BUSINESS Bilibili begins public offering in Hong Kong

BUSINESS

Bilibili begins public offering in Hong Kong

Xinhua

17:14, March 18, 2021

File photo: China Daily

HONG KONG, March 18 (Xinhua) -- Video-streaming platform Bilibili Inc. started its public offering in Hong Kong Thursday as another U.S.-traded mainland company seeking a secondary listing here.

The company plans to raise up to 24.7 billion Hong Kong dollars (about 3.18 billion U.S. dollars) through an issuance of 25 million shares, with the maximum price at 988 Hong Kong dollars. The proceeds will be used to improve its content, user experience and marketing, among others.

Its shares will begin trading on March 29. Bilibili first went public in Nasdaq in 2018.

The fund-raising of Bilibili in Hong Kong came shortly after search engine giant Baidu, which kicked off its public offering last week and will start trading on Tuesday.

Apart from the two tech firms, altogether 10 U.S.-traded mainland companies have finished secondary listings in Hong Kong since Hong Kong Exchanges and Clearing Limited reformed its listing system in 2018.

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