Bilibili eyes US$3.18b public offering in HK

Video-streaming platform Bilibili Inc started its public offering in Hong Kong on Thursday as another United States-traded mainland company seeking a secondary listing there.

The company plans to raise up to HK$24.7 billion (US$3.18 billion) through an issuance of 25 million shares, with the maximum price at HK$988.

The proceeds will be used to improve its content, user experience and marketing, among others.

Its shares will begin trading on March 29. Bilibili first went public on Nasdaq in 2018.

The fund-raising of Bilibili in Hong Kong came shortly after search engine giant Baidu, kicked off its public offering last week. It will start trading on Tuesday.

Apart from the two tech firms, altogether 10 US-traded mainland firms have finished secondary listings in Hong Kong since Hong Kong Exchanges and Clearing Ltd reformed its listing system in 2018.