(Yicai Global) Feb. 22 -- Shanghai Hode Information Technology Co., which runs online video platform Bilibili, has denied claims that a streaming site under the country's top online security firm hacked its user database.

Users who could use their Bilibili login details to sign in to Kuai Shipin (Quick Video), run by Qihoo 360 Technology Co., had likely signed up to other Qihoo services with the same information, Hode said. Qihoo runs a unified management system that allows users to log in to several of its services after signing up for one, it added.

Kuai Shipin denied hacking Bilibili's database after users claimed on social media on Feb. 20 that they could log in using their phone number and password associated with Bilibili, despite having never registered on the Qihoo-owned platform. There were some videos breaching copyright laws and Kuai Shipin has removed them, it said.

Many Chinese streaming sites have been in the spotlight over the past year as the nation's cyberspace regulator has looked to crack down on content plagiarism. It plucked a number of foreign films and television shows from domestic sites in July in a move that affected several well-known platforms, including Bilibili, which plans to list in the first or second quarter.

Bloomberg reported in October last year that Bilibili planned to go public in the US and raise at least USD200 million. The offering was set to give the firm a market cap of over USD1 billion, and the cornerstone investor may push that figure into the USD3 billion to USD3.5 billion range, an insider said.