In 2020, Tencent planned to sell Penguin Esports to Douyu for $500 million, and then merge Douyu and Huya into a new company that would streamline its shares in the platforms.

Tencent shuts down its Twitch-like game streaming service, Penguin eSports. Tencent is shutting down its Twitch-like game streaming service that goes by the name Penguin eSports starting June 2022.