Bilibili Launches HK$24.7b Hong Kong Listing

Chinese online video site Bilibili launched the share sale for its secondary Hong Kong listing on Wednesday, aiming to raise up to HK24.7 billion, as it eyes a return to an exchange closer to home.

The company, backed by mainland tech giants Tencent and Alibaba, priced 25 million shares at HK$988 per share.

Bilibili, which went public on Nasdaq in March 2018, is among more than dozen US-listed Chinese firms to carry out a "homecoming listing" since Alibaba began the trend two years ago, following heightened tensions with the former US government under President Donald Trump.

Peer Baidu is set to raise HK$23.9 billion in a secondary listing at Hong Kong, it said earlier on Wednesday.

The online platform over the past year has expanded from featuring animation videos to documentaries, e-sports, and music videos, attracting more than 202 million monthly active users.

The proceeds from the offerings will be used to develop content to generate user growth, the company said, adding that it would trade under the ticker "9626". (Reuters)