The sale represented a 5.5% discount to Bilibili's closing price on Wednesday. Following the news, Bilibili's stock value dropped by as much as 8.4% in Hong Kong on Friday, marking its largest decline in two months.
Key takeaways:
- Alibaba Group Holding Ltd. sold almost $360 million of stock in Chinese streaming platform Bilibili Inc. at a significant discount.
- The sale is part of Alibaba's strategy to raise capital for investment in AI and business rejuvenation.
- The sale of 30.85 million Bilibili American depositary receipts was priced at $11.60 each, a 5.5% discount to the stock’s closing price on Wednesday.
- Following the sale, Bilibili's stock plunged as much as 8.4% in Hong Kong on Friday, marking its biggest drop in two months.