Nasdaq-listed Chinese video platform Bilibili to raise over $2 billion in Hong Kong listing

The Bilibili booth is pictured at some level of the 2019 Yangtze River Delta Worldwide Cultural Industries Expo at Nationwide Exhibition and Conference Center on November 21, 2019 in Shanghai, China.

Gao Yuwen | Visual China Team | Getty Photography

GUANGZHOU, China — Chinese language video platform Bilibili is getting intriguing for a secondary itemizing in Hong Kong which can perchance well lift extra than $2 billion, larger than it anticipated final yr, a source conclude to the matter suggested CNBC.

Bilibili, which is in the intervening time listed on the Nasdaq, is seemingly to file for the Hong Kong public offering at the stop of this week or early subsequent week, the source stated. The submitting is never any longer going to accept as true with pricing vital facets. Those are anticipated within the following two months, the person stated.

Closing yr, CNBC reported that the carrier, which is well most traditional by Chinese language millennials, might perchance perchance well lift between $1 billion and $1.5 billion. Nonetheless over the final 12 months, its Nasdaq-listed shares contain rallied over 300% — a component in the inspire of Bilibili upping the quantity of cash it is a ways having a spy to bear Hong Kong, the source stated.

Bilibili used to be no longer today accessible for comment when contacted by CNBC.

A chain of U.S.-listed Chinese language corporations contain flocked to Hong Kong for secondary listings over the final 14 months at the side of Alibaba, JD.com and NetEase.

Continued tensions between the U.S. and China contain threatened Chinese language companies listed on Wall Avenue. In December, President Donald Trump signed laws that threatened to delist companies that don’t follow American auditing requirements.

That can perchance well perchance very well be one reason in the inspire of the rise of secondary listings in Hong Kong.

Bilibili went public on the Nasdaq in 2018 at $11.50 per American depositary allotment (ADS), elevating $483 million. Its shares closed at $94.74 a bit on Monday, marking a extra than 700% rise since its preliminary public offering.

The video platform is aimed in the direction of China’s younger generations and cell games is its finest income driver. Bilibili also hosts dwell announces at some stage through which users can take digital objects. It also makes money from marketing.

Third quarter 2020 income came in at 3.22 billion yuan or $475.1 million, in step with the synthetic rate on its legitimate earnings liberate. That used to be 74% yr-on-yr enhance.

In preference to Netflix-vogue displays, Bilibili relies on individual-generated whisper, connected to YouTube. 

Bilibili has been focusing on increasing its individual grisly this yr by boosting its whisper offerings. In August, the firm signed a style out on-line recreation developer Rebel Video games, the proprietor of League of Legends, to broadcast their world events in China. 

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