11:49 AM EDT, 03/21/2024 (MT Newswires) -- Alibaba Group Holding ( BABA ) has sold 30.85 million shares in Bilibili ( BILI ) at $11.60 each to raise $357.8 million, Bloomberg reported Thursday, citing people familiar with the situation.

The Bilibili ( BILI ) shares were marketed earlier at $11.60 to $12.28 range, the report said.

Bilibili's ( BILI ) American depositary receipts fell 7.1% at $11.40 in recent Thursday trading, while Alibaba ( BABA ) shares rose 0.3%.

Alibaba ( BABA ) and Bilibili ( BILI ) didn't reply immediately to MT Newswires' requests for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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