HONG KONG – Video streaming site Bilibili sank on its first day trading on Hong Kong’s stock exchange on Monday as investors fret over a global sell-off in Chinese tech shares.
Bilibili’s opening price fell just over 6 percent in early trade after the firm raised around $2.6 billion in a secondary listing on Hong Kong’s bourse.
Over the past 18 months Hong Kong has seen a flurry of Chinese tech firms hold initial public offerings in the city, part of a drive to list closer to home as relations between Beijing and Washington sour.
Last year Hong Kong raked in an impressive $49 billion in IPOs with hugely popular second listings by the likes of JD.com and NetEase.
The Chinese tech homecomings…
