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Hedge Funds Cheer Tencent Stake in Chinese Video Streamer

  • Bilibili gains as investors pour money into video service
  • China-U.S. trade tensions couldn’t stop Bilibili’s 29% rally
Rui Chen, chairman and chief executive officer of Bilibili Inc.

Rui Chen, chairman and chief executive officer of Bilibili Inc.

Photographer: Michael Nagle/Bloomberg
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Bilibili Inc. is earning its moniker as one of the more promising technology stocks to go public out of China this year, and hedge funds are cheering Wednesday’s rally.

The Shanghai-based video streaming service’s ADRs rose the most in more than a month to a fourth-month high above $15 per share after Tencent Holdings Ltd. announced plans to invest more than $300 million in the company. Shares of Bilibili sit above two of their key moving averages as they climbed as much as 16 percent intraday.