Chinese video site Bilibili has filed for a $400 million IPO, with the announcement coming weeks after market leader iQIYI revealed its own IPO plans.
Bilibili is an online entertainment platform, which boasts a monthly active user base of 72 million people who flock to the site’s videos, live broadcasts and mobile games. It attracts a predominantly young audience with 82% of users born after 1990.
The site, which started as an online comic platform and is best known for its streaming anime content, has not disclosed timetables or pricing for the New York Stock Exchange listing.
Bilibili’s net revenues for 2017 were RMB2,468.4m (US$379.4m), however, the company is still operating at a loss and posted RMB183.8m (US$28.2m) in net loss last year.
The IPO announcement follows Baidu's recent decision to list iQIYI, China’s largest video platform, on the NYSE as part of a bid to grow the platform and provide cash flow for the company’s tech investments.
The move comes as China's online entertainment market explodes, with the industry expected to be worth RMB752.7bn by 2021. China's video subscription market is set to pass 220 million this year, according to eMarketer.