- Bilibili Inc's BILI board approved the company to pursue the voluntary conversion to dual-primary listing on the Hong Kong Stock Exchange.
- Bilibili would continue to trade on both the HKSE and Nasdaq.
- Recently, JPMorgan analyst Alex Yao downgraded Bilibili to Underweight from Overweight with a $15 price target (20.5% downside).
- JPMorgan downgraded the Chinese tech sector, including Alibaba Group Holding Ltd BABA, after a massive industry-wide selloff following growing geopolitical risks and macro concerns, including a domestic regulatory crackdown on the tech sector.
- The Chinese tech stocks traded higher premarket as China assured stability in capital markets.
- Price Action: BILI shares traded higher by 29.9% at $24.50 in the premarket on the last check Wednesday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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