Chinese language video platform Bilibili recordsdata for Hong Kong itemizing

The Bilibili booth is pictured during 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 – The Chinese video platform Bilibili has confidentially applied for a secondary listing in Hong Kong, a factual source told CNBC.

Bilibili, currently listed on the Nasdaq, made the filing within the past few days, the source said.

CNBC reported last week that the listing could raise over $ 2 billion and was expected to be filed last week or earlier this week.

Companies that are already listed on another major stock exchange can apply for a second listing on the Hong Kong Stock Exchange in confidence in order to prevent a material impact on the share price. The submission is not yet public.

Price details will usually follow in the coming weeks.

A Bilibili spokesperson wasn’t immediately available when contacted by CNBC.

Bilibili will be the youngest US-listed Chinese company pouring into Hong Kong for a secondary listing. Alibaba, JD.com, and NetEase have all gone down the same route for the past 14 months.

Persistent tensions between the US and China have threatened Chinese companies on Wall Street. In December, President Donald Trump signed a bill threatening to delist companies that fail to meet American auditing standards.

This could be a reason for the rise in secondary listings in Hong Kong.

The video platform is aimed at China’s younger generations and mobile games are the biggest sales driver. Bilibili also hosts live broadcasts where users can purchase virtual items. It also makes money from advertising.

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