The share of Chinese video platform Bilibili fell when it launched on the Hong Kong Stock Exchange.The สล็อตเอ็กซ์โอ shares opened at HK $ 790 ($ 101.6, 73.7 pounds), 2.2 percent below the share price, before falling another 4 percent.Bilibili is similar to YouTube, but the company hopes to increase revenue through a Netflix-style subscription.The list is the latest in "homecomings" for Chinese companies registered in the US.Chinese companies have been searching for a secondary listing in Hong Kong due to a growing scrutiny from U.S. regulators that started under President Donald Trump.In part, the listing was guaranteed by the US exchange's dismissal, a process already started for three Chinese telecoms.
In January, the New York Stock Exchange suspended state-backed telecommunications companies China Telecom, China Unicom and China Mobile.The "Homecoming" program doesn't generate the same level of excitement from investors as other tech listings.Shares of internet search giant Baidu edged only slightly when they were listed in Hong Kong last week, while e-commerce giant JD.com had a minor release last year.After setting a stock price at $ 104 a week, Bilibili raised $ 2.6 billion, less than the $ 3 billion expected.The company's opening is the weakest major IPO in Hong Kong since Yum China Holdings' shares fell 6.3 percent from the release in September last year, according to Refinitiv data.
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Bilibili is currently a losing company, although the prospectus states that its revenues have almost tripled since 2018.According to the prospectus, the video platform had an average monthly user of 202 million in the last quarter of 2020, a 55% increase from the same quarter in 2019.That's less than a third of rival video platform Kuaishou, which is up nearly 190 percent from launching market share last month before returning some of its profits.Bilibili is also facing fierce competition from other home-grown Chinese video platforms.However, the company hopes to follow in the footsteps of Netflix and make a profit by offering premium content to its members.The company currently has 14.5 million members and plans to convince users to pay more for content.The company also makes money by advertising mobile games and e-commerce.