may transfer cash to our PRC subsidiaries by paying service fees according to the exclusive business cooperation agreement. Pursuant to this agreement, the VIE agrees to pay our PRC subsidiaries fees for technology support, business support and consulting services, subject to conditions therein. In the years ended December 31, 2019, 2020 and 2021, the VIE paid a total amount of RMB929.6 million, RMB7,532.2 million and RMB8,664.1 million (US$1,359.6 million), respectively, for services provided by our subsidiaries. Due to the control over the VIE, our PRC subsidiaries have the right to determine the service fee to be charged to the VIE under this agreement by considering, among other things, the technical difficulty and the complexity of the services, the time needed for providing such services and the specific content and business value of the services. The term of this agreement is ten years and is automatically renewed provided there is no objection from our PRC subsidiaries. In the future, to the extent there is any fee owed to our PRC subsidiaries under this agreement, the VIE intends to settle it.

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Neither our subsidiaries nor the VIE made cash dividends or other distributions to HUYA Inc., the holding company, or its offshore subsidiaries, in the years ended December 31, 2019, 2020 and 2021. Going forward, our subsidiaries and VIE intend to retain most, if not all, of their available funds and any future earnings.

Other than the cash dividend in connection with the proposed merger with DouYu International Holdings Limited (Nasdaq: DOYU), or DouYu, which was cancelled along with the termination of the proposed merger, HUYA Inc. has not declared or paid any cash dividends, nor does it have any present plan to pay any cash dividends on our ordinary shares in the foreseeable future. We currently intend to retain most, if not all, of our available funds and any future earnings to operate and expand our business. For PRC and United States federal income tax considerations of an investment in our ADSs and/or ordinary shares, see “Item 10. Additional Information—E. Taxation.”

In the years ended December 31, 2019, 2020 and 2021, no assets other than cash were transferred through our organization.

Under the current laws of the Cayman Islands, HUYA Inc. is not subject to tax on income or capital gains. Upon payments of dividends to our shareholders, no Cayman Islands withholding tax will be imposed. For purposes of illustration, the following discussion reflects the hypothetical taxes that might be required to be paid in Mainland China, assuming that: (i) we have taxable earnings, and (ii) we determine to pay a dividend in the future:


	Tax calculation (1)
Hypothetical pre-tax earnings (2)		100.00	%
Tax on earnings at statutory rate of 25% (3)		(25.00	)%

Net earnings available for distribution		75.00	%
Withholding tax at standard rate of 10% (4)		(7.50	)%

Net distribution to Parent/Shareholders		67.50	%

Notes:

(1)	For purposes of this example, the tax calculation has been simplified. The hypothetical book pre-tax earnings amount, not considering timing differences, is assumed to equal taxable income in China.

(2)

Under the terms of VIE agreements, our PRC subsidiaries may charge the VIE and the VIE’s subsidiaries for services provided to the VIE and the VIE’s subsidiaries. These service fees shall be recognized as expenses of the VIE and the VIE’s subsidiaries, with a corresponding amount as service income by our PRC subsidiaries and eliminate in consolidation. For income tax purposes, our PRC subsidiaries and the VIE and the VIE’s subsidiaries file income tax returns on a separate company basis. The service fees paid are recognized as a tax deduction by the VIE and the VIE’s subsidiaries and as income by our PRC subsidiaries and are tax neutral.

(3)

Certain of our subsidiaries and the VIE qualifies for a 15% preferential income tax rate in China. However, such rate is subject to qualification, is temporary in nature, and may not be available in a future period when distributions are paid. For purposes of this hypothetical example, the table above reflects a maximum tax scenario under which the full statutory rate would be effective.

(4)

The PRC’s Enterprise Income Tax Law imposes a withholding income tax of 10% on dividends distributed by a foreign invested enterprise, or Foreign Invested Enterprise (“FIE”) to its immediate holding company outside of Mainland China. A lower withholding income tax rate of 5% is applied if the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with Mainland China, subject to a qualification review at the time of the distribution. For purposes of this hypothetical example, the table above assumes a maximum tax scenario under which the full withholding tax would be applied.

