Technology Author: Sasha Chen May 04, 2022 11:34 PM (GMT+8)

According to the company’s announcement in a stock exchange filing on May 2, China’s famous short video platform Bilibili expects to convert into a dual-primary listing in Hong Kong by October 3.

bilibili

The effective date of the proposed conversation is expected to be October 3, 2022. After the period, Bilbili will have a dual-primary listing on the Hong Kong Exchange and NASDAQ in the U.S. A Dual-primary listing refers to the listing of the same company on two different stock exchanges.

In view of the significant growth in the trading volume of the Company's shares on the Hong Kong Stock Exchange since its secondary listing in Hong Kong, Bilibili indicated that its primary business operations have strong connections in China and China.

With long-term business development prospects, the company hopes to further broaden its investor base in China. A dual-primary listing will enable mainland Chinese investors to trade Hong Kong stocks and vice versa, consolidating a mutual market access mechanism,

On March 16, Bilibili's Board of Directors had approved the proposed conversion when authorized the senior management to make the relevant preparations and take the necessary procedures to complete the proposed conversion. The procedures will involve internal controls, disclosure, and certain staffing arrangements to meet Hong Kong listing rules and facilitate the primary listing in the city. Furthermore, the dual-primary listing also needs shareholder approval and a final nod from the stock exchange for its conversion plan.

On May 2, Bilibili also issued an earnings release that expects revenue for the first quarter of 2022 to be in the range of USD 5 billion to USD 5.1 billion, compared to the previous estimate of USD 5.3 billion to USD5.5 billion.