Clifford Chance

Clifford Chance advises the joint sponsors and underwriters on Bilibili's US$2.6 billion Hong Kong IPO and Secondary Listing

Leading international law firm Clifford Chance has advised the joint sponsors Morgan Stanley, Goldman Sachs, JP Morgan and UBS, and the underwriters on the US$2.6 billion initial public offering and secondary listing of Bilibili Inc. on the main board of the Hong Kong Stock Exchange.

Nasdaq-listed Bilibili is a Shanghai-headquartered online video streaming and mobile gaming company with a large and growing community of over 202 million monthly active users, primarily consisting of China's young generations.

Partners Tim Wang, Christine Xu and Liu Fang co-led on the deal, with support from a Greater China team which includes senior associates Samson Chan, Yuling Geng, Qingqing Bu and Erxin Lu, associates Alex Feng and Tao Yang, legal assistant Jason Ng, and trainee Astrid Zhuang. New York partner Jonathan Zonis provided additional US capital markets advice, while Hong Kong partners Mark Shipman and Rocky Mui advised on the regulatory aspects of the deal.

Christine said, "Companies in new economy sectors, particularly tech, continue to energise Hong Kong's capital markets. It is a great honour to be able to bring together our tech expertise and extensive Hong Kong and US equity capital markets experience for Bilibili's significant secondary listing."

Liu Fang commented, "Having a listing in Hong Kong, either secondary or primary, would not only bring about an additional fund-raising and trading venue, but also enhance US-listed Chinese issuers' resilience in the capital markets."

Clifford Chance regularly advises on Hong Kong's most significant tech IPOs, such as Kuaishou Technology's US$5.4 billion IPO, and JD.com's US$3.87 billion IPO and secondary listing.