Bilibili eyes second listing as seven make debuts

Business | Reuters and Avery Chen 10 Jul 2020

Chinese video site Bilibili is considering a secondary listing in Hong Kong, Reuters reported citing two people with direct knowledge of the matter, joining other US-listed Chinese companies eyeing a return to the exchange closer to home amid Sino-US tensions.

The company, which is backed by Chinese tech giants Tencent (0700) and Alibaba (9988) and went public on Nasdaq in March 2018, has held preliminary talks with investment banks about the secondary listing prospect, the people said.

Bilibili, with a current market cap of US$16.2 billion (HK$126.36 billion), is mulling selling between 5 percent and 10 percent of its shares.

Bilibili will only be able to list in Hong Kong next year, however, as under the city's listing rules, it has to have a track record of at least two financial years of good regulatory compliance on another qualifying exchange. Bilibili declined to comment.

Meanwhile, seven companies will make their Hong Kong market debuts today.

Among them, mainland ophthalmic firm Ocumension Therapeutics (1477), whose retail portion was 1,895 times oversubscribed, saw its share price jumped as much as 2.1 times in the gray markets, meaning investors could make a paper gain of more than HK$15,400 per board lot.

E-cigarette device maker Smoore International's (6969) share price doubled in the gray markets, after receiving 116 times retail oversubscription.

Other new debutants, including Immunotech Biopharm (6978), Greentown Management (9979), Zhenro Services (6958) and Adtiger Corporations (1163), saw shares rose more than 10 percent in the gray markets, except China Saftower International (8623), whose shares fell more than 10 percent last night.

Honliv Healthcare Management, which was supposed to debut today, said its timetable has been delayed as it needs more time to finalize the IPO announcement and to obtain clearance from regulators.

Elsewhere, Lee's Pharmaceutical (0950) plans to spin off China Ophthalmology Focus, which develops, manufactures and sells ophthalmic drugs, on a recognized stock exchange.

Mainland car maker BYD (1211) will also spin off its semiconductor sector in Shanghai's Sci-Tech innovation board or Shenzhen's Growth Enterprise Market, according to Reuters IFR.

And meanwhile, local noodle chain Tamjai Yunnan Mixian has hired Guotai Junan Securities for a Hong Kong IPO, local media reported.

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