Chinese online video and gaming company Bilibili opened lower on the first day of trading in Hong Kong on Monday, with its share falling 0.99 percent at the closing to HK$800 ($103), paring intra-day losses.
The NASDAQ-listed Chinese tech firm raised around $2.6 billion after pricing its shares at HK$808 per share.
Its shares opened at HK$790, dropping by 2.2 percent. Losses extended to an intra-day low of HK$753, down nearly 7 percent from the offer price.
"I believe that the company will prove its value in the future. Today there is a feeling of 'Yesterday Once More.' We also had price lower the offer price when we listed on the US stock market. But I said at that time that no one will remember it in the next ten years," said Bilibili Chairman and CEO Chen Rui in a statement.
"The general situation across the stock market is relatively bad," Chen said. "US-listed Chinese stocks have experienced the biggest drop in recent years, which should be regarded as a 'black swan' event."
According to financial data provider Wind, Bilibili's US stock hit record high in February this year, having gained 1,224.2 percent g since its IPO on the NASDAQ bourse in March 2018.
As of the fourth quarter of 2020, monthly active users of Bilibili reached 202 million, with users under the age of 35 accounting for 86 percent.
Chen is betting on video streaming as a long-term trend. With upgrades in technology and equipment, video streaming business will become the cornerstone for future digital content on the site.
The funds raised via the new IPO in Hong Kong will be used for high-quality content investment, independent technology innovation, sales and marketing, as well as general corporate purposes and operating capital needs, according to the company's prospectus.
The trend of more US-listed Chinese firms returning home for a secondary listing near home has become inexorable amid consistent China-US tensions.
Chinese search engine giant Baidu commenced "a new undertaking" for second time by listing on the Hong Kong bourse last week. China's three new-energy vehicle start-ups - Li Auto Inc, Nio Inc and Xpeng Inc - are also reportedly planning to list at the Hong Kong stock exchange this year.