The table above has been prepared under the assumption that all profits of the VIE and the VIE’s subsidiaries will be distributed as fees to our PRC subsidiaries under tax neutral contractual arrangements. If, in the future, the accumulated earnings of the VIE exceed the service fees paid to our PRC subsidiaries (or if the current and contemplated fee structure between the intercompany entities is determined to be non-substantive and disallowed by Chinese tax authorities), the VIE and the VIE’s subsidiaries could make a non-deductible transfer to our PRC subsidiaries for the amounts of the stranded cash in the VIEs. This would result in such transfer being non-deductible expenses for the VIE and the VIE’s subsidiaries but still taxable income for the PRC subsidiaries. Such a transfer and the related tax burdens would reduce our after-tax income to approximately 50.6% of the pre-tax income. Our management believes that there is only a remote possibility that this scenario would happen.

Selected Consolidated Financial Data

The following selected consolidated statements of comprehensive (loss) income for the years ended December 31, 2019, 2020 and 2021, selected consolidated balance sheet data as of December 31, 2020 and 2021, selected consolidated cash flows data for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements included in this annual report beginning on page

F-1.

Our selected consolidated statements of comprehensive (loss) income for the years ended December 31, 2017 and 2018, selected consolidated balance sheet data as of December 31, 2017, 2018 and 2019 and selected consolidated cash flows data for the year ended December 31, 2017 and 2018 have been derived from our audited consolidated financial statements not included in this annual report. Our historical results for any period are not necessarily indicative of results to be expected for any future period. The selected consolidated financial data should be read in conjunction with, and are qualified in their entirety by reference to, our audited consolidated financial statements and related notes and “Item 5. Operating and Financial Review and Prospects” below.


	For the year ended December 31,
	2017			2018			2019			2020			2021
	RMB			RMB			RMB			RMB			RMB			US$

	(in thousands, except for share, ADS, per share and per ADS data)
Selected Consolidated Statements of Comprehensive (Loss) Income:
Net revenues:
Live streaming		2,069,536			4,442,845			7,976,214			10,311,624			10,186,204			1,598,438
Advertising and others		115,280			220,595			398,287			602,750			1,165,242			182,852

Total net revenues		2,184,816			4,663,440			8,374,501			10,914,374			11,351,446			1,781,290

Cost of revenues (1)		(1,929,864	)		(3,933,647	)		(6,892,579	)		(8,646,308	)		(9,751,160	)		(1,530,170	)

Gross profit		254,952			729,793			1,481,922			2,268,066			1,600,286			251,120

Operating expenses:
Research and development expenses (1)		(170,160	)		(265,152	)		(508,714	)		(734,261	)		(818,882	)		(128,500	)
Sales and marketing expenses (1)		(87,292	)		(189,207	)		(438,396	)		(558,012	)		(759,507	)		(119,183	)
General and administrative expenses (1)		(101,995	)		(287,710	)		(352,824	)		(445,006	)		(326,772	)		(51,278	)

Total operating expenses		(359,447	)		(742,069	)		(1,299,934	)		(1,737,279	)		(1,905,161	)		(298,961	)

Other income		9,629			38,938			79,390			194,169			274,704			43,107

Table of Contents


	For the year ended December 31,
	2017			2018			2019			2020			2021
	RMB			RMB			RMB			RMB			RMB			US$

	(in thousands, except for share, ADS, per share and per ADS data)
Operating (loss) income		(94,866	)		26,662			261,378			724,956			(30,171	)		(4,734	)

Interest and short-term investments income		14,049			156,549			304,491			313,366			247,009			38,761
Fair value loss on derivative liabilities		—			(2,285,223	)		—			—			—			—
Gain on fair value change of investment		—			—			—			2,160			44,161			6,930

Other non-operating expenses		—			—			—			(10,010	)		—			—

Foreign currency exchange gains (losses), net		—			51			1,157			2,056			(1,480	)		(232	)

