Chinese YouTube Equivalent 'Bilibili' Drops 7% Intraday on First Day of Hong Kong Stock Market Listing

[Asia Economy Reporter Kwon Jae-hee] Following the New York Stock Exchange in the United States, Chinese video platform 'Bilibili' made its secondary listing on the Hong Kong Stock Exchange and started trading on the 29th with a decline.

According to CNBC on the day, Bilibili began trading at 790 Hong Kong dollars. This is 2.2% lower than the initial public offering (IPO) price of 808 Hong Kong dollars per share.

During the day, Bilibili's price dropped to as low as 753 Hong Kong dollars, which is about 7% lower than the IPO price.

Considering that companies usually do not experience large price fluctuations on the first day of a secondary listing, CNBC reported that this is quite unusual.

Amid ongoing tensions between the U.S. and China, last week the U.S. Securities and Exchange Commission (SEC) adopted a law that could increase audit requirements for Chinese companies, which appears to have affected Bilibili's stock price.

Meanwhile, Bilibili, often called the 'Chinese YouTube,' is rapidly growing as a platform that replaces YouTube in the Chinese market where access to Google is blocked.

Starting in 2009 as a site introducing Japanese animation to young Chinese audiences, Bilibili successfully raised $483 million through its IPO on the New York Stock Exchange in 2018.

This content was produced with the assistance of AI translation services.