Bilibili plans to lift $ 2.6 billion for the Hong Kong secondary itemizing

The Bilibili booth is pictured during the Yangtze River Delta International Cultural Industry Exhibition 2019 at the National Exhibition and Convention Center on November 21, 2019 in Shanghai, China.

Gao Yuwen | Visual China Group | Getty Images

GUANGZHOU, China – Chinese video platform Bilibili will raise approximately $ 2.6 billion in its upcoming Hong Kong listing.

The Nasdaq-listed technology company announced Tuesday that it will value the 25 million shares it has issued at Hong Kong $ 808 each. That’s around $ 104.06 per American Depositary Share (ADS), Bilibili said.

The gross proceeds from the listing are expected to be Hong Kong dollars 20.2 billion (US $ 2.6 billion). That number could rise if the underwriting investment banks decide to trigger the so-called over-allotment option to issue an additional 3.75 million shares.

Bilibili will begin trading in Hong Kong on March 29 under the code “9626”.

In October, CNBC reported that Bilibili’s secondary listing could raise up to $ 1.5 billion. Then that number rose to over $ 2 billion as the Nasdaq-listed shares of Bilibili continued to rebound. The US stock is up over 400% year over year.

Bilibili makes money by playing mobile games and selling virtual gifts to users who then pass them on to their favorite live streamers.

With a secondary listing in Hong Kong, Bilibili follows other US-listed Chinese companies such as Alibaba and JD.com.

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