People go to the video platform Bilibili stand through the 2020 China Digital Entertainment Expo & Conference (ChinaPleasure) at Shanghai New International Expo Center on July 31, 2020 in Shanghai, China.

Zhou You | Visual China Group | Getty Images

GUANGZHOU, China — Chinese video platform Bilibili may raise round $3 billion in its upcoming secondary itemizing in Hong Kong.

The firm mentioned Wednesday that it will promote 25,000,000 shares as a part of the providing. Of these shares, 750,000 shall be supplied to retail buyers and the remaining 24,250,000 to institutional buyers.

Bilibili mentioned the shares for retail buyers is not going to be set larger than 988 Hong Kong {dollars} ($127.22), however the inventory being bought to institutional buyers could possibly be set at a better worth.

At the 988 Hong Kong greenback worth, Bilibili may raise 24.7 billion Hong Kong {dollars} ($3.18 billion). The firm will set the ultimate supply worth on or round March 23, it mentioned.

Bilibili, which is at present listed on the Nasdaq, is aimed toward China’s youthful generations, and cellular video games is amongst its largest income drivers. Bilibili additionally hosts reside broadcasts throughout which customers should buy digital gadgets and has a premium membership program. It additionally makes cash from promoting.

The firm is the most recent U.S.-listed Chinese know-how firm to raise cash in Hong Kong, following the likes of and NetEase. And on Wednesday, a person familiar with the matter told CNBC, that Baidu has priced the shares for its Hong Kong secondary itemizing at 252 Hong Kong {dollars}, which might raise round $3.1 billion for the search large.

In October, CNBC reported Bilibili’s secondary listing could raise up to $1.5 billion. Then that determine jumped to over $2 billion as Bilibili’s Nasdaq-listed shares continued to rally. In truth, the inventory is up over 400% during the last 12 months, which is a possible cause to the upper fundraising ambition.

Bilibili mentioned that it’ll use the proceeds from the itemizing for quite a lot of actions together with to assist consumer progress and broaden its content material.

Clarification: The copy on this story has been up to date to higher mirror Bilibili’s primary income drivers.

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