Bilibili Drops in Hong Kong Debut After Tech Loses Shine
- Hong Kong listing adds $2.6 billion to war chest for content
- CEO says he “wouldn’t care” about short-term stock performance
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Bilibili Inc. fell on its debut in Hong Kong, becoming the latest U.S.-traded Chinese firm to disappoint on its homecoming during a global sell-off in the country’s technology shares.
Shares of the fast-growing video streaming service closed 1% lower on Monday, paring losses of nearly 7%. Bilibili’s $2.6 billion listing comes after a string of block trades rattled U.S. markets and American regulators last week revived concerns over potential delistings by implementing a law requiring stricter audit inspections. Its disappointing debut also follows Baidu Inc., which last week closed unchanged on its first day of trading in Hong Kong and has since dropped 19%.