(Yicai Global) Feb. 7 — Versus Programming Network, the biggest e-sports event organizer in the world, has applied to go public on the Hong Kong stock exchange.

The listing is sponsored by China International Capital Corp., the US’ BofA Securities and Zurich-based Credit Suisse, VSPN said in a filing to the Hong Kong bourse on Jan. 31.

The company’s founder and Chief Executive Officer Ying Shuling owns a majority stake with 35 percent voting rights and the world’s biggest gaming firm Tencent Holdings holds 13.5 percent equity, according to the initial public offering prospectus.

Founded in 2016, VSPN boasts 70 percent market share of premium e-sports events in China. It hosts virtual tournaments for blockbuster games such as Tencent’s Honor of Kings and Game for Peace. Its operations extend as far afield as Southeast Asia, the US, Europe and the Middle East. As of the end of 2020, it had organized over 10,000 professional competitions worldwide.

But VSPN has yet to turn a profit. It posted losses of CNY317 million (USD50 million) from January to September last year on revenue of CNY1.3 billion (USD208.8 million). Roughly one third of this came from esports tournaments, another third from commercial activities and another third from community operations.

Editor: Kim Taylor

Source: https://www.yicaiglobal.com/news/world-largest-e-sports-organizer-vspn-files-for-hong-kong-ipo

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