According to the latest news, China's Bilibili withdrew from the acquisition of game developer Yoozoo.

Sources close to the deal have learned that Chinese video-sharing platform Bilibili Inc (BILI: NASDAQ) did participate in the bid for acquisition of Shanghai-based game developer Yoozoo Games earlier, but has now withdrawn from the acquisition.

Previously, Bilibili, also nicknamed B Site, planned to buy a 24% stake in Yoozoo Games, as a part of a deal worth nearly 5 billion yuan (about $764 million).