(Yicai Global) Oct. 5 -- Chinese technology group Tencent has confirmed plans to invest some USD318 million in one of the country's leading streaming platforms.

Tencent Group Holdings will subscribe to a total of 25 million in new shares in the streamer known for its animated content as part of the deal, the Shenzhen-based firm said in a statement. The plan raises Tencent's holding in the Shanghai-based platform to 12 percent, Beijing News reported.

Bilibili [NASDAQ:BILI] closed down 5.7 percent in trading yesterday at USD13.55, while Tencent [HKG:0700] declined 2.4 percent to HKD308.4.

Founded in 2009, Bilibili's services are popular among China's younger generations and cover a wide range of genres and media formats including videos, live broadcasting, and mobile games.