Bilibili Invests RMB500M In China Telecom's Equity - Bilibili (NASDAQ:BILI)

Bilibili Inc's BILI PRC subsidiary Shanghai Bilibili Technology Co., Ltd is investing RMB500 million in China Telecom Corp Ltd's CHJHF newly issued shares under a strategic investor allotment agreement and a sponsor for China Telecom's proposed offering of shares in conjunction with its listing on the Shanghai Stock Exchange.
China Telecom is an integrated intelligent information service provider in the PRC with full-service capabilities.
China Telecom allocated 110.4 million of the newly issued shares to Shanghai Bilibili based on an offering price of RMB4.53 per A-share.
Shanghai Bilibili will be subject to 36 months of lock-up obligations over the shares allocated to it.
Additionally, Shanghai Kuanyu Digital Technology Co., Ltd., a Bilibili affiliate, agreed to pursue collaboration opportunities with China Telecom in user growth, brand promotion, IDC, and cloud services.
Price Action: BILI shares traded higher by 0.64% at $80.70 in the premarket session on the last check Wednesday.