Chinese online animated video streaming company Bilibili raises ~$483M at a valuation of more than $3B in IPO on Nasdaq
Bilibili IPO raises nearly $500 million, stock falls in Wall Street debut on tough day for tech stocks — Bilibili Inc. shares suffered through a rocky first day on Wall Street …
Context & Ripple Effects
Bilibili came to market on real operating momentum: its IPO filing showed revenue growing from $80.4M in 2016 to $379.4M in 2017 on 72M monthly active users, and it set terms alongside iQiyi in a back-to-back window for Chinese video-streaming listings on Nasdaq.
The debut landed on a rough day for tech stocks, and the pricing above the original $400M target did not protect the stock from falling — a signal that investor appetite for China streaming names was thinner than the deal books suggested.
First-order effects
- Bilibili banks ~$483M at a valuation above $3B, giving it a war chest to fund content and infrastructure while its shareholders absorb an immediate mark-down as shares close below their debut price.
- The weak first print lands just before iQiyi's own 13.6% Nasdaq debut drop, compounding pressure on the second of the two Chinese streamers to price.
Second-order effects
- With both Bilibili and iQiyi stumbling out of the gate, underwriters and later Chinese issuers face repriced expectations for US-listed China consumer-internet deals — richer fundamentals no longer guarantee a pop.
- Rivals in China's streaming market gain a financing benchmark: Bilibili's >$3B public valuation becomes the reference point against which private funding rounds and M&A in the sector get negotiated.
Third-order effects
- The rocky US debut foreshadows the dual-listing playbook Bilibili itself followed, returning to market via a $2.6B Hong Kong secondary listing three years later — US IPO as step one, home-market listing as the durable structure.
- If the pattern holds, Chinese growth companies treat Nasdaq as an early liquidity venue rather than a terminal one, reshaping how index inclusion, analyst coverage, and shareholder bases are built across two exchanges.
The trend: Chinese consumer-tech companies are using US IPOs as an opening liquidity event before layering on Hong Kong listings, with debut-day reception dictating the pace of that migration.