(Yicai Global) March 24 -- Chinese video streaming platform Bilibili has raised HKD20.2 billion (USD2.6 billion) from its secondary listing in Hong Kong.

Bilibili priced the shares at HKD808 (USD104) each, the Shanghai-based company said in a filing with the Hong Kong bourse yesterday. That was a 2.7 percent discount to the firm’s closing price on the Nasdaq. The offering’s final take could be 15% bigger if its international underwriters trigger a so-called greenshoe option.

Founded in June 2009, the platform operator is the latest Chinese company to carry out a so-called homecoming listing in Hong Kong or the Chinese mainland after having earlier gone public in the US. It listed on the Nasdaq in March 2018.

Half of the proceeds of the Hong Kong share sale will go on content, about a fifth on research and development, a similar share on sales and marketing, and about 10 percent on general corporate purposes and working capital, the company said.

The new stock will have the ticker of [HKG: 9626] and will begin trading on March 29.

Known for its youthful content, including anime and gaming videos, the platform has yet to turn a profit. Bilibili’s net loss more than doubled last year to CNY3.1 billion (USD475.3 million) from the year before amid skyrocketing marketing costs. Revenue climbed 77 percent to CNY12 billion (USD1.8 billion).

Chairman and Chief Executive Chen Rui was Bilibili's largest shareholder with 14.2 percent of the equity and 44.6 percent of the voting rights as of Jan. 31, according to the firm’s listing prospectus. Founder and President Xu Yi held an 8 percent stake and 24.7 percent of the voting rights. Internet giant Tencent Holdings owned 12.4 percent stake, while Taobao China Holding had 6.7 percent. 

Bilibili’s stock price [NASDAQ: BILI] closed 0.8 percent lower at USD105.99 yesterday. The shares have gained almost five times in value over the past 12 months.

Editor: Emmi Laine, Xiao Yi