Ten times in three years, from New York to Hong Kong, why does Station B attract investors' attention?

Date：2021/3/18

Since 2018, Chinese concept stocks listed overseas have returned and chose to list for a second time in Hong Kong.

From Alibaba, JD.com to Netease, almost every time China's concept stocks are listed in Hong Kong for the second time, a capital carnival will be set off.

Recently, Bilibili (Station B), which has been in the overseas capital market for three years, will also return to Hong Kong for listing. On March 17, Station B announced its plan to list its globally offered shares on the Main Board of The Stock Exchange of Hong Kong Limited. (Stock code: 9626), the issue price of the Hong Kong public offering will not exceed HK$988.00 per share, or US$127.20 per share of Class Z ordinary shares. The shares will be traded in units of 20 shares per lot.

Three years ago, B stood in New York to ring the bell and went public, and people called that IPO the "Mature Ceremony of Crossing the Dimensional Wall" at B station. From its listing on March 28, 2018 to March 16, 2021, the stock price of Station B has increased by 885.30%, with an annualized rate of return of 115.04%, and a market value of nearly 40 billion U.S. dollars. If you take into account the highest stock price so far, Station B has also risen to a maximum of 157.66 US dollars per share, which is up to 12.7 times higher than the issue price. Station B is undoubtedly a "three-year ten times" high-quality target that is rare in China's concept stocks.


Today, Station B, which has undergone three years of rigorous scrutiny by investors in overseas markets, has returned to Hong Kong for its secondary listing, which still attracts investors' attention.

Behind the popularity of station B is its uniqueness and scarcity, as well as the unique commercial value that comes with it.

01

What is station B?

Is station B a long video platform? not completely.

There is no doubt that there are long videos on station B, popular British, American, Japanese and Korean dramas, classic word-of-mouth movies and domestic dramas, fan drama animations with hundreds of millions of broadcasts, and well-made documentaries.

Is station B a short video platform? Not exactly.

But it is true that on station B, many netizens have uploaded and created countless short videos related to funny, ghosts, cute pets, beauty, travel, learning, crafts, cars, and VLOG.

What exactly is station B?

Looking at the world, Google’s YouTube is similar to station B: on this video sharing website, users can see all kinds of videos.

But compared to YouTube, station B has another feature: community.

There is almost no such company and track in China that can be compared with the target company.

The data shows that as of the fourth quarter of 2020, more than 100 million users have passed 100 community examination questions and become official members of Station B.

Station B is one of the few platforms that still insists on adopting the exam answering system when it has hundreds of millions of users. 100 questions are not difficult to say, but easy to say is not so easy. When the tiger attacking army "invaded", these 100 questions were a powerful barrier to stop them.

Retaining the answering system and adhering to the community access system is a line of defense created by Station B to maintain the community atmosphere and create a good community culture. The relaxation of requirements is a balance made by station B to balance user growth.

From the results, this balance did not destroy the purity and activity of the B station community.

In the fourth quarter of 2020, the average daily video playback volume of station B increased by 70% year-on-year to 1.2 billion, and the average monthly interaction volume increased by 94% year-on-year to 4.7 billion times. The average daily usage time of users was as high as 75 minutes. The 12th month of full membership The retention rate exceeds 80%.