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Tencent investing $316 million in Bilibili

Chinese gaming giant to purchase approximately 12.3% in shares of video sharing company that owns Overwatch League Hangzhou team

Tencent has announced today that it will purchase shares in video sharing company Bilibili worth approximately $317.6 million.

Total, Tencent will invest in 25,063,451 newly-issued Class Z ordinary shares for the price of $12.67 per share, which will encompass about 12.3% of Bilibili's total shares.

Bilibili began trading earlier this year with an IPO of 42 million shares priced at $11.50 per share. Since the announcement of Tencent's investment, the stock price has risen from $13.31 per share at closing yesterday to an initial spike of $15.48 per share this morning, down to $14.51 at the time of this piece.

Along with its video sharing service, Bilibili also owns a professional League of Legends team under the name Bilibili Gaming, and recently purchased the newly-created Overwatch League team spot for Huangzhou, China.

Just yesterday, Tencent announced its first-ever restructuring in six years due to its own dropping share prices amid China's recent freeze on issuing new game licenses. The company says it will "further explore the integration of social, content and technology that is more suitable for future trends, and promote the upgrade from consumer internet to industrial internet."

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