Tuesday, November 5, 2024

Chinese video platform Bilibili file for listing in Hong Kong

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The Bilibili booth was filmed at the 2019 Yangtze River Delta International Cultural and Industrial Expo, which will be held at the National Convention & Exhibition Center in Shanghai, China on November 21, 2019.

Gao Yuwen | Visual China Group | Getty Images

Guangzhou, China — China’s video platform Bilibili has secretly applied for a second listing in Hong Kong, sources close to the issue told CNBC.

Bilibili, which is currently listed on NASDAQ, has filed within the last few days, sources said.

CNBC reported last week that the listing could raise more than $ 2 billion and is scheduled for submission last week or earlier this week.

Companies that are already listed on another major exchange can secretly apply for a secondary listing on the Hong Kong Stock Exchange as a way to prevent a significant impact on stock prices. The filing has not been published yet.

Pricing details usually follow in the coming weeks.

When contacted by CNBC, a Bilibili spokesperson was not immediately available.

Bilibili will be the latest US-listed Chinese company to gather in Hong Kong for a second listing. Alibaba, JD.com and NetEase have all followed the same route for the past 14 months.

Continued tensions between the United States and China threaten Wall Street-listed Chinese companies. In December, President Donald Trump signed a law threatening to exclude companies that do not comply with US auditing standards.

This may be one of the reasons behind the increase in secondary listings in Hong Kong.

The video platform is aimed at the younger generation in China, and mobile games are the biggest revenue driver. Bilibili also hosts live broadcasts where users can purchase virtual items. It also makes money from advertising.

Ebenezer Robbins
Ebenezer Robbins
Introvert. Beer guru. Communicator. Travel fanatic. Web advocate. Certified alcohol geek. Tv buff. Subtly charming internet aficionado.

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