Bilibili Inc. fell on its debut in Hong Kong, becoming the latest US-traded Chinese firm to disappoint on its homecoming during a global sell-off in the country’s technology shares.

Shares of the fast-growing video streaming service sank more than 6% early Monday. Bilibili’s US$2.6 billion ($3.50 billion) listing comes after a string of block trades rattled US markets and American regulators last week revived concerns over potential delistings by implementing a law requiring stricter audit inspections. Its disappointing debut also follows Baidu Inc., which last week closed unchanged on its first day of trading in Hong Kong and has since dropped roughly 15%.

In his first interview with international media, Bilibili chief executive Chen Rui said he’s unconcerned with short-term market gyrations. The firm -- which has 200 million mostly Chinese millennial or Gen Z monthly users, as well as the backing of both Tencent Holdings Ltd. and Alibaba Group Holding Ltd. -- will use most of the proceeds from the share sale to beef up its content and support its creators, in anticipation of an explosive growth in online video adoption over the next few years.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook