Monday, January 25, 2021
Martin Hennecke

US$3b Bilibili IPO to open in March
Bilibili has applied for a secondary-listing in Hong Kong to raise up to US$3 billion (HK$23.4 billion) and planned to open its retail books in March. Meanwhile, Yidu Tech traded 154 percent higher in the gray market by institutional investors yesterday, meaning that investors would have earned a profit of HK$4,070 per board lot. Some institutional investors are said to have bought Yidu Tech at HK$67, around 154 percent higher than the initial public offering of HK$26.3. Yidu Tech expects to debut tomorrow. Also in the IPO market is E-Star Commercial Management Company, which plans to issue 250 million shares at an indicative range of HK$3.2 to HK$3.88 per share to raise up to HK$970 million. The minimum investment is HK$3,919 for a board lot of 1,000 shares. Book-building started yesterday, the retail books open today and close next Tuesday. The company expects to debut on January 26. Four cornerstone investors - Pilgrim Ever Project Company, SCGC Capital, Shenzhen Qichang Investment and Virtues Origin SPC and Virtues Capital - have subscribed for shares worth a total of US$40.7 million (HK$317 million). Pilgrim Ever Project Company, owned by New World Development's (0017) K11 Investment, subscribed US$5 million. In other news, three Chinese technology companies including Tencent Music Entertainment Group, online retailer Vipshop Holdings and live-streaming platform Joyy, are seeking secondary listings in Hong Kong, joining a parade of US-listed mainland companies establishing fallback positions amid moves by Washington to push them out, the Nikkei reported.

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