Influential Chinese video platform Bilibili has taken a 9.9 percent stake in Huanxi Media, the rising film and TV studio that counts blockbuster directors Xu Zheng, Zhang Yimou and Ning Hao as major shareholders.
Bilibili agreed to invest $513 million Hong Kong dollars ($66 million) in Huanxi in exchange for almost 347 million shares in the studio, which is listed on the Hong Kong stock exchange.
Bilibili, listed on the Nasdaq, saw its shares climb about 5 percent in pre-market trading on the news. Under the deal, Huanxi and Bilibili have also signed a five-year cooperation agreement that involves the companies sharing the Chinese streaming rights for Huanxi's tentpole films and high-end series.
Read more on hollywoodreporter.com
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