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Video-streaming platform Bilibili kicks off Hong Kong share sale as it targets up to US$3.2 billion

  • The Nasdaq-listed firm is marketing its retail offering at up to HK$988 per share, a 12 per cent premium to its last US closing price
  • Loss-making Bilibili will be the second Chinese video platform to list in Hong Kong, after Kuaishou’s US$6 billion IPO in February

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Bilibili’s monthly paying users doubled in the fourth quarter to 17.9 million from a year ago. Photo: Shutterstock
Georgina Lee

Bilibili, the Chinese video streaming platform, is seeking up to HK$24.7 billion (US$3.2 billion) in its secondary listing in Hong Kong, joining a slew of mainland companies looking to raise funds in the city.

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The Shanghai-based company is selling 25 million shares, with the retail tranche priced at a maximum of HK$988 per share, a premium of about 12 per cent to its closing price of US$113.31 on Nasdaq on Tuesday. Some 97 per cent of the share sale is earmarked for institutional investors, the company said on Wednesday.

The public offer starts on Thursday and runs up to March 23. Its shares will trade on the Hong Kong bourse under the stock code “9626”. Each American depositary receipt represents one ordinary share. 

Bilibili, which counts both Alibaba Group Holding and Tencent Holdings as its shareholders, said the offer price for the international tranche could be set higher than the maximum retail offer price of HK$988, but the final price depends on its US stock performance over the next week and the level of investor demand.
Rui Chen, chairman and CEO of Bilibili, is seen outside Nasdaq during the company’s initial public offering on March 28, 2018. Photo: Bloomberg
Rui Chen, chairman and CEO of Bilibili, is seen outside Nasdaq during the company’s initial public offering on March 28, 2018. Photo: Bloomberg

There is an overallotment option to sell up to 3.75 million more shares in case of strong investor demand. 

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Bilibili will be the second Chinese video platform to list in Hong Kong this quarter, after Tencent-backed Kuaishou raised over US$6 billion in its bumper IPO in February. It comes right after Chinese internet giant Baidu wrapped up its US$3.1 billion share sale on Wednesday.
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