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English|Bilibili Seeks Conversion to Dual-Primary Listing in Hong Kong in Face of US Delist Threat

BEIJING, March 16 (TMTPOST)— China’s leading youth-oriented video streaming platform Bilibili is seeking to mitigate shocks from potential delisting from the stock exchange in the United States.
English|Bilibili Seeks Conversion to Dual-Primary Listing in Hong Kong in Face of US Delist Threat
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Source: Visual China
Bilibili announced on Wednesday that the board of directors approved a motion to pursue the voluntary conversion to dual-primary listing on the Main Board of the Stock Exchange of Hong Kong Limited (HKEX), and authorized the senior management to proceed with the relevant preparatory work and undertake the necessary procedures to complete the conversion. When the conversion completed, the company will remain as a dual-listing company on the Main Board of HKEX and Nasdaq Global Select Market, and its Class Z ordinary shares and American Depositary Shares will continue to be traded in both exchanges and remain mutually fungible.
The move came after the U.S. Securities and Exchange Commission (SEC) for the first time identified Chinese listed companies for failing to comply with the Holding Foreign Companies Accountable Act (HFCAA), which could lead to being delisted from U.S. exchanges. Last week, SEC added five Chinese issuers including Yum China to its provisional list under the law.
This is Bilibili’s big shift from the secondary listing a year ago. The company started trading Hong Kong shares on March 29, 2021 and fell as much as 6.8% before closed about 1% lower in the debut. The listing raised HK$20 billion (US$2.6 billion) after setting the offering price of HK$808,18% less than the maximum target price of HK$988. Prior to the listing, Bilibili’s U.S. shares lost more than 10% of its value in a week amid a sell-off in US-listed Chinese technology shares, which was partly due to U.S. SEC’s implementation of HFCAA.
【English|Bilibili Seeks Conversion to Dual-Primary Listing in Hong Kong in Face of US Delist Threat】The U.S.-listed shares of Bilibili settled more than 47% higher on Wednesday after the announcement. Other Chinese tech giants also saw their American depository receipts’ big rally, such Alibaba’s jumped more than 37% in its biggest one-day gain since went public in September, 2014. The bounce seems natural since the Public Company Accounting Oversight Board (PCAOB), a U.S. audit watchdog overseen by SEC, recently said it was willing to maintain cooperation with Chinese authorities and U.S.-listed shares of Chinese firms suffered an about 29% of plummet in three sessions ended Monday, commented Pang Ming, head of macro and strategic research at China Renaissance Securities. Additionally, the state media said Beijing will continue to support various kinds of businesses’ overseas listings at that day’s meeting of the Financial Stability and Development Committee under the State Council, chaired by China's Vice Premier Liu He.

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