Company: Bilibili Inc.
Symbol: BILI
Description: They represent the iconic brand of online entertainment for the young generations in China. They provide high-quality content and an immersive entertainment experience, and have built their platform based on the strong emotional connections of their users to their content and communities.
Trade Date: 3/28
Shares: 42 million
Price Range: $10.50-$12.50
Underwriter(s): Morgan Stanley, BofA Merrill Lynch, J.P. Morgan
Terms Added: 3-16-18
Business: They started as a content community inspired by anime, comics and games, or ACG, and have evolved into a full-spectrum online entertainment world covering a wide array of genres and media formats, including videos, live broadcasting and mobile games. They have now become the welcoming home of diverse cultures and interests and destination for discovering cultural trends and phenomena for young generations in China. They rank No.1 in terms of monthly average time spent per device and monthly average visits per device among online video platforms, an integral part of online entertainment in China, on a monthly aggregate basis in 2017, according to QuestMobile. They believe China will become the world’s largest online entertainment market in the future and their brand recognition and market leadership among the young generations in China position them well to capture the significant opportunities.
Financials: They primarily generate revenues from mobile games, live broadcasting and online advertising. Their net revenues grew from RMB131.0 million (US$20.1 million) in 2015 to RMB523.3 million (US$80.4 million) in 2016 and further to RMB2,468.4 million (US$379.4 million) in 2017. They incurred net loss of RMB373.5 million (US$57.4 million), RMB911.5 million (US$140.1 million) and RMB183.8 million (US$28.2 million) in 2015, 2016 and 2017, respectively. They derived 65.7%, 65.4% and 83.4% of their revenues from mobile games in 2015, 2016 and 2017, respectively, and they derive a significant portion of mobile game revenues from a limited number of games. In 2017, two mobile games accounted for more than 10% of their total mobile game revenues, one for 71.8% and the other for 12.7%.
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