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Bilibili Launches Hong Kong Public Offering Of 25M Class Z Ordinary Shares

SHANGHAI, China, March 17, 2021 (GLOBE NEWSWIRE) -- Bilibili Inc. (the "Company" or "Bilibili") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today

· 03/17/2021 06:03

SHANGHAI, China, March 17, 2021 (GLOBE NEWSWIRE) -- Bilibili Inc. (the "Company" or "Bilibili") (NASDAQ:BILI), an iconic brand and a leading video community for young generations in China, today announced the launch of its Hong Kong public offering (the "Hong Kong Public Offering"), which forms part of the global offering (the "Offering") of 25,000,000 Class Z ordinary shares of the Company (the "Offer Shares" or "Shares") and listing of its Shares on the Main Board of The Stock Exchange of Hong Kong Limited (the "Hong Kong Stock Exchange") under the stock code "9626."
 

The Company's American depositary shares (the "ADSs"), each representing one Class Z ordinary share of the Company, will continue to be listed and traded on the Nasdaq Global Select Market ("Nasdaq"). Investors in the Offering will only be able to purchase Shares and will not be able to take delivery of ADSs. Upon listing in Hong Kong, the Class Z ordinary shares listed on the Hong Kong Stock Exchange will be fully fungible with the ADSs listed on Nasdaq.

The Offering initially comprises 750,000 Offer Shares under the Hong Kong Public Offering and 24,250,000 Offer Shares for the international offering (the "International Offering"), representing approximately 3% and 97% of the total number of Offer Shares in the Offering, respectively, subject to adjustment and over-allotment. Subject to the level of oversubscription in the Hong Kong Public Offering and pursuant to the claw back mechanism as described in the prospectus issued by the Company in Hong Kong dated March 18, 2021, the total number of Shares available under the Hong Kong Public Offering could be adjusted to up to a maximum of 3,000,000 Offer Shares, representing approximately 12% of the Offer Shares initially available under the Offering. In addition, the Company expects to grant the international underwriters an over-allotment option to require the Company to issue up to an additional 3,750,000 Class Z ordinary Shares in the International Offering, representing approximately 15% of the total number of Offer Shares initially available under the Offering.

The offer price for the Hong Kong Public Offering (the "Hong Kong Offer Price") will be no more than HK$988.00 per Share (the "Maximum Offer Price"). The offer price for the International Offering tranche of the Offering (the "International Offer Price") may be set higher than the Maximum Offer Price. The Company will set the International Offer Price on or about March 23, 2021, Hong Kong time, by taking into consideration, among other factors, the closing price of the ADSs on the Nasdaq on the last trading day on or before March 23, 2021 and investor demand during the marketing process. The final Hong Kong Offer Price will be set at the lower of the final International Offer Price and the Maximum Offer Price of HK$988.00 per share. The Shares will be traded in board lots of 20 Shares.

The Company plans to use the net proceeds from the Offering for content to support its healthy and high-quality user growth, ever-growing content ecosystem and development of its community; research and development to improve its user experience and strengthen its user-centric commercialization capabilities; sales and marketing, primarily to fuel the Company's user growth and to raise its brand awareness; and general corporate purposes and working capital needs.