(Loss) income before income tax benefits (expenses)		(80,817	)		(2,101,961	)		567,026			1,032,528			259,519			40,725

Income tax benefits (expenses)		—			50,943			(96,078	)		(176,784	)		(55,227	)		(8,666	)

(Loss) income before share of (loss) income in equity method investments, net of income taxes		(80,817	)		(2,051,018	)		470,948			855,744			204,292			32,059

Share of (loss) income in equity method investments, net of income taxes		(151	)		113,329			(2,775	)		28,414			379,207			59,506

Net (loss) income attributable to HUYA Inc.		(80,968	)		(1,937,689	)		468,173			884,158			583,499			91,565

Accretion to Series A redeemable convertible preferred shares		(19,842	)		(71,628	)		—			—			—			—

Deemed dividend to series A preferred shareholders		—			(496,995	)		—			—			—			—

Net (loss) income attributable to ordinary shareholders		(100,810	)		(2,506,312	)		468,173			884,158			583,499			91,565

Net (loss) income		(80,968	)		(1,937,689	)		468,173			884,158			583,499			91,565

Foreign currency translation adjustments, net of nil tax		308			366,259			157,568			(451,873	)		(148,562	)		(23,313	)

Total comprehensive (loss) income attributable to HUYA Inc.		(80,660	)		(1,571,430	)		625,741			432,285			434,937			68,252

Net (loss) income per ADS (2)
Basic		(1.01	)		(15.02	)		2.18			3.89			2.45			0.38
Diluted		(1.01	)		(15.02	)		2.02			3.71			2.41			0.38
Weighted average number of ADSs used in calculating net (loss) income per ADS
Basic		100,000,000			166,828,435			214,811,862			227,081,238			238,198,117			238,198,117
Diluted		100,000,000			166,828,435			232,024,961			238,631,613			241,790,445			241,790,445
Net (loss) income per ordinary share
Basic		(1.01	)		(15.02	)		2.18			3.89			2.45			0.38
Diluted		(1.01	)		(15.02	)		2.02			3.71			2.41			0.38
Weighted average number of ordinary shares used in calculating net (loss) income per ordinary share
Basic		100,000,000			166,828,435			214,811,862			227,081,238			238,198,117			238,198,117
Diluted		100,000,000			166,828,435			232,024,961			238,631,613			241,790,445			241,790,445

Notes:

(1)	Share-based compensation expenses were allocated in cost of revenues and operating expenses as follows:

Table of Contents


	For the year ended December 31,
	2017		2018		2019		2020		2021
	RMB		RMB		RMB		RMB		RMB		US$

	(in thousands)
Cost of revenues		2,877		10,472		31,593		64,942		56,629		8,886
Research and development expenses		9,174		30,643		86,296		150,723		135,316		21,234
Sales and marketing expenses		791		1,832		5,919		9,879		8,318		1,305
General and administrative expenses		27,266		183,748		157,936		182,664		89,442		14,035

(2)	Each ADS represents one Class A ordinary share

The following table presents our selected consolidated balance sheet data as of the dates indicated.


	For the year ended December 31,
	2017		2018		2019		2020		2021
	RMB		RMB		RMB		RMB		RMB		US$

	(in thousands)
Selected Consolidated Balance Sheet Data:
Cash and cash equivalents		442,532		709,019		1,113,193		3,293,573		1,790,784		281,013
Short-term deposits		593,241		4,983,825		6,743,445		5,974,790		8,351,945		1,310,602
Short-term investments		—		300,162		2,219,531		1,206,539		816,331		128,100
Total current assets		1,250,307		6,595,187		10,591,820		11,270,938		11,916,269		1,869,921
Investments		10,299		219,827		379,424		467,206		608,617		95,505
Total assets		1,300,541		7,106,187		11,366,550		12,410,687		13,254,942		2,079,987
Total current liabilities		685,650		1,380,446		2,446,677		2,384,795		2,576,085		404,240
Total liabilities		730,674		1,461,180		2,681,700		2,633,909		2,744,741		430,706
Class A ordinary shares		1		29		44		55		58		9
Class B ordinary shares		66		104		100		100		99		16
Total shareholders’ equity		60,199		5,645,007		8,684,850		9,776,778		10,510,201		1,649,281

The following table presents our selected cash flows data for the years indicated.


