{"text":[[{"start":14.92,"text":"Chinese video sharing site Bilibili will seek to raise $2.6bn in the latest so-called homecoming listing in Hong Kong, as shares in search group Baidu got a lukewarm reception from investors on their trading debut in the city. "}],[{"start":30.66,"text":"Bilibili, a YouTube-like online entertainment hub that targets Chinese teenagers, told investors on Tuesday that it expected to price its shares at HK$808 (US$104) each. "},{"start":45.689,"text":"That puts the company on track to bring in about HK$20.2bn from the sale of 25m shares, people familiar with the matter said. "}],[{"start":56.08,"text":"Shares in Baidu, widely viewed as China’s answer to Google, rose about 1 per cent on their first day of trading in Hong Kong after the company raised about $3.1bn. "}],[{"start":68.42,"text":"The arrival in Hong Kong of Bilibili and Baidu, which both trade on New York’s Nasdaq, followed similar secondary listings by Chinese internet groups including Alibaba, JD.com and NetEase. "},{"start":80.92,"text":"NetEase. "}],[{"start":82.36,"text":"The companies have sought a stock market presence closer to home against a backdrop of tensions between Washington and Beijing. "},{"start":89.92699999999999,"text":"US lawmakers have threatened to delist Chinese companies from American exchanges if they do not comply with local accounting rules. "}],[{"start":98.72,"text":"Some investors had hoped that the Biden administration would pursue a reset in US-China relations, which soured under the Trump White House. "},{"start":107.512,"text":"But during a high-level summit in Alaska last week, disagreements between top US and Chinese officials erupted. "}],[{"start":115.16,"text":"One person familiar with the matter said both retail and institutional investor demand for Bilibili’s Hong Kong offering had been substantial, drawing “massive, long-only demand” from the latter. "},{"start":127.514,"text":"Bilibili declined to comment on the pricing of its Hong Kong share sale. "}],[{"start":132.46,"text":"Bilibili’s US-listed shares have risen more than 400 per cent in the past year as the niche video platform has gone mainstream, signing up millions of Chinese users. "},{"start":143.90200000000002,"text":"Its Hong Kong shares are expected to begin trading next Monday. "}],[{"start":148.9,"text":"Its revenue for 2020 grew 77 per cent to Rmb12bn ($1.8bn), as its monthly user count reached 202m, up 55 per cent from a year earlier. "}],[{"start":163.71,"text":"Baidu has faced significant pressure in China as users migrate to rival apps with their own search functions. "},{"start":170.827,"text":"The company has also made mistimed bets on food delivery, gaming, short video and livestreaming that have failed to live up to expectations. "}],[{"start":181.01000000000002,"text":"A push into electric cars with Chinese partner Geely has helped reignite investor enthusiasm. "},{"start":187.67700000000002,"text":"Baidu’s US-listed shares have risen 63 per cent since reports of the venture leaked in December, despite the group reporting zero annual revenue growth last year. "}],[{"start":199.08,"text":"Baidu’s tepid debt in Hong Kong stood in stark contrast with that of video-sharing app Kuaishou, whose shares almost tripled on their first trading day in February. "}],[{"start":209.98000000000002,"text":"One banker working with Bilibili said that appetite remained strong for Chinese tech listings in Hong Kong. "},{"start":216.92200000000003,"text":"“There is an enormous amount of flow and the backlog is only building,” the banker said. "}],[{"start":222.54000000000002,"text":"The Bilibili and Baidu listings are among the first in a wave of Chinese tech debuts expected for Hong Kong’s stock market in 2021. "},{"start":231.544,"text":"Those include ecommerce group JD.com’s logistics arm, Chinese ride-hailing business Didi Chuxing and some of the assets of ByteDance, the company behind video-sharing app TikTok. "}],[{"start":244.78000000000003,"text":"Bookrunners on Bilibili’s Hong Kong listing include UBS, Goldman Sachs, JPMorgan and Morgan Stanley. "}],[{"start":252.40000000000003,"text":""}]],"url":"https://creatives.ftacademy.cn/album/001091889-1616491288.mp3"}