Given its origin as a niche streaming site for fans of anime comics and games (ACG), Bilibili’s success has been a surprise for many. But behind the company’s rapid rise is a group of dedicated users known as “uploaders” who create content for the platform, helping turn it into China’s YouTube.
A unique combination of original features and an avid fan base has helped make Bilibili the go-to platform for many content creators. This has made the company a big success, both with its users and with Wall Street. Since going public on the Nasdaq in early 2018, Bilibili’s share price has increased more than tenfold. The Shanghai-based company is now seeking to further capitalise on its success by raising US$3 billion with a second listing in Hong Kong, joining other Chinese tech firms that have recently sought to tap into investors’ appetite for such stocks.