Chinese streaming site Bilibili sinks by 6% on Hong Kong debut

The Bilibili application download page on a smartphone arranged in Hong Kong, China, March 23, 2021. /CFP

Video streaming site Bilibili sank on its first day trading on Hong Kong's stock exchange on Monday as investors fret over a global sell-off in Chinese tech shares.

The New York and Hong Kong dual-listed tech firm fell by over 6 percent in early trade in its secondary listing on Hong Kong's bourse.

The company raised HK$20.2 billion ($2.6 billion) after pricing shares at HK$808 each last week, it said proceeds will go toward supporting user growth, content and research and development to improve user experience.

The rout in U.S.-listed China tech shares makes for a bigger buying opportunity as none of the sell-down is linked to the companies' fundamentals, Citigroup commented on Friday's

sell-offs

in a note seen by Bloomberg.

Bilibili, which went public on Nasdaq in March 2018, is among more than dozen U.S.-listed Chinese firms to carry out a "homecoming listing" since Alibaba began the trend two years ago, following heightened tensions with the former U.S. government under President Donald Trump.

The online platform over the past year has expanded from featuring animation videos to documentaries, e-sports, and music videos, attracting more than 202 million monthly active users.

(With input from Reuters, AFP)