FILE PHOTO: The logo of Alibaba Group is seen at the company’s headquarters in Hangzhou, Zhejiang province, China July 20, 2018. REUTERS/Aly Song/File Photo
HONG KONG (Reuters) – Alibaba Group Holding Ltd has bought an 8 percent stake in Chinese video platform Bilibili Inc, the official Xinhua news agency reported on Thursday.
Alibaba’s e-commerce retail arm, Taobao, will own 24 million shares in Bilibili, one of China’s leading online video sharing and entertainment platforms which listed on Nasdaq in March, Xinhua reported.
Chen Rui, Bilibili’s CEO and chairman, was quoted by Xinhua as saying that he hoped the collaboration would help boost Bilibili’s users by leveraging on Taobao’s huge platform.
Alibaba and Bilibili were not immediately available for comments.
Xinhua gave no further details of the deal such as the price.
Reporting by Meg Shen in Hong Kong and Lee Chyen Yee in Singapore; Editing by Alexandra Hudson