	For the year ended December 31,
	2017			2018			2019			2020			2021
	RMB			RMB			RMB			RMB			RMB			US$

	(in thousands)
Selected Consolidated Cash Flows Data
Net cash provided by operating activities		242,444			717,461			1,945,414			1,239,874			327,453			51,384
Net cash (used in)/provided by investing activities		(559,561	)		(4,567,452	)		(3,684,971	)		1,004,780			(1,880,320	)		(295,064	)
Net cash provided by financing activities		774,448			4,126,861			2,133,651			265,294			10,723			1,683
Net increase (decrease) in cash and cash equivalents and restricted cash		457,331			276,870			394,094			2,509,948			(1,542,144	)		(241,997	)
Cash and cash equivalents and restricted cash at the beginning of the year		6,187			442,532			709,019			1,114,585			3,458,462			542,708
Effect of exchange rate changes on cash and cash equivalents and restricted cash		(20,986	)		(10,383	)		11,472			(166,071	)		(69,864	)		(10,962	)

Cash and cash equivalents and restricted cash at the end of the year		442,532			709,019			1,114,585			3,458,462			1,846,454			289,749

Financial Information Related to the VIE (and VIE’s Subsidiaries)

The following tables related to the VIE and the VIE’s subsidiaries and other entities present the condensed consolidating schedules of financial position as of the years ended December 31, 2020 and December 31, 2021, and the results of operations and of cash flows for each of the three years ended December 31, 2021.

Table of Contents

Selected Condensed Consolidated Statements of Operation Data


	For the year ended December 31, 2021
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Third-party revenues		—			453,967			—			10,897,479			—			11,351,446
Inter-company revenues (1)		—			109,826			8,639,714			—			(8,749,540	)		—
Total cost and expenses (2)		(5,554	)		(796,935	)		(8,813,794	)		(10,789,307	)		8,749,269			(11,656,321	)
Share of income of subsidiaries, VIE and VIE’s subsidiaries (3)		524,190			324,777			252,963			—			(1,101,930	)		—
Others, net		68,919			60,317			239,685			195,202			271			564,394

Income before income tax		587,555			151,952			318,568			303,374			(1,101,930	)		259,519
Income tax (expenses) benefits		(4,056	)		(7,006	)		6,209			(50,374	)		—			(55,227	)
Share of income (loss) from equity method investments		—			379,244			—			(37	)		—			379,207

Net income		583,499			524,190			324,777			252,963			(1,101,930	)		583,499


	For the year ended December 31, 2020
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Third-party revenues		—			176,300			—			10,738,074			—			10,914,374
Inter-company revenues (1)		7,795			268,448			7,440,411			—			(7,716,654	)		—
Total cost and expenses (2)		(30,562	)		(590,340	)		(7,001,732	)		(10,477,605	)		7,716,652			(10,383,587	)
Share of income of subsidiaries, VIE and VIE’s subsidiaries (3)		762,353			855,160			265,729			—			(1,883,242	)		—
Others, net		159,091			24,230			235,947			82,469			4			501,741

Income before income tax		898,677			733,798			940,355			342,938			(1,883,240	)		1,032,528
Income tax expenses		(14,519	)		(676	)		(85,195	)		(76,394	)		—			(176,784	)
Share of income (loss) from equity method investments		—			29,231			—			(817	)		—			28,414

