The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
Chinese video platform Bilibili is readying to file for a secondary Hong Kong listing late this week or early next week that is expected to raise $2 billion.
The platform, which has become popular among international brands, including Louis Vuitton, Fendi and Shiseido, for its high-quality user-generated content and engaged base of more than 170 million young Chinese users, is currently listed on the Nasdaq where it has seen its share price gain over 300 percent over the past 12 months.
It is the latest in a flurry of US-listed Chinese companies to seek a secondary Hong Kong listing, including Alibaba, JD.com and NetEase. One reason for the influx is commonly thought to be legislation President Donald Trump signed in December that threatens to delist firms that don’t comply with US auditing standards.
With consumers tightening their belts in China, the battle between global fast fashion brands and local high street giants has intensified.
Investors are bracing for a steep slowdown in luxury sales when luxury companies report their first quarter results, reflecting lacklustre Chinese demand.
The French beauty giant’s two latest deals are part of a wider M&A push by global players to capture a larger slice of the China market, targeting buzzy high-end brands that offer products with distinctive Chinese elements.
Post-Covid spend by US tourists in Europe has surged past 2019 levels. Chinese travellers, by contrast, have largely favoured domestic and regional destinations like Hong Kong, Singapore and Japan.