Bilibili booths are depicted during the 2019 Yangtze River Delta International Cultural Industry Expo at the National Exhibition and Convention Center on November 21, 2019 in Shanghai, China, China.
Sing yuwan | Visual china group | Getty Images
Guangzhou, China – Chinese video platform Bilibili has confidentially filed for a secondary listing in Hong Kong, a source close to the case told CNBC.
The source said that Bilibili, which is currently listed on Nasdaq, filed the filing within the last few days.
CNBC reported last week that the listing could exceed $ 2 billion and was expected to be filed last week or early this week.
Companies already listed on another major exchange can confidentially file for a secondary listing on the Stock Exchange of Hong Kong as a way to prevent a major impact on their share price. The filing is not yet public.
Pricing details are usually in the coming weeks.
Bilibili spokespersons were not immediately available when contacted by CNBC.
Bilibili will be the latest US-listed Chinese firm to flock to Hong Kong for a listing. Alibaba, JD.com and NetEase have all followed the same path over the past 14 months.
The ongoing tension between the US and China has threatened Chinese firms listed on Wall Street. In December, President Donald Trump signed legislation that threatened firms that did not comply with US auditing standards.
There may be a reason behind the rise of secondary listings in Hong Kong.
The video platform is aimed at China’s younger generation and mobile games are its biggest revenue driver. Bilibili also hosts live broadcasts during which users can purchase virtual items. It also makes money from advertising.