HONG KONG (Reuters) -Chinese online video site Bilibili Inc’s shares fell 2.2% at market open to HK$790 from the company’s secondary listing price when the company started trading in Hong Kong on Monday.
The firm raised HK$20.2 billion ($2.6 billion) after pricing shares at HK$808 each last week.
Hong Kong’s Hang Seng Index is down 0.07% early in the session on Monday.
Bilibili’s stock weakened further to be down 4.2% from its issue price.
Bilibili’s weak debut is the worst debut by a major deal in Hong Kong since Yum China Holdings Inc shares lost 6.3% at the open in September after it raised $2 billion, according to Refinitiv data.
The opening price is better than indicated when the stock lost 6% in grey market trading on Friday.
Bilibili’s American Depositary Shares (ADS) closed 1.5% higher in New York on Friday night at $97.08 and the U.S.-listed stock is up 13.25% so far this year.
One Bilibili Hong Kong share is equal to one of its American Depositary shares, according to the firm’s filings.
Bilibili sold 25 million shares in the Hong Kong offering and had set a maximum price of HK$988 per share for retail investors until the final HK$808 price was set.
Reporting by Scott Murdoch and Donny Kwok in Hong Kong; Editing by Kim Coghill and Christopher Cushing
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March 29, 2021 at 08:40AM
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Bilibili shares set to fall 2.2% in Hong Kong trading debut - Reuters
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