VIDEO platform Bilibili launched yesterday a convertible bond sale and a follow-on share offering that could raise around US$621 million combined, in a return to the capital markets just over a year after it went public in New York.

Bilibili, one of China’s leading online video sharing and entertainment platforms, announced the fundraising yesterday but did not disclose detailed terms.

The follow-on offering could raise around US$321 million based on Bilibili’s closing price of US$18.8 Monday. Its shares have risen 32 percent so far in 2019.

This year has already seen other U.S.-listed Chinese companies return to the capital markets to raise additional funding, be it through convertible bonds or follow-on offerings, as they seek more growth capital.

Electric vehicle maker NIO, video streaming company iQIYI and e-commerce firm Pinduoduo, all 2018 IPOs, have come back to the market to raise funds.

Bilibili’s convertible bond is being marketed with a coupon range of between 1.375 percent and 1.875 percent, while the conversion premium — the price at which buyers can convert their bond holding into the company’s shares — will fall between 32.5 percent and 37.5 percent, the term sheet showed.

Bilibili plans to use the proceeds from the offering to enrich content offerings, research and development and potential strategic acquisitions, investments and alliances.(SD-Agencies)