Bilibili, one of the main video-streaming platforms for the youth of China, recently announced the company has agreed to invest $123 million into X.D. Network, which runs the popular game distribution platform TapTap. Bilibili will purchase 22,660,000 shares of X.D.’s common stock.
The companies did not offer many details about the deal. All they said was they “will initiate a series of ‘deep collaborations’ around X.D.’s own games and TapTap.”
This news comes after Bilibili raised around $2.6 billion in its Hong Kong secondary listing in late March. Bilibili is currently valued at $109 per share on the NASDAQ Composite.
TapTap is a company that was created in 2010. It was founded by X.D. Network Inc., Huang Xiwei, Huang Yimeng, and Zhang Qian.