Bilibili Inc.’s $2.6 Billion Secondary Listing

Walkers acted as Cayman Islands counsel to Bilibili Inc. in connection with its US$2.6 billion global offering of 25 million shares on the Main Board of Hong Kong Stock Exchange. Skadden, Arps, Slate, Meagher & Flom LLP advised the Company on the US law aspects and Clifford Chance acted for the underwriters.

Chinese video platform Bilibili (BILI:NASDAQ) will raise around $2.6 billion in its upcoming Hong Kong listing.

Gross proceeds from the listing are expected to be 20.2 billion Hong Kong dollars ($2.6 billion). That figure could rise if the underwriting investment banks decide to trigger the so-called over-allotment option to issue another 3.75 million shares.

Bilibili Inc. provides online entertainment services. The Company offers a platform that covers a wide array of genres and media formats, including videos, live broadcasting, mobile games, animation, and comics. Bilibili serves customers in China.

The Walkers team comprised of Hong Kong partner Jo Lit (Picture), Senior Associate Tiffy Wan and Legal Manager Kevin Ho.

Clifford Chance has advised the joint sponsors Morgan Stanley, Goldman Sachs, JP Morgan and UBS, and the underwriters with Partners Tim Wang, Christine Xu and Liu Fang, 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.

Involved fees earner: Qingqing Bu – Clifford Chance; Samson Chan – Clifford Chance; Liu Fang – Clifford Chance; Alex Feng – Clifford Chance; Yuling Geng – Clifford Chance; Erxin Lu – Clifford Chance; Rocky Mui – Clifford Chance; Mark Shipman – Clifford Chance; Tim Wang – Clifford Chance; Christine Xu – Clifford Chance; Tao Yang – Clifford Chance; Jonathan Zonis – Clifford Chance; Kevin Ho – Walkers Global; Jo Lit – Walkers Global; Tiffy Wan – Walkers Global;

Law Firms: Clifford Chance; Walkers Global;

Clients: Bilibili Inc.; Goldman Sachs; JP Morgan; Morgan Stanley; UBS;

Author: Sonia Carcano