Nasdaq-listed Bilibili to raise more than US$2b in Hong Kong listing

Chinese video platform Bilibili is getting ready for a secondary listing in Hong Kong which could raise more than US$2 billion, higher than it anticipated last year, a source close to the matter told CNBC.

Bilibili, which is currently listed on the Nasdaq, is likely to file for the Hong Kong public offering at the end of this week, or early next week, the source said. The filing will not contain pricing details. Those are expected within the next two months, the person said.

Last year, CNBC reported that the service, which is popular with Chinese millennials, could raise between US$1 billion and US$1.5 billion. But over the last 12 months, its Nasdaq-listed shares have rallied over 300 percent — a factor behind Bilibili upping the amount of money it is looking to raise in Hong Kong, the source said.

Bilibili was not immediately available for comment when contacted by CNBC.

A number of U.S.-listed Chinese companies have flocked to Hong Kong for secondary listings over the last 14 months including Alibaba, JD.com and NetEase.

Continued tensions between the U.S. and China have threatened Chinese firms listed on Wall Street. In December, President Donald Trump signed legislation that threatened to delist firms that don’t comply with American auditing standards.

That could be one reason behind the rise of secondary listings in Hong Kong.

Bilibili went public on the Nasdaq in 2018 at US$11.50 per American depositary share (ADS), raising US$483 million. Its shares closed at US$94.74 a piece on Monday, marking a more than 700 percent rise since its initial public offering.