Two more large technology companies in China have launched initial public offerings (IPOs) to begin trading in New York.
The filings on Friday by Baidu Inc’s (百度) Netflix-style video streaming service iQiyi Inc (愛奇藝) and video site Bilibili Inc (嗶哩嗶哩) come on the heels of 21 new listings last year by Chinese companies on US exchanges.
IQiyi aims to raise as much as US$2.4 billion, offering 125 million American depositary shares at US$17 to US$19 apiece, according to its filing with the US Securities and Exchange Commission.
Bilibili said in its filing that it intended to raise as much as US$525 million, offering 42 million depositary shares for US$10.50 to US$12.50 each.
Chinese companies hungry for more cash for expansion have increasingly turned to US markets to sell their shares, with last year’s total being the most since 2010, data compiled by Bloomberg showed.
While investors in last year’s class have lost 11 percent on a weighted-average basis, the cadence of deals does not appear to be slowing.
Both iQiyi and Bilibili are online entertainment platforms for streaming video.
IQiyi counted 60.1 million subscribers at the end of last month, with more than 98 percent of them paying for services, its deal prospectus said.
The company has focused on producing original content such as variety shows and original dramas.
Revenue at iQiyi totaled US$2.7 billion last year with a net loss of US$574 million. It has applied to list its shares on the NASDAQ Global Market under the symbol IQ in a deal led by Goldman Sachs Group Inc, Credit Suisse Group AG and Bank of America Corp.
Bilibili has focused on a younger audience, with about 82 percent of its user base having been born in China from 1990 to 2009, according to QuestMobile data cited in the company’s IPO prospectus.
At the end of last year, the company had on average 71.8 million active monthly users.
Bilibili posted net revenue of US$379 million and a net loss of US$28 million last year. It has applied to list on the NASDAQ Global Select Market, under the symbol BILI. Morgan Stanley, Bank of America and JPMorgan Chase & Co are leading the company’s deal.
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