Illustration: Axios Visuals

DouYu, a Chinese live game-streaming platform, on Tuesday filed for a $500 million IPO.

Why it matters: This may be the largest of what is about to be a flood of highly-valued Chinese companies going public in the U.S. This week features road-show launches for both So-Young (online plastic surgery marketplace) and Yunji (social e-commerce), while yesterday came an IPO filing from Luckin Coffee (whose $150m fundraise was our BFD just last week).

  • Details: DouYu plans to trade on the NYSE (DOYU) with Morgan Stanley as lead underwriter, while backers include Tencent and Sequoia Capital China. The company reports a $127 million net loss on $531 million in revenue for 2018, respective increases of 43% and 200% over 2017.
  • Bottom line: "Douyu, whose name translates as “fighting fish,” is the second Twitch-like service backed by Tencent to go public in the U.S. Its direct competitor Huya, who has a similarly fierce name “tiger’s teeth” and also counts Tencent as a major investor, raised $180 million from its NYSE listing last May." — Rita Liao, TechCrunch

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Illustration: Eniola Odetunde/Axios

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Why it matters: The extraordinary legal battle is occurring amid earth-shaking changes in the global auto industry that threaten to turn both litigants into dinosaurs if they aren't nimble enough to pivot to a future where transportation is a service, cars run on electrons and a robot handles the driving.

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New York Gov. Andrew Cuomo announced Friday that all school districts across the state can choose to reopen for in-person learning because it has so far maintained low enough coronavirus transmission rates.

Why it matters: It’s another sign that the state, once the global epicenter of the pandemic, has — at least for now — successfully curbed the spread of the virus even as infections have surged elsewhere around the country.

Appeals court allows House Democrats to continue lawsuit for Don McGahn testimony

Don McGahn in an October 2018 Cabinet meeting. Photo: Chip Somodevilla/Getty Images

A D.C. appeals court on Friday allowed House Democrats to continue their case for testimony from former White House counsel Don McGahn before the House Judiciary Committee.

Why it matters: The ruling has broader implications beyond this specific instance, agreeing that Congress has the standing to sue to enforce subpoenas against executive branch officials even if the White House refuses to comply.