Bilibili Inc (Nasdaq: BILI), a leading online entertainment platform for young generations in China, has announced that it has entered into a definitive Subscription Agreement with Huanxi Media Group Limited (HKEX: 1003), a company principally engaged in media- and entertainment-related businesses, including development of and investment in films and TV drama series, as well as operation of a streaming platform. Upon completion of this transaction, Bilibili will beneficially own approximately 9.90% of the total enlarged share capital of Huanxi Media. Simultaneous with the execution of the Subscription Agreement, Bilibili and Huanxi Media will pursue collaboration opportunities in the China online entertainment market, including films and TV drama series, and develop derivative intellectual property rights of the films and other TV programs owned by Huanxi Media.
“We are delighted to advise on this dynamic strategic partnership between two leading China-based companies in the fast-growing and innovative entertainment sector. It is fantastic to work with such an iconic and trend-setting company, and the deal further demonstrates our deep industry knowledge and expertise,” said Cathy Yeung, Global Vice Chair of Latham & Watkins’ Capital Markets Practice and Chair of the firm’s Greater China Practice.
Latham & Watkins represents Bilibili in the transaction with a corporate deal team led by Hong Kong partner Cathy Yeung with Hong Kong partner Terris Tang and associates George Zheng and Yan Zhang.