Chinese Internet giant Tencent is planning to increase its holdings in the young, emerging cultural community Bilibili, with a US$317.6 million cash injection, The Paper reported.

Bilibili is a video sharing website themed around animation, comics and games, where users can submit, view and add commentary subtitles on videos.

In March of this year, Bilibili was listed on the NASDAQ in the US, with an issue price of US$11.50.

The company’s prospectus shows that Tencent entered from the C round of financing and continued to invest in the D1 and D2 rounds. Prior to the listing, Tencent held approximately 5.2% of the shares as well as 1.2% of voting rights.

In the second quarter, the average monthly active users of Bilibili stood at 85.04 million, an increase of nearly 30% from a year earlier. In July, it increased to a record high of 98.12 million.