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DouYu (NASDAQ:DOYU) stock is on the rise Wednesday after the Chinese live-streaming and eSports company announced a special cash dividend for shareholders.

This special cash dividend has DouYu paying $9.76 per ordinary share. This also applies to holders of the company’s American Depositary Shares (ADS). This will bring the total of these payments to $300 million.

Investors who want the cash dividend will have to be on record as of Aug. 21, 2024. The company expects to pay the cash dividend to its shareholders on or around Aug. 30. 2024.

Here’s what the interim management committee of DouYu said about the dividend:

“We remain dedicated to protecting shareholders’ interests despite the challenging macroeconomic and operating environment that we continue to face. Primarily due to the Company’s current cash position, our Board of Directors has approved a special cash dividend of approximately US$300 million as part of our ongoing effort to return value to our shareholders.”

DOYU Stock Movement on Wednesday

With today’s news comes heavy trading of DOYU stock today. That has more than 4.7 million shares traded as investors buy up the stock. This is well above its daily average trading volume of only about 106,000 shares.

DOYU stock is up 44.2% as of Wednesday afternoon. The stock is also up 97.4% year-to-date.

Investors will want to keep reading for more of the most recent stock market stories!

We have all of the hottest stock market news available on Wednesday! That includes all of the latest news for CureVac (NASDAQ:CVAC) layoffs, a Paramount (NASDAQ:PARA) merger and a Tesla (NASDAQ:TSLA) price target. All of this news is ready at the links below!

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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

On the date of publication, the responsible editor did not have (either directly or indirectly) any positions in the securities mentioned in this article.