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Clifford Chance

Clifford Chance
News and awards

News and awards

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

29 March 2021

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.

高伟绅代表联席保荐人及承销商参与哔哩哔哩26亿美元香港首次公开发行和第二上市

高伟绅律师事务所作为联席保荐人摩根士丹利、高盛、摩根大通和瑞银以及各承销商的国际律师,参与在线视频流媒体和移动游戏公司哔哩哔哩 (Bilibili) 26亿美元香港首次公开发行和港交所主板第二上市。

哔哩哔哩是纳斯达克上市公司,拥有庞大且快速增长的社区,月活量超2.02亿,以中国年轻一代为主。

本项目由中国区联席管理合伙人王彦峰、合伙人许文嘉和方刘共同牵头,团队成员包括陈澍森、耿玉玲、卜青青、陆尔馨、冯也威、杨弢、吴子轩以及庄立平。高伟绅纽约办公室合伙人Jonathan Zonis亦为本项目美国资本市场相关事宜提供法律服务,香港办公室合伙人马雪文(Mark Shipman)和梅家豪就监管相关事宜提供法律服务。

许文嘉律师表示:“新经济领域企业,尤其是科技行业,持续为香港资本市场注入活力。我们非常荣幸能够将高伟绅在科技领域的专业技能与香港和美国股权资本市场的丰富经验结合起来,为哔哩哔哩此次重大第二上市提供法律服务。”

方刘律师表示:“对于已在美国上市的中国企业,选择到香港上市,无论是首次还是第二上市,不仅能为企业筹集额外资金,获得交易平台,还能增强其在资本市场的韧性。”

高伟绅曾参与众多重大科技公司香港上市,包括快手科技54亿美元首次公开发行京东38.7亿美元香港首次公开发行和第二上市