The second listing breaks the B station again



&Coincidentally, on March 28, 2018, station B was listed on the Nasdaq, and on March 29, 2021, station B was listed in Hong Kong for the second time, and both of them broke open. This time, station B opened at HK $790, down 2.2% from the issue price of HK $808.

In fact, the impression B station brings to the market is not broken, but is more seen as a typical example of a niche website being recognized by the public. In the past three years, the revenue of station B has increased from 868 million yuan in the first quarter of 2018 to 3.84 billion yuan in the fourth quarter of 2020, and the proportion of non game revenue has expanded from 20.7% to 70.6%, getting rid of the doubt that station B can only rely on games. However, like other online video platforms, in order to protect content and support creators, station B is still in a loss state and needs to continue to find a way to make profits.


二次上市又破发 B站出圈路漫漫

The ups and downs of stock prices are no surprise

On March 29, 2021, three years after station B’s listing in the United States, it returned to Hong Kong to complete its second listing, becoming the second U.S. Internet company to be listed in Hong Kong in 2021. It is also the Internet company with the shortest listing time, the latest establishment time and the highest offering price among the Internet companies that have been listed twice in recent years, with HK $808.

“This time, the issue price of station B is not generally high, but very high. Maybe liquidity is not the main consideration of station B at present,” Zhang Yi, CEO of AI media consulting, told Beijing business daily. When it comes to the reasons, he thinks there are two: “first, the second listing of station B is not necessary, just a supplement. Second, station B may mainly want institutions to subscribe, rather than retail investors, because retail investors care more about performance, depending on profitability. In the face of institutions, station B can tell them about the future. “

Wang Chao, the founder of Wenyuan think tank, explained to Beijing business daily, “the price of each share does not actually determine the market value of the company. Generally speaking, the more expensive stocks in the United States will be split when they come back to Hong Kong. For example, Ali has adopted the method of one split and eight splits, which will increase the interest of small and medium investors and increase the liquidity of the stock. But in fact, it may not operate like Ali It’s a story of “three at a time and four at a time” and “four at a time and three at a time”. With the high price of U.S. stocks, fewer stocks will be issued. With the concentration of shares in the company, cornerstone investors don’t have to look for many. I don’t think the stock price is a key issue in the IPO of new stocks. “.

It is worth noting that the stock prices of the top 10 Internet companies in the Hong Kong stock market fell last week. Zhihu, which was listed in the United States last weekend, also broke the market. In this way, it is much easier to understand the opening decline of station B.

However, it seems that the stock price has not affected the mood of station B CEO Chen Rui. As three years ago, he led many senior executives and up leaders to participate in the cloud Gong ceremony.

In response to how to view the trend of stock price, Chen Rui said, “recently, China capital stock has experienced the biggest decline in the past five years. It’s a black swan event. We think it’s good for station B to go public smoothly. Short term stock price performance has no effect on B station. Chen Rui also said: “I believe the company will prove its value in the future. Today, there is a sense of yesterday once more. We also broke our hair when we were listed in the US stock market. But I said at that time that no one in the next 10 years will remember the stock price break of station B


二次上市又破发 B站出圈路漫漫

“Break” B station and keep going out of the circle

As of the close of March 29, the share price of station B was HK $800, down 0.99% from the issue price, with a total market value of over HK $300 billion. In terms of market value, station B currently ranks among the top 10 Internet companies in China.

“The changes of station B in the past three years have benefited from two aspects, one is more commercial means, and the other is repeated broken circle operation,” said Li Jinqing, an analyst at Bida consulting.

Specifically, in the first quarter of 2018, the revenue of station B was 868 million yuan, mainly supported by 688 million yuan contributed by the game. Advertising revenue was 70.4 million yuan, and live broadcast and value-added services revenue was 95.8 million yuan.

In the fourth quarter of 2019, the non game business revenue of station B accounted for more than half of the total revenue for the first time. In the fourth quarter of 2020, the value-added service revenue of station B exceeded the game revenue for the first time, becoming the largest segment of the total revenue.

The “broken circle” operation, represented by the annual party and “houlang” video, brings the scale of users up and up again.

In the first quarter of 2018, the number of monthly active users of station B was 77.5 million, with a year-on-year increase of 35%, and the number of monthly active users of mobile terminal accounted for 82% of the total number of monthly active users; the average daily use time of users was 76 minutes, and the average daily viewing time was 267 million, with a year-on-year increase of 137%; the average number of monthly paying users was about 2.5 million, with a year-on-year increase of 190%.

In the fourth quarter of 2020, the average monthly active users of station B are 202 million, a year-on-year increase of 55%, and the average daily active users are 54 million, a year-on-year increase of 42%. The average daily use time of users was maintained at more than 80 minutes, the average daily video playback was 1.2 billion, a year-on-year increase of 70%, and the average monthly interaction was 4.7 billion, a year-on-year increase of 94%. In 2020, the average number of monthly paid users was 14.8 million, a year-on-year increase of 106%.

Profit or prospect

In the three years between the two listing, the core users of station B have extended from Z era users (people born in 1995-2009) to Z + era users (people born in 1990-2009). The emphasis on core users “is due to the good performance of users in the” Z + era “in video production and willingness to pay,” Li said.

Relevant reports show that in 2020, the average daily consumption time of mobile video content in the “Z + era” is 3.71 hours, 1.16 hours more than the average consumption time of video content of the whole population in 2020. According to the announcement of the Hong Kong stock exchange, “Z + era” contributed more than 65% of the video market revenue to station B in 2019. The per capita output value of “Z + era” increased from 516 yuan in 2016 to 1280 yuan in 2019. It is estimated that the per capita output value will reach 3042 yuan by 2025.

Wang Chao also believes that in the past three years, the biggest change of station B lies in its users. “Chinese young people vote with their feet, and station B has proved its weight among Chinese young people. In the future, if station B can maintain this momentum and attract a large number of young users, the future business potential is great. “.

What has not changed is that, like iqiyi and other peers, station B is still losing money. In the fourth quarter of 2020, the adjusted net loss of non US GAAP was 680 million yuan.

But in Kwai Wang Chao’s view, B station can’t simply compare with Iqiyi and other traditional video websites. “Its development path is different from AI Teng, unlike short video website tiktok. It occupies the middle video market, and it starts from two yuan. It has both copyright content and a large number of contents that rely on UP. Station B relies on games to make profits, rather than advertising and membership fees, which is completely different from long video and short video platforms. Benefited in every way tiktok is not like B, the B station is not a platform for Kwai tat, which is a bottomless pit. On the one hand, it is immobile to invest in copyright and increase bandwidth. On the other hand, membership fees are facing the ceiling, so the loss of B stations is controllable, and the future is more imaginative than long video sites.

Beijing Business Daily reporter Wei Wei

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