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MarketScreener Homepage  >  Equities  >  Nasdaq  >  Bilibili Inc.    BILI

BILIBILI INC.

(BILI)
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Chinese video site Bilibili considers secondary Hong Kong listing - sources

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07/09/2020 | 02:41am EDT

By Julie Zhu and Kane Wu

Chinese video site Bilibili is considering a secondary listing in Hong Kong, said two people with direct knowledge of the matter, joining other U.S.-listed Chinese companies eyeing a return to the exchange closer to home amid China-U.S. tensions.

The company, which is backed by Chinese tech giants Tencent and Alibaba 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 capitalisation of $16.2 billion, is mulling selling between 5% and 10% of its shares, one of them said. It was not immediately clear how much the company is aiming to raise as the talks are in early stages.

Bilibili will only be able to list in Hong Kong next year, however, the people said, 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 did not respond to an emailed query for comment. Calls to its investor relations office went unanswered. The people with knowledge of the matter declined to be named as the information is confidential.

A Hong Kong listing for Bilibili would follow in the steps of several Chinese peers.

Alibaba raised $12.9 billion in a secondary listing in November 2019. More recently e-tailer JD.com raised $3.9 billion and games developer NetEase Inc raised $3.1 billion.

The plan comes as the U.S. Senate passed legislation in May that could ban Chinese companies not adhering to Washington's regulatory and audit standards from listing shares on U.S. exchanges or raising money from American investors.

Nasdaq will also unveil new restrictions on IPOs, a move that will make it harder for some Chinese companies to list on its bourse.

Starting out as an animation site popular with teens, Bilibili is expanding into areas such as documentary, e-sports, and music videos, attracting more than 130 million monthly active users.

(Reporting by Julie Zhu and Kane Wu; Editing by Tom Hogue)

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NASDAQ COMP. 2.13% 11012.238958 Delayed Quote.20.18%
NETEASE, INC., 4.40% 474.53 Delayed Quote.48.22%
TENCENT HOLDINGS LIMITED 1.36% 520.5 End-of-day quote.38.58%
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Financials
Sales 2020 11 069 M 1 596 M 1 596 M
Net income 2020 -2 140 M -309 M -309 M
Net cash 2020 2 540 M 366 M 366 M
P/E ratio 2020 -44,6x
Yield 2020 -
Capitalization 97 286 M 14 016 M 14 026 M
EV / Sales 2020 8,56x
EV / Sales 2021 6,02x
Nbr of Employees 4 791
Free-Float 51,3%
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Mean consensus BUY
Number of Analysts 21
Average target price 319,22 CNY
Last Close Price 280,01 CNY
Spread / Highest target 49,9%
Spread / Average Target 14,0%
Spread / Lowest Target -8,52%
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Managers
NameTitle
Rui Chen Chairman & Chief Executive Officer
Xu Yi President & Director
Li Ni Vice Chairman & Chief Operating Officer
Fan Xin Chief Financial Officer
Feng Li Independent Director
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