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21:54, 14-Feb-2019
Alibaba to take Bilibili's 8-percent stake
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The Chinese e-commerce giant Alibaba group is to buy 24 million shares of stock from Bilibili, a leading online entertainment video platform for young Chinese, taking an 8-percent stake of the company.
Alibaba submitted a report to the U.S. Securities and Exchange Commission on Thursday that it will purchase shares of Bilibili through its wholly-owned subsidiary Taobao. The news sent Bilibili' shares rose 6 percent premarket.
Through Taobao's big platform, more audience will be able to watch Bilibili's video makers' creative productions, said Bilibili's CEO Chen Rui.
The cooperation will further commercialize Bilibili's content, said the president of Taobao.
Last November, another China's tech giant Tencent invested 317.6 million U.S. dollars in Bilibili, with shareholding up to 12 percent.