Net income		884,158			762,353			855,160			265,727			(1,883,240	)		884,158


	For the year ended December 31, 2019
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Third-party revenues		—			81,184			—			8,293,317			—			8,374,501
Inter-company revenues (1)		—			—			929,589			—			(929,589	)		—
Total cost and expenses (2)		(7,045	)		(536,061	)		(624,694	)		(7,954,302	)		929,589			(8,192,513	)
Share of income of subsidiaries, VIE and VIE’s subsidiaries (3)		251,827			695,835			394,326			—			(1,341,988	)		—
Others, net		223,391			11,406			20,754			129,487			—			385,038

Income before income tax		468,173			252,364			719,975			468,502			(1,341,988	)		567,026
Income tax expenses		—			(537	)		(24,140	)		(71,401	)		—			(96,078	)
Share of loss from equity method investments		—			—			—			(2,775	)		—			(2,775	)

Net income		468,173			251,827			695,835			394,326			(1,341,988	)		468,173

Selected Condensed Consolidated Balance Sheets Data

The following tables present our selected consolidated balance sheet data as of the dates indicated.

Table of Contents


	For the year ended December 31, 2021
	HUYA Inc.		Other subsidiaries		Primary beneficiary of VIE		VIE and VIE’s subsidiaries		Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Assets
Cash and cash equivalents		302,673		472,428		541,540		474,143		—			1,790,784
Restricted cash		—		—		10,258		45,412		—			55,670
Short-term deposits		3,703,677		2,188,268		2,460,000		—		—			8,351,945
Short-term investments		—		—		816,331		—		—			816,331
Accounts receivable, net		—		23,304		429		64,301		—			88,034
Prepayments and other current assets		34,389		21,454		392,362		216,740		—			664,945
Amounts due from related parties		67		10,689		8,440		129,364		—			148,560
Amounts due from Group companies (4)		3,409,544		—		28,116		1,379,170		(4,816,830	)		—
Investments		—		158,933		—		449,684		—			608,617
Investment in subsidiaries, VIE and VIE’s subsidiaries (3)		3,099,424		3,532,364		1,677,392		—		(8,309,180	)		—
Intangible assets, net		—		981		2,951		80,010		—			83,942
Right of use asset		—		334,177		59,493		1,701		—			395,371
Prepayments and other non-current assets		343		1,499		147,822		1,223		—			150,887
Other assets		—		6,711		80,110		13,035		—			99,856

Total assets		10,550,117		6,750,808		6,225,244		2,854,783		(13,126,010	)		13,254,942

Deferred revenue and Advances from customers		—		15,225		—		563,259		—			578,484
Amounts due to Group companies (4)		36,316		3,501,583		1,278,931		—		(4,816,830	)		—
Accrued liabilities and other current liabilities		2,508		98,286		1,244,128		500,530		—			1,845,452
Amount due to related parties		—		8,476		106,405		101,247		—			216,128
Other liabilities		1,092		27,814		63,416		12,355		—			104,677

Total liabilities		39,916		3,651,384		2,692,880		1,177,391		(4,816,830	)		2,744,741

Total shareholders’ equity (3)		10,510,201		3,099,424		3,532,364		1,677,392		(8,309,180	)		10,510,201


	For the year ended December 31, 2020
	HUYA Inc.		Other subsidiaries		Primary beneficiary of VIE		VIE and VIE’s subsidiaries		Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Assets
Cash and cash equivalents		2,019,585		296,634		662,008		315,346		—			3,293,573
Restricted cash		—		—		27,900		136,989		—			164,889
Short-term deposits		3,000,308		1,174,482		1,700,000		100,000		—			5,974,790
Short-term investments		—		—		1,206,539		—		—			1,206,539
Accounts receivable, net		—		23,686		54		47,497		—			71,237
Prepayments and other current assets		60,497		37,800		317,901		78,910		—			495,108
Amounts due from related parties		67		3,180		2,271		59,284		—			64,802
Amounts due from Group companies (4)		2,488,734		—		931,231		1,472,386		(4,892,351	)		—
Investments		—		235,895		—		231,311		—			467,206
Investment in subsidiaries, VIE and VIE’s subsidiaries (3)		2,261,154		2,918,326		1,347,614		—		(6,527,094	)		—
Intangible assets, net		—		200		750		61,846		—			62,796

