Chinese tech giant Alibaba announced through an SEC filing on Thursday that its Taobao marketplace has acquired around 24 million shares in Bilibili, representing roughly an 8% stake in the Chinese video and entertainment platform.

The deal brings closer ties between the two companies—they are already in partnership since December. Under that agreement, Taobao and Bilibili said they would bring creators together, and promote commercialization of both platforms.

China’s recent rise of content-driven e-commerce is another testimony to the saying that content is king. Chinese microblogging platform Weibo is planning to invest RMB 2 billion ($295,000) in the next year to support the key opinions leaders, actors, and agencies. Short video apps like Kuaishou and Douyin also tap on the tide.

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Emma Lee

Emma Lee is Shanghai-based tech writer, covering startups and tech happenings in China and Asia in general. We are looking for stories related to tech and China. Reach her at lixin@technode.com.