Bilibili, the Chinese video site closest to YouTube, has passed its listing hearing on the Hong Kong Stock Exchange, a filing showed on Tuesday, meaning its offering will launch as soon as next week.
Bilibili Chairman and CEO Chen Rui holds 14.2 percent of the shares, with 44.6 percent of the voting rights; Founder and President Xu Yi holds 8.0 percent of the shares, with 24.7 percent of the voting rights; and Vice Chairman and COO Li Ni holds 2.3 percent of the shares.
Tencent holds 12.4% of the shares in the company, with 24.7% of the voting rights; Taobao holds 6.7% of the shares, according to the prospectus.
Bilibili's fundraising through its Hong Kong listing will be around $3 billion, Tencent News previously reported, citing market sources.
Bilibili's earnings report showed that total net revenue for the fourth quarter reached RMB 3.84 billion ($591 million), up 91% year-on-year, while net loss was RMB 844 million, expanding 118.08% year-on-year.
Driven by games including Fate/Grand Order, Princess Connect! Re: Dive, and Azur Lane, Bilibili's gaming business grew 30% year-on-year to RMB 1.13 billion in the fourth quarter, accounting for 30% of total revenue for the quarter.
Excluding the value of losses, Bilibili's gross margin grew for the seventh consecutive quarter and its revenue jumped 77% for the year, causing a market buzz.
As of press time, Bilibili is up more than 6% pre-market on this news.
CnTechPost had reported that Bilibili had said in its fourth-quarter conference call that it aimed to reach 400 million monthly active users (MAUs) by 2023.