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Deepti Sri · · 1 min readReport: Video-streaming firm Bilibili to pour $123m into Chinese gaming major
“Bilibili, the go-to video streaming platform for young Chinese, is the latest to make a major gaming deal. It has agreed to invest HK$960 million (about US$123 million) into XD Network, which runs the popular game distribution platform TapTap in China,” TechCrunch reported.
Details:
- Bilibili will acquire a 4.72% stake in XD by buying 22.7 million shares at HK$42.38 (US$5.45) per share.
- The companies said they plan to establish “deep collaborations” around XD’s games and TapTap.
Context:
- About 40% of Bilibili’s revenue in 2020 came from its mobile games segment – down from 53% in 2019 – as the company looks to diversify its streams of income.
- XD Network is a China-based game operator famous for developing games such as Ragnarok M, Eternal Love, and Shen Xian Dao, among others.
Currency converted from Hong Kong dollar to US dollar: US$1 = HK$7.78.
Editing by Collin Furtado and Eileen C. Ang
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