Huya announced on August 10 that the company’s board of directors had received a non binding preliminary proposal from Tencent Holdings Limited on August 10, 2020, suggesting that Huya and < / P > < p > at the same time, Betta also announced today that it had set up a special committee to evaluate the merger proposal. The special committee is composed of independent directors Zhao Ming Chen, Xi Cao, Xuehai Wang and Zhi Yan. < / P > < p > in addition, the special committee has engaged Morgan Stanley Asia Limited as its financial advisor and Davis Polk & Wardwell LLP as its U.S. legal adviser to help evaluate the proposal. < / P > < p > according to the proposal of Tencent, the major shareholder of the two companies, the douyu shareholders will receive an agreed number of new class a common shares issued by Huya in exchange for their respective douyu shares. As a result, tiger tooth or its subsidiaries will acquire each outstanding common stock of Betta (including common stock represented by American Depository shares). The board of directors of tiger tooth and Betta also reminded their shareholders, as well as other investors considering trading their securities, that they had not made any decision on the company’s response to the proposal and could not guarantee that any final offer would be received, that any agreement would be implemented, or that this or any other transaction would be approved or completed.