On Wednesday, according to documents from the Hong Kong Stock Exchange, Bilibili will voluntarily seek a dual listing on the Hong Kong Stock Exchange. Dual listing means that both capital markets are the first place of listing. $BILIBILI-W (09626.HK)$It is currently listed for the second time on the Hong Kong Stock Exchange.
According to the announcement, Bilibili's board of directors approved a motionSeek a voluntary transition to a dual main listing on the main board of the Stock Exchange of Hong Kong Limited.After the main listing conversion matters, the company will remain a dual listed company on the main board of the Hong Kong Stock Exchange and the Nasdaq Global Select Market. Its Class Z common stock and American depository shares will continue to be traded within the two stock exchanges (depending on the circumstances), and can still continue to convert between them.
What is dual listing? How is it different from a secondary listing?
There are different paths for Chinese securities companies to return to the Hong Kong stock market. They are mainly divided into: 1) privatization and delisting before applying for listing in Hong Kong; 2) main listing in Hong Kong (dual listing); and 3) secondary listing.
Since privatization and delisting costs are high, and re-listing after delisting faces some uncertainty, we will focus on the more mainstream dual listings and secondary listings here.
I. Comparison of basic concepts
Dual primary listing (dual primary listing) means that both capital markets are the first place of listing. When it is already listed in the US market, it is issued and listed in the Hong Kong market according to local market rules. The rules it must abide by are exactly the same as the requirements for companies that have initially publicly issued shares in Hong Kong...