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Bilibili Notches Gains After Timid Hong Kong Debut

Published 03/29/2021, 09:43 AM
Updated 03/29/2021, 09:44 AM
© Reuters.

By Dhirendra Tripathi

Investing.com – Bilibili (NASDAQ:BILI) shares rose 6.8% on Nasdaq early Monday, reversing the near 7% fall on their debut in a secondary listing on the Hong Kong stock exchange Monday.

With one Bilibili Hong Kong share being equal to one American Depositary share, the performance of the share prices on the two exchanges is closely interlinked.

The Hong Kong debut of the Alibaba Group Holdings Ltd ADR (NYSE:BABA)-backed company was the worst in six months for a major listing, coming during a U.S. regulatory crackdown on Chinese companies listed on the NYSE and the Nasdaq.

Bilibili raised $2.6 billion from its public offering. The online video site company plans to use the proceeds to fund its content ecosystem and development of its community, research and development to improve its user experience and strengthen its user-centric capabilities.

 

 

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