Chinese video streaming platform Bilibili received a green light from the Hong Kong Stock Exchange for a proposed secondary listing, reported Caixin.
The Nasdaq-traded technology firm hasn’t disclosed the offering size, but people familiar with the matter have said it could raise $3 billion from the share sale.
Bilibili, which counts Tencent, Alibaba and Sony as investors, will be the latest in a string of major US-listed Chinese companies to make secondary offerings in Hong Kong after the US threatened to remove US-traded Chinese companies that fail to meet certain auditing standards.
Founded in 2009, Bilibili is one of the largest video-sharing platforms in China and is popular with millennials for its animation and gaming content. The company had 202 million average monthly active users in the fourth quarter, with 17.9 million paying users.