DLA Piper today announced that it has advised China Ping An Insurance Overseas (Holdings) Limited (Ping An) as the lead investor in the US$75 million Series A equity financing for HUYA Inc., a subsidiary of YY Inc. (NASDAQ: YY).

YY is a live streaming platform that allows users to interact in live online group activities through voice, text and video. Launched in July 2008, YY Client, the Company's core product, empowers users to create and organize groups of varying sizes to discover and participate in a wide range of activities, including online music and entertainment, online games, online dating and live game broadcasting.

YY rebranded its live game broadcasting platform to Huya in November 2014, offering services through the dedicated web portal Huya.com. As of the first quarter of 2017, Huya's monthly active users reached 32,500,000, surpassing YY live for the first time.

China Ping An Insurance Overseas (Holdings) Limited is a Hong Kong based subsidiary of Ping An Insurance (Group) Company of China, Ltd. It serves as the overseas investment arm of the Ping An Insurance Group.

The closing of the transaction is subject to customary closing conditions. After closing this round of financing, YY will maintain majority ownership of Huya.

The DLA Piper team is led by Corporate partner Gloria Liu, and includes of counsel Sue Yang, associates Jean Jiang and Gary Chan, trainee solicitor Jonathan Wong and legal assistant Yuxiang Zhang.