Alibaba Unloads $360 Million of Bilibili in Latest Asset Sale
- Bilibili falls as much as 8.4% after Alibaba sells at discount
- E-commerce giant has also trimmed stake in XPeng, GogoX
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Alibaba Group Holding Ltd. sold almost $360 million of stock in Chinese streaming platform Bilibili Inc. at a significant discount, the latest in a string of asset deals from an e-commerce pioneer seeking capital to invest in AI and rejuvenate the business.
Alibaba priced the sale of 30.85 million Bilibili American depositary receipts at $11.60 each, according to people familiar with the matter, asking not to be named as the information is private. That’s about a 5.5% discount to the stock’s closing price on Wednesday. Bilibili plunged as much as 8.4% in Hong Kong on Friday, its biggest drop in two months.