Why Bilibili's Stock Jumped 17.6% This Morning
Shares of youth-oriented video-sharing specialist Bilibili (NASDAQ: BILI) rose as much as 17.6% in Thursday morning's trading, lifted by a new partnership with Tencent Music Entertainment's (NYSE: TME) QQ Music service. Tencent Music's stock also surged as much as 7.2% higher on the news. By noon EST, Bilibili's shares had settled down to a gain of 13.4%, while Tencent Music retreated to a 5.9% increase.
Under the new partnership, Bilibili and QQ Music will cross-promote musicians and music content. The two companies will also work together to create new music content such as live online events, remixes of popular songs, and co-production of new albums.
"Bilibili is home to a large number of talented music creators and enthusiasts who are keen on secondary creation," Bilibili COO Li Ni said in a prepared statement. "As a leading domestic digital music platform, QQ Music has accumulated abundant experience in music copyright management, record distribution, as well as the support and promotion of musicians."
Source Fool.com