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Alibaba Group has raised US$357.8 million (RM1.7 billion) by selling securities in Chinese streaming platform Bilibili.
They sold a total of 30.85 million American depositary receipts at a price of US$11.60 per share, which was a 5.5% discount to the closing price, while Bilibili’s American depositary receipts fell 9.6% on the day.
Alibaba did not comment. Alibaba has been trimming its investment portfolio recently to refocus on its core retail and cloud businesses. The company is also a major advertiser on Bilibili and collaborates with it on content creation.
(Source: Bloomberg Image source: freepik)