Table of Contents


	For the year ended December 31, 2020
	HUYA Inc.		Other subsidiaries		Primary beneficiary of VIE		VIE and VIE’s subsidiaries		Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Right of use asset		—		1,809		84,783		826		—			87,418
Prepayments and other non-current assets		501		311,798		61,027		6,135		—			379,461
Other assets		—		602		70,271		71,995		—			142,868

Total assets		9,830,846		5,004,412		6,412,349		2,582,525		(11,419,445	)		12,410,687

Deferred revenue and Advances from customers		—		12,386		—		651,636		—			664,022
Amounts due to Group companies (4)		36,274		2,615,780		2,240,297		—		(4,892,351	)		—
Accrued liabilities and other current liabilities		15,739		98,021		1,101,365		492,164		—			1,707,289
Amount due to related parties		—		1,611		62,055		31,791		—			95,457
Other liabilities		2,055		15,460		90,306		59,320		—			167,141

Total liabilities		54,068		2,743,258		3,494,023		1,234,911		(4,892,351	)		2,633,909

Total shareholders’ equity (3)		9,776,778		2,261,154		2,918,326		1,347,614		(6,527,094	)		9,776,778

Table of Contents

Selected Condensed Consolidated Cash Flows Data

The following table presents our selected cash flows data for the years indicated.


	For the year ended December 31, 2021
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Net cash provided by/(used in) operating activities (5)		190,341			(416,324	)		(622,961	)		1,176,397			—			327,453

Capital contribution and advances from Group companies		(993,969	)		—			(8,858	)		(911,916	)		1,914,743			—
Other investing activities		(761,429	)		(529,100	)		(392,530	)		(197,261	)		—			(1,880,320	)

Net cash used in investing activities		(1,755,398	)		(529,100	)		(401,388	)		(1,109,177	)		1,914,743			(1,880,320	)

Capital contribution and advances to Group companies		—			1,028,503			886,240			—			(1,914,743	)		—
Other financing activities		10,723			—			—			—			—			10,723

Net cash provided by financing activities		10,723			1,028,503			886,240			—			(1,914,743	)		10,723


	For the year ended December 31, 2020
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments			Consolidated Totals

	(in thousands of RMB)
Net cash provided by/(used in) operating activities (5)		278,860			(228,467	)		959,277			230,204			—			1,239,874

Capital contribution and advances to Group companies		(1,511,573	)		(1,856	)		(592,551	)		(1,300,825	)		3,406,805			—
Other investing activities		3,058,990			(1,589,677	)		(1,548,167	)		1,083,634			—			1,004,780

Net cash provided by/(used in) investing activities		1,547,417			(1,591,533	)		(2,140,718	)		(217,191	)		3,406,805			1,004,780

Capital contribution and advances from Group companies		—			1,573,952			1,832,853			—			(3,406,805	)		—
Other financing activities		265,294			—			—			—			—			265,294

Net cash provided by financing activities		265,294			1,573,952			1,832,853			—			(3,406,805	)		265,294


	For the year ended December 31, 2019
	HUYA Inc.			Other subsidiaries			Primary beneficiary of VIE			VIE and VIE’s subsidiaries			Eliminating adjustments		Consolidated Totals

	(in thousands of RMB)
Net cash provided by/(used in) operating activities (5)		192,085			(435,777	)		521,472			1,667,634			—		1,945,414

Capital contribution and advances to Group companies		(764,951	)		(47,829	)		—			(861,078	)		1,673,858		—
Other investing activities		(1,491,966	)		270,360			(1,439,487	)		(1,023,878	)		—		(3,684,971	)

HUYA Inc. [HUYA] Filings
20-F	[2022-04-28]
20-F	[2021-04-27]
20-F	[2020-04-27]
20-F	[2019-04-26]
F-1	[2019-04-03]
F-1	[2018-04-09]