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The TikTok parent recently outbid Tencent to acquire Moonton, a gaming studio that has gained ground in Southeast Asia, according to Reuters.
Tencent is conspicuously absent, but it’s no secret that ByteDance is its new nemesis.
X.D.’s proposition has helped it attract a swathe of gaming companies to be its investors, including fast-growing studios Lilith Games and miHoYo, as well as ByteDance, which built up a 3,000-people strong gaming team within six years.īilibili’s investment further strengthens X.D.’s matrix of top-tier gaming investors. The vision is to skip the high commission fees charged by the likes of Huawei and Xiaomi and monetize through ads.
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makes games, too, but in recent years it has also emerged as a rebel against traditional game distributors, which are Android app stores operated by smartphone makers. The WeChat operator dominates China’s gaming market through original titles and a sprawling investment portfolio whose content it helps operate and promote. Tencent has similarly leaned on games to drive revenues for years. With 170M users, Bilibili is the nearest thing China has to YouTube The ratio had declined from 71% and 53% in 20, a sign that it’s trying to diversify revenue streams beyond distributing games.
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Though known for its trove of video content produced by amateur and professional creators, Bilibili derives a big chunk of its income from mobile games, which accounted for 40% of its revenues in 2020.
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The partners will initiate a series of “deep collaborations” around X.D.’s own games and TapTap, without offering more detail. Network, which runs the popular game distribution platform TapTap in China, the company announced on Thursday.ĭual-listed in Hong Kong and New York, Bilibili will purchase 22,660,000 shares of X.D.’s common stock at HK$42.38 apiece, which will grant it a 4.72% stake. It has agreed to invest HK$960 million (about $123 million) into X.D. Bank of America Merrill Lynch, Citigroup, Credit Suisse, JPMorgan and Morgan Stanley are joint bookrunners for Bilibili's offering.Competition in China’s gaming industry is getting stiffer in recent times as tech giants sniff out potential buyouts and investments to beef up their gaming alliance, whether it pertains to content or distribution.īilibili, the go-to video streaming platform for young Chinese, is the latest to make a major gaming deal. Bilibili plans to use the proceeds from Tuesday's offering to enrich content offerings, research and development and potential strategic acquisitions, investments and alliances. The firm raised $483 million in its Nasdaq initial public offering (IPO) in March last year.
Organization, which runs the famous game conveyance stage TapTap in China, the organization reported on Thursday. It has consented to contribute HK960 million (about 123 million) into X.D. Qiming Venture Partners is the selling shareholder in Bilibili, according to the term sheet. Bilibili, the go-to video web based stage for youthful Chinese, is the most recent to make a significant gaming bargain. Tech companies find them particularly attractive as normal debt is more expensive for them, especially if they are still unrated, like Bilibili. Convertible bonds are a cheaper funding avenue due to their lower coupons in exchange for giving the bondholder the option of converting the debt into shares at a set price in future. Bilibili's convertible bond is being marketed with a coupon range of between 1.375 percent and 1.875 percent, while the conversion premium - the price at which buyers can convert their bond holding into the company's shares - will fall between 32.5 percent and 37.5 percent, the term sheet showed. Chinese electric vehicle maker NIO, video streaming company iQIYI and e-commerce firm Pinduoduo, all 2018 IPOs, have come back to the market to raise funds. This year has already seen other U.S.-listed Chinese companies return to the capital markets to raise additional funding, be it through convertible bonds or follow-on offerings, as they seek more growth capital. Its shares have risen 32 percent so far in 2019. The follow-on offering could raise around $321 million based on Bilibili's closing price of $18.8 on Monday. The company is selling a $300 million seven-year convertible bond and 17.1 million shares, of which 10.55 million are primary and the rest come from an existing shareholder, according to a term sheet seen by Reuters. Bilibili, one of China's leading online video sharing and entertainment platforms, announced the fundraising on Tuesday but did not disclose detailed terms. By Julia Fioretti HONG KONG (Reuters) - Chinese video platform Bilibili launched on Tuesday a convertible bond sale and a follow-on share offering that could raise around $621 million combined, in a return to the capital markets just over a year after it went public in New York.
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