In back-to-back homecoming listings in Hong Kong, search engine operator Baidu and video streaming provider Bilibili raised HK$23.9 billion (US$3.1 billion) and HK$20.2 billion, respectively. While Baidu started trading on 23 March, Bilibili debuted six days later.
The two listings mark a continuation of a secondary listing trend since Alibaba’s US$11.2 billion offering in November 2019.
“The homecoming of these Chinese stocks reflects a need for companies to create multiple financing channels. Through the secondary listings, companies can not only raise funds, but also reduce the risks of financing,” said Fu Siqi, a partner at Tian Yuan Law Firm, the PRC legal counsel on the Bilibili listing.
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