Key Points
1) Secondary listing to dual listing, follow-up attention to whether it can be included in the Hong Kong Stock Connect.
2) Company's core competitiveness remains: UGC has strong user stickiness, the organizational structure adjustment aims to realize.
Regulatory pressure on internet companies has marginally improved.
Areas to follow up on: Including in the Hong Kong Stock Connect is conducive to increasing trade volume; normalization of gaming licenses; effectiveness of organizational structure adjustments.
Secondary listing to dual listing, follow-up to see if it can be included in the Hong Kong Stock Connect.
The requirements for dual listing are significantly higher than for secondary listing, laying the groundwork for possible inclusion in the Hong Kong Stock Connect in the future. As an example, Xiaopeng and Li Auto achieved dual listings in July and August 2021, and were subsequently included in the Hong Kong Stock Connect in February and March 2022 respectively.
The company's core competitiveness remains: UGC has strong user stickiness, and the organizational restructuring aims to monetize.
Although in the past few years, Bilibili has experienced sharp ups and downs, but if we calm down and look at it, Bilibili is still Bilibili. As long as the company's UGC flywheel effect is present, theoretically, Bilibili's moat will only deepen.
Furthermore, from a data perspective, Bilibili's user effectiveness indicators DAU/MAU remain stable, indicating that under the circumstance of a significant increase in the total number of users, new users have not significantly lowered the overall user effectiveness.
As the value of internet companies equals user scale times single user contribution income, Bilibili now needs to consider how to increase single user contribution income. Relying solely on an advertising monetization model is relatively simple, and the earlier attempt at paid videos also faced significant controversy. Therefore, how to pluck the most goose feathers while listening to the least...