[Asia Economy Reporter Cho Hyun-ui] Bilibili, known as the 'Chinese YouTube,' is conducting a secondary listing on the Hong Kong stock exchange. Launched in 2009, Bilibili is China's largest video sharing platform and has gained tremendous popularity among the younger Z generation.
According to local economic media Caixin on the 17th, Bilibili passed the listing review of the Hong Kong Stock Exchange the day before. Considering that it usually takes about 20 days from passing the review to listing, Bilibili's secondary listing is expected to take place as early as next month.
The lead underwriters for the listing are Morgan Stanley, Goldman Sachs, JP Morgan, and UBS. The listing size and the desired public offering price have not yet been disclosed.
Bilibili was listed on NASDAQ in March 2018. Based on the closing price the day before, its market capitalization reached $39.9 billion (approximately 45 trillion KRW).
In the past, promising Chinese tech companies preferred to list on the U.S. stock market. However, amid the new U.S.-China cold war and increased U.S. regulations, Hong Kong has emerged as an alternative. Alibaba, NetEase, and JD.com have conducted secondary listings in Hong Kong following their U.S. listings. Baidu is also planning a secondary listing on the Hong Kong stock exchange later this month.
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