Sources: Bilibili has received the nod for its proposed $3B second listing in Hong Kong; Its US shares are up ~10x since US IPO giving it a market value of $39B
Context & Ripple Effects
This approval caps a run that began when Bilibili was first reported gearing up for a Hong Kong listing last October, followed by its January filing targeting over $2B. The nod arrives with the stock up roughly 10x since its March 2018 Nasdaq debut, giving it a $39B market value — timing that lets it tap Hong Kong buyers at a far richer valuation than its US float three years ago.
The deal slots into an accelerating wave of Chinese consumer-internet names re-listing at home: Bilibili's own March 29 start date was confirmed days later, and Baidu priced a $3.1B Hong Kong raise the same week, signaling the exchange had become the default second venue for Nasdaq-listed Chinese platforms.
First-order effects
- Bilibili converts a decade-best valuation into fresh capital, adding a $3B Hong Kong tranche on top of a US share price that has already delivered a ~10x return to its 2018 IPO investors.
- Hong Kong institutional and retail buyers get direct access to one of China's fastest-appreciating video platforms without routing through the Nasdaq line.
Second-order effects
- Rival Chinese ADRs face pressure to match the move rather than cede home-market liquidity — evidenced by Baidu's same-week $3.1B pricing and Weibo's December plan to raise around HK$3B in a second listing alongside shareholder Sina.
- A deeper local float dilutes Nasdaq's claim on Chinese video-streaming trading volume, shifting price discovery for the sector toward Hong Kong books.
Third-order effects
- If every major US-listed Chinese platform follows the Baidu-Bilibili-Weibo sequence, Hong Kong solidifies as the primary capital-markets hub for China's internet sector, with New York relegated to a supplementary quote — a structural rebalancing of where these companies are valued and owned.
The trend: Nasdaq-listed Chinese internet companies are racing back to Hong Kong for multi-billion-dollar secondary listings while their US valuations are near highs.