IReader Technology Co. announced today that it raised 1.06 billion yuan in fundraising from 20 investors including Bilibili (Nasdaq: BILI), selling 37.9 million common shares at 28 yuan per share.
The company said Bilibili subscribed for 50 million yuan. The highest price was quoted from Bilibili during the subscription process, the company added.
Last year, ByteDance's subsidiary invested 1.1 billion yuan in shares of IReader and became the third-largest shareholder. This was the largest amount of ByteDance's investment in 2020.
After Bilibili joined the investors’ team, IReader became the only company among China mainland listed companies that was invested by both ByteDance and Bilibili.
Bilibili has been facing an ad boycott from Chinese brands after its airing of a controversial Japanese anime series sparked user criticism that the site appears to tolerate misogynistic comments and content.
The brands in China that provide products for women posted announcements that they firmly oppose and resist any form of insulting behavior and remarks against any woman and terminated the cooperation with Bilibili.
Bilibili has been a popular stock in the past year amid the raging Covid-19 outbreak. It not only caught the attention of the short videos market but also announced the news of the second listing in Hong Kong.
BILI stock price increased from $20 from the beginning of 2020 to $144.87 today.