Chinese video-sharing platform Bilibili is looking to raise up to $3.2 billion (€2.69bn)  in a second listing in Hong Kong, the company said on Wednesday, becoming the latest Chinese firm to seek a foothold in the city.

Bilibili, which is Nasdaq-listed, is selling 25 million shares as part of the offering, at a maximum price of HK$988 (€107) per share for the part of the deal reserved for Hong Kong retail investors. The offering initially comprises 750,000 shares for retail investors, with the rest for institutional investors.

Bilibili listed on New York’s Nasdaq in 2018, and has around 200 million monthly users, most of whom are young people drawn to its broad range of entertainment such as mobile games and live shows.

Bilibili listed on New York’s Nasdaq in 2018, and has around 200 million monthly users, most of whom are young people drawn to its broad range of entertainment such as mobile games and live shows

A wave of Chinese companies have recently turned to Hong Kong for listings, with tensions high between Washington and Beijing.

Less than a week ago, search engine company Baidu announced plans for its secondary listing in Hong Kong.
On Wednesday, it said its offer price has been set at HK$252 per share – meaning it was poised to raise about $3.1 billion in its Hong Kong sale – and its shares were expected to start trading on March 23.

Tech giant JD.com raised almost $4 billion in a Hong Kong offering last year.

Both companies are also Nasdaq-listed.

On Wednesday, Bilibili said it also planned to price its offering on or around March 23.

Proceeds will go towards supporting user growth, content, and research and development to improve user experience, it said.