{"url_path":"/sec/huya/10-k/2026/item-14","section_key":"item-14","section_title":"Item 14 **MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-04-27","source_url":"https://www.sec.gov/Archives/edgar/data/1728190/0001104659-26-048944-index.html","accession_number":"0001104659-26-048944","cik":"0001728190","ticker":"HUYA","issuer_name":"HUYA Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1728190/0001104659-26-048944-index.html","primary_entity_key":"0001728190","primary_entity_name":"HUYA Inc."},"word_count":581,"has_tables":true,"body_markdown":"**ITEM 14.**MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS\n\nMaterial Modifications to the Rights of Security Holders\n\nSee “Item 10. Additional Information—B. Memorandum and Articles of Association—Ordinary Shares” for a description of the rights of securities holders, which remain unchanged.\n\nUse of Proceeds\n\nThe following “Use of Proceeds” information relates to the Registration Statement on Form F-1, as amended (File No: 333-230706) in relation to the public offering of 18,400,000 ADSs representing 18,400,000 of our Class A ordinary shares (including 13,600,000 ADSs sold by us and 4,800,000 ADSs sold by the selling shareholder), at a public offering price of US$24.00 per ADS. The registration statement was declared effective by the SEC on April 9, 2019. Our public offering closed in April 2019. Credit Suisse Security (USA) LLC, Goldman Sachs (Asia) L.L.C., Citigroup Global Markets Inc. and Jefferies LLC were the representatives of the underwriters for our public offering. The aggregate price of the offering amount registered and sold by us were US$326.4 million.\n\nWe received net proceeds of US$313.8 million from our public offering in April 2019. Our expenses incurred and paid to others in connection with the issuance and distribution of the ADSs in our offering totaled US$12.5 million, which included US$11.4 million for underwriting discounts and commissions and US$1.1 million for other expenses. None of the transaction expenses included payments to directors or officers of our company or their associates, persons owning more than 10% or more of our equity securities or our affiliates. None of the net proceeds we received from the public offering were paid, directly or indirectly, to any of our directors or officers or their associates, persons owning 10% or more of our equity securities or our affiliates.\n\nIn 2023, 2024 and 2025, we used approximately US$69.3 million, approximately US$72.6 million and approximately US$53.5 million of the net proceeds from the public offering in April 2019. We intend to use the remaining proceeds from the public offering as follows. The expected timeline and purposes for the use of proceeds are based on the management’s current outlook, and are subject to uncertainties as well as changes in circumstances.\n\n​\n\n​\n\n**  ​ ​ ​**\n\n**Intended use of********proceeds from********the public********offering**\n\n**  ​ ​ ​**\n\n**Actual amount********utilized during********the year ended********December 31,********2025**\n\n**  ​ ​ ​**\n\n**Unutilized********amount as of********December 31,********2025**\n\n**  ​ ​ ​**\n\n**Expected timeline********for utilizing********the unutilized********amount**\n\n** **\n\n​\n\n​\n\n**US$ in millions**\n\n​\n\n**US$ in millions**\n\n​\n\n**US$ in millions**\n\n​\n\n​\n\n​\n\nCultivation of content ecosystem and e-sports partners to expand content genres and improving content quality\n\n​\n\n94.1 to 125.5\n\n​\n\n10.9\n\n​\n\nup to 13.3\n\n​\n\nBefore the end of 2027\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nResearch and development to strengthen technologies and products\n\n​\n\n78.5 to 94.1\n\n​\n\n3.2\n\n​\n\nup to 68.5\n\n​\n\nBefore the end of 2027\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nOverseas expansion opportunities and potential strategic investments and merger and acquisition opportunities\n\n​\n\n31.4 to 47.1\n\n​\n\n22.3\n\n​\n\nup to 13.6\n\n​\n\nBefore the end of 2027\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nExpanding and enhancing product and service offerings\n\n​\n\n15.7 to 31.4\n\n​\n\n4.5\n\n​\n\nup to 10.4\n\n​\n\nBefore the end of 2027\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nGeneral corporate purposes\n\n​\n\n15.7 to 94.1\n\n​\n\n12.6\n\n​\n\nup to 17.7\n\n​\n\nBefore the end of 2027\n\n​\n\n​\n\n154\n\n[Table of Contents](#TOC)"}