Chinese Video Site Bilibili Prepares Secondary Hong Kong IPO

Bilibili, a Nasdaq-listed Chinese video platform popular with millennials for its animation and gaming content, is moving (in Chinese) ahead with plans for a secondary listing in Hong Kong next year that could raise as much as USD1.5 billion, according to people familiar with the situation. Backed by Alibaba, Tencent and Sony, Bilibili has hired UBS, JPMorgan, Goldman Sachs and Morgan Stanley to arrange the offering. Under the rising tension between Beijing and Washington, this video sharing platform is part of the wave of secondary IPO firms in Hong Kong or China mainland. Alibaba, JD.com and NetEase have taken this step. Attractive to most Chinese Generation Z users, Bilibili has grown from a community consisting of comics and anime fans into a broader online entertainment platform. Live streaming, online education and knowledge and e-commerce are its new labels. Since listing on the Nasdaq in 2018, this welcomed community's share price has quadrupled. In 2020's second quarter, its advertisement revenue increased by 108% to CNY 350 million (USD 51.54 million); games, value-added services and e-commerce increased by 36%, 153% and 58% year-on-year, respectively.

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Bilibili Reports Gross Profit Up 140% YoY in 2Q 2020

On August 26, Bilibili ( also called B site), China's leading entertainment platform and the site that attracts the most generation Z users, announced its financial reports for the second quarter ending June 30, 2020. The report shows that B site's revenue reached a new high, to CNY 2.62 billion (USD 380 million), a year-on-year increase of 70%. Average monthly active users (MAUs) reached 171.6 million, representing a 55% increase from the same period in 2019. Average monthly paying users (MPUs) reached 12.9 million, a year-on-year increase of 105%. As for revenue, Bilibili's most massive income was still mobile games, occupying 47.69% of the total revenue and increased by 36% compared to the same period of 2019. Its value-added income, including live streaming, representing 31.53% of the total income and a year-on-year increase of 153%. B site's gross profit was CNY 604 million (USD 86 million), representing an increase of 140% from the same period in 2019. Bilibili has evolved greatly since 2019 – from a platform famous for ACG culture previously to nowadays a place of diverse contents, including financial knowledge, makeup and lifestyle. 

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