Video-streaming platform Bilibili debuts on Hong Kong market

Video-streaming platform Bilibili Inc. started trading on the Hong Kong stock market on Monday as the latest U.S.-listed mainland business to complete a secondary listing here.

Shares of Bilibili opened at 790 Hong Kong dollars (about 101.67 U.S. dollars), down from its offer price of 808 Hong Kong dollars.

Its public offering was oversubscribed more than 170 times by local retail investors, and nearly 12 times by international buyers. Bilibili is expected to raise nearly 20 billion Hong Kong dollars, which will be used to improve its content, user experience and marketing, among others.

In its prospectus, the company said it is a leading video community for young generations, citing an average of 202 million monthly active users in the fourth quarter of 2020, up 55 percent year on year.

Bilibili's net revenues were 4.13 billion yuan (about 630 million U.S. dollars) in 2018, 6.78 billion yuan in 2019 and nearly 12 billion yuan in 2020.

Bilibili first went public in Nasdaq in 2018 and its fund-raising in Hong Kong marked a continued trend of homecoming listings by U.S.-traded mainland companies. More than 10 such firms have as far debuted on the Hong Kong market, including Alibaba and Baidu. (1 U.S. dollar equals 7.7693 HK dollars or 6.5416 yuan)