Bilibili Sinks 6 Percent On Hong Kong Debut

Video streaming site Bilibili sank on its first day trading on Hong Kong's stock exchange on Monday as investors fret over a global sell-off in Chinese tech shares.

Bilibili's opening price fell just over 6 percent in early trade after the firm raised around US$2.6 billion in a secondary listing on Hong Kong's bourse.

Over the past 18 months Hong Kong has seen a flurry of Chinese tech firms hold initial public offerings in the city, part of a drive to list closer to home as relations between Beijing and Washington sour.

Last year Hong Kong raked in an impressive US$49 billion in IPOs with hugely popular second listings by the likes of JD.com and NetEase.

The Chinese tech homecomings have continued into 2021 but with less investor enthusiasm.

A Hong Kong debut by Chinese search engine Baidu last week raised US$3.1 billion through its IPO but its shares finished flat on the opening day and have since sunk some 15 percent.

US-China tensions remain at the forefront of investor jitters.

Last week American regulators announced plans to force Chinese firms to adhere more strictly to its auditing rules, sparking concerns over potential delistings in the US and a global sell-off in Chinese tech shares.

Bilibili is already listed in New York.

It is a fast growing video streaming site with around 200 million mostly young Chinese users.

Often dubbed "China's YouTube", it allows users to upload and share videos with voiceovers and music added and hosts a significant amount of user generated content.

It began primarily as a place for fans of gaming and anime to gather and share content but has since spread among Gen Z Chinese users. (AFP)