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April 9, 2020, 9:09 a.m. EDT

Bilibili shares surge after Sony agrees to 5% stake

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By Emily Bary

Chinese video-sharing company Bilibili Inc. /zigman2/quotes/207131615/composite BILI +5.50% announced Thursday that it has reached an agreement with Sony Corp. of America through which Sony will invest about $400 million in the company. Sony will receive roughly 17.3 million newly issued Class Z shares per the agreement and own about 4.98% of Bilibili's total issued shares upon closing. The company expects this transaction to close on or before April 10. The two companies also plan to collaborate on various opportunities in the Chinese entertainment industry, including as it relates to mobile games and anime. Bilibili's U.S.-listed shares are up 7.4% in premarket trading Thursday. They've surged 41% so far this year as the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.48% has decreased 15%.

/zigman2/quotes/207131615/composite
US : U.S.: Nasdaq
$ 32.43
+1.69 +5.50%
Volume: 19.16M
May 29, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$9.03 billion
Rev. per Employee
$327,897
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/zigman2/quotes/210599714/realtime
US : S&P US
3,044.31
+14.58 +0.48%
Volume: 4.38B
May 29, 2020 5:14p
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