China video-streaming player Bilibili files for US IPO
Bilibili, a China-based video-streaming platform backed by a handful of PE and strategic investors, has filed for an US IPO.
The company has yet to disclose the size or pricing of the offering in its prospectus. CMC Capital Partners holds a 12.8% stake in Bilibili, Loyal Valley Capital has 9%, IDG Capital 7.6%, Legend Capital 5.9%, and Qiming Venture Partners 4.9%. Tencent owns a further 5.2%. None of these investors will sell shares in the IPO.
Founded in 2009, the company is a video-sharing platform that focuses on anime, comics, and games. It enables users to submit, watch, and comment on videos in real time, with comments displayed on screen.
Bilibili claims to have about 72 million average monthly active users. More than 80% of them are so-called Generation Z – individuals born between 1990 and 2009 who are generally seen as technology savvy and keen social media participants, according to the company.
Bilibili has raised several rounds of funding in recent years. It received a $44.2 million Series A round from Qiming, CMC, IDG, and Huaxing Capital Partners in January 2015. Tencent Holdings came into a $161.4 million round four months later, alongside H Capital, Qiming, and CMC.
In 2016, Bilibili raised a third institutional of $188.3 million from new backers including Legend Capital and Loyal Valley. This was followed by a $107.2 million contribution from CMC, Tencent and Legend Capital last year.
Bilibili’s generates revenue from mobile games, live broadcasting, and online advertising. Its revenue came to RMB2.5 billion ($395 million) in 2017, up 372% year-on-year. However, it recorded a net loss for the year of RMB183.8 million, compared to RMB911.5 million in 2016.
According to iResearch Consulting, China’s online entertainment market was worth RMB205.8 billion in 2016 and it is expected to reach RMB752.7 billion by 2021. The country's Generation Z was 328 million in 2016. Its share of total spending on online entertainment is projected to grow from 54.8% in 2017 to 62.1% in 2020.
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