Wednesday, 2024 April 17

KEY STAT | Bilibili drops in Hong Kong debut in another tepid homecoming listing

Video-streaming platform Bilibili (NASDAQ: BILI; HKEX: 9626) fell 2.29% in the morning session in Hong Kong, after opening for trading at HKD 790 on Monday, raising USD 2.6 billion.

The Shanghai-based company is the latest of several Chinese firms staging a lackluster “homecoming listing” in Hong Kong. Internet giant Baidu dropped 18% since its debut last week, while Autohome shares are flat.

“It feels like ‘yesterday once more,'” founder and CEO Chen Rui told local media Jiemian. “We fell on the debut in the US. But I said at the time that no one will remember that in 10 years.” Chen said that regarding user number growth and business performance, Bilibili has always been the most dynamic and creative content community in China, 36Kr reported.

Famous for its high-quality user-generated content, Bilibili has been named China’s answer to YouTube. Over 80% of its 202 million active users are born after 1990, according to Questmobile data viewed by KrASIA. For Q4 2020, the firm reported USD 588 million in revenue, up 91% year-on-year, while the net loss widened to USD 129.3 million.

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This article is part of KrASIA’s Key Stat series, where KrASIA picks and presents the most significant figures of the day’s technology and business world.

Julianna Wu
Julianna Wu
Data visualist & writer

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