CnTechPost CnTechPost
  • News
    • Tech Industry
    • Gadgets
    • Software
    • Cars
    • Software
  • Contact
  • About
  • CnEVPost

Home

Bilibili falls in Hong Kong debut amid 'black swan event'

By Tom Kang
Mar 29, 2021 at 4:13 PM UTC
0
0

Chinese video platform Bilibili fell 2.23 percent to HK$790 ($101.6) per share at the opening bell in its secondary listing in Hong Kong on March 29 amid what the company's founder calls a "black swan event".

The stock fell as much as 6 percent after the opening bell, falling below its offering price of HK$808 per share. As of the market close, it was down by 0.99 percent, giving it a market capitalization of about HK$302 billion.

Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost

The company's secondary listing in Hong Kong comes at a time when many Chinese technology stocks trading in the US stock market have plunged.

China concept stocks in the US stock market generally plunged on March 24, with most down more than 10 percent, after the SEC passed the Holding Foreign Companies Accountable Act on Wednesday.

The subsequent selloff in those stocks didn't end there, with even bigger declines on Friday, allegedly linked to positions in legendary investor Bill Hwang's Archegos Capital being forced to close out by some banks.

Regarding Bilibili's share price performance in Hong Kong, its chairman and CEO Chen Rui said that the capital market situation is relatively poor and this should be considered a black swan event.

"I believe our company will prove its worth in the future. Today there is a feeling of Yesterday Once More, since we also fell below the issue price when we listed in the US stock market. But I said at that time that no one would remember that Bilibili's share price fell below the issue price in ten years," he said.

The popularity of video is a huge wave that will become mainstream on the Internet, he mentioned, adding that video creation will change everyone's life.

Founded in June 2009, Bilibili's marketing costs have been climbing, rising from 14.2 percent of net revenue in 2018 to 17.7 percent in 2019 and 29.1 percent in 2020.

The company's total net operating in 2020 is three times higher than in 2018, with mobile games decreasing from 71.1% to 40% of net turnover, an increase of 63.58% year-on-year.

Mobile games, value-added services, advertising, and e-commerce are the four sources of revenue for this company, with mobile games and consumed company equity investments together accounting for more than half of the amount.

CCTV commentary calls error in Bilibili's listing document 'inexcusable'

More on Tech Industry

Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Chinese video platform iQIYI reportedly to lay off 20-40% of its workforce
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Xiaomi's MIUI surpasses 500 million monthly active users worldwide
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Education stocks soar with reports that China will resume after-school tutoring
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Huawei posts sales revenue of about $71.3 billion in first 3 quarters
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Luckin Coffee posts H1 net revenue of $492.9 million, up 106% year-on-year
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Alibaba unveils ARM server chip Yitian 710, boasting strongest performance in the industry
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Alibaba reportedly to release Arm server chip
Bilibili falls in Hong Kong debut amid 'black swan event'-CnTechPost
Futu, Tiger extend losses as Chinese securities regulator reportedly refine regulations
BilibiliIPOStocks

Recent Posts

  • DeepSeek makes minor upgrades to its R1 reasoning model May 29, 2025
  • Chinese video platform iQIYI reportedly to lay off 20-40% of its workforce Dec 1, 2021
  • Xiaomi's MIUI surpasses 500 million monthly active users worldwide Nov 24, 2021
  • Education stocks soar with reports that China will resume after-school tutoring Nov 8, 2021
  • Huawei posts sales revenue of about $71.3 billion in first 3 quarters Oct 29, 2021
CnTechPost CnTechPost
CnTechPost.com
  • Home
  • Tech
  • Gadgets
  • Software
Subscribe
  • RSS Feed
About
  • About Us
  • Contact Us
  • Privacy Policy
Copyright ยฉ 2025 CnTechPost.