The Bilibili stand was photographed during the Yangtze River Delta International Cultural Industries Expo 2019 at the National Exhibition and Convention Center on November 21, 2019 in Shanghai, China.
Gao Yuwen | Visual China Group | Getty Images
GUANGZHOU, China – Chinese video platform Bilibili has filed for confidential secondary listing in Hong Kong, a source close to the matter told CNBC.
Bilibili, who is currently listed on the Nasdaq, filed the request in the past few days, the source said.
CNBC reported last week that the listing could raise more than $ 2 billion and the order was expected last week or earlier this week.
Companies already listed on another major exchange may confidentially request a secondary listing on the Hong Kong stock exchange in order to avoid a major impact on their share prices. The filing is not yet public.
Price details usually appear in the coming weeks.
A spokesperson for Bilibili was not immediately available when contacted by CNBC.
Bilibili will be the last Chinese company listed in the United States to migrate to Hong Kong for a secondary listing. Alibaba, JD.com and NetEase have followed suit for the past 14 months.
Continuing tensions between the U.S. and China threaten Chinese companies listed on Wall Street. In December, President Donald Trump signed legislation that threatened to remove companies that did not meet American audit standards from the list.
This may be one of the reasons for the increase in secondary listings in Hong Kong.
The video platform is aimed at China’s younger generations and mobile games are its biggest revenue generator. Bilibili also hosts live streams during which users can purchase virtual items. It also makes money from advertising.