Bilibili gets the green light for its US$3 billion secondary listing in Hong Kong, becoming the second video-streaming platform after Kuaishou to raise capital in city
- The US-listed technology firm could raise about US$3 billion from the share sale, according to people familiar with the matter
- Details of the offering are not final and could change, the people said
Chinese video streaming platform Bilibili has received the green light from the Hong Kong stock exchange for its proposed second listing, people familiar with the matter said.
The US-listed technology firm could raise about US$3 billion from the share sale, the people said, asking not to be identified as the information is private.
Details of the offering are not final and could change, the people said. A representative for Bilibili didn’t immediately respond to requests for comment.
The approval was previously reported by IFR, which said the share sale could launch as soon as next week.
Companies like Bilibili benefited in 2020 from consumers trapped in their homes by the coronavirus pandemic. The entertainment platform had 202 million average monthly active users in the fourth quarter of 2020, a 55% increase over the same period in 2019.
Bilibili’s 2018 initial public offering in New York raised US$483 million and made chief executive officer Chen Rui a billionaire, according to the Bloomberg Billionaires Index. Its American depositary shares have risen more than ninefold from their original offer price of US$11.50, closing at US$110.44 each on Thursday and giving the firm a market value of US$39 billion.
In the last quarter of 2020, the company posted a net loss of 827.8 million yuan (US$127.6 million), widening from 382.8 million yuan in the same period a year earlier. Meanwhile its sales jumped 91 per cent to 3.8 billion yuan.
Goldman Sachs, JPMorgan Chase & Co., Morgan Stanley and UBS Group are leading the deal.
