London Daily

Focus on the big picture.
Friday, Jun 20, 2025

China's answer to YouTube slumps on market debut

China's answer to YouTube slumps on market debut

Shares of Chinese video platform Bilibili have slumped at their launch on the Hong Kong stock exchange.

The shares opened at HKD$790 ($101.6 ; £73.7), which is 2.2% below their issue price, before slipping another 4%.

Bilibili is similar to YouTube, but the company hopes to increase revenues through Netflix-style subscriptions.

The listing is the latest in a large number of "homecomings" for US-listed Chinese companies.

The Chinese firms have sought out secondary listings in Hong Kong due to increased scrutiny from US regulators, which began under President Donald Trump.

In part, the listings are insurance against being kicked off US exchanges, a process which has already started for three Chinese telecommunications companies.

In January, The New York Stock Exchange suspended state-backed telcos China Telecom, China Unicom and China Mobile.

"Homecoming" listings have not always generated the same level of excitement from investors as some other tech listings.

Shares of the internet search giant Baidu only edged slightly higher when they listed in Hong Kong last week, while ecommerce giant JD.com also had a lacklustre secondary launch last year.

After pricing shares at $104 each last week, Bilibili raised $2.6bn, which was short of the $3bn it had anticipated.

The company's launch is the weakest major share market offering in Hong Kong since Yum China Holdings shares shed 6.3% on debut in September last year, according to Refinitiv data.

Premium content


Currently, Bilibili is a loss-making company, although its prospectus says its revenues have nearly tripled since 2018.

According to the prospectus, the video platform had 202 million monthly average users in the last quarter of 2020, an increase of 55% over the same quarter in 2019.

That's less than a third of rival video platform Kuaishou, which surged nearly a 190% at its share market launch last month before paring back some of those gains.

Bilibili also faces increasingly stiff competition from a range of other home-grown Chinese video platforms.

However, the company hopes to follow in the footsteps of Netflix, and turn a profit by offering premium content to subscribers.

Already, the company has 14.5 million subscribers, and has plans to convince more of its users to pay for content.

The company also makes money from advertising, mobile gaming and e-commerce.

Newsletter

Related Articles

0:00
0:00
Close
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
FBI and Senate Investigate Allegations of Chinese Plot to Influence the 2020 Election in Biden’s Favor Using Fake U.S. Driver’s Licenses
Vietnam Emerges as Luxury Yacht Destination for Ultra‑Rich
Plans to Sell Dutch Embassy in Bangkok Face Local Opposition
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump's $5 Million 'Trump Card' Visa Program Draws Nearly 70,000 Applicants
DGCA Finds No Major Safety Concerns in Air India's Boeing 787 Fleet
Airlines Reroute Flights Amid Expanding Middle East Conflict Zones
Elon Musk's xAI Seeks $9.3 Billion in Funding Amid AI Expansion
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
President Trump is leaving the G7 summit early and has ordered the National Security Council to the Situation Room
Taiwan Imposes Export Ban on Chips to Huawei and SMIC
Israel has just announced plans to strike Tehran again, and in response, Trump has urged people to evacuate
Netanyahu Signals Potential Regime Change in Iran
Juncker Criticizes EU Inaction on Trump Tariffs
EU Proposes Ban on New Russian Gas Contracts
Analysts Warn Iran May Resort to Unconventional Warfare
Iranian Regime Faces Existential Threat Amid Conflict
Energy Infrastructure Becomes War Zone in Middle East
UK Home Secretary Apologizes Over Child Grooming Failures
Trump Organization Launches 5G Mobile Network and Golden Handset
Towcester Hosts 2025 English Greyhound Derby Amid Industry Scrutiny
Gary Oldman and David Beckham Knighted in King's Birthday Honours
Over 30,000 Lightning Strikes Recorded Across UK During Overnight Storms
Princess of Wales Returns to Public Duties at Trooping the Colour
Red Arrows Use Sustainable Fuel in Historic Trooping the Colour Flypast
Former Welsh First Minister Addresses Unionist Concerns Over Irish Language
Iran Signals Openness to Nuclear Negotiations Amid Ongoing Regional Tensions
France Bars Israeli Arms Companies from Paris Defense Expo
King Charles Leads Tribute to Air India Crash Victims at Trooping the Colour
Jack Pitchford Embarks on 200-Mile Walk to Support Stem Cell Charity
Surrey Hikers Take on Challenge of Climbing 11 Peaks in a Single Day
UK Deploys RAF Jets to Middle East Amid Israel-Iran Tensions
Two Skydivers Die in 'Tragic Accident' at Devon Airfield
Sainsbury's and Morrisons Accused of Displaying Prohibited Tobacco Ads
UK Launches National Inquiry into Grooming Gangs
Families Seek Closure After Air India Crash
Gold Emerges as Global Safe Haven Amid Uncertainty
Trump Reports $57 Million Earnings from Crypto Venture
Trump's Military Parade Sparks Concerns Over Authoritarianism
Nationwide 'No Kings' Protests Challenge Trump's Leadership
UK Deploys Jets to Middle East Amid Rising Tensions
Trump's Anti-War Stance Tested Amid Israel-Iran Conflict
Germany Holds First Veterans Celebration Since WWII
U.S. Health Secretary Dismisses CDC Vaccine Advisory Committee
Minnesota Lawmaker Melissa Hortman and Husband Killed in Targeted Attack; Senator John Hoffman and Wife Injured
Exiled Iranian Prince Reza Pahlavi Urges Overthrow of Khamenei Regime
×