Despite a period of recent worries for Chinese tech firms, video entertainment firm Bilibili has confirmed details of its secondary share listing in Hong Kong. It set a maximum price of HK$988 per share, some 12% higher than the $113.31 Tuesday night close for its ADR form shares which are traded on the NASDAQ.

At that price the company is expected to raise $3.2 billion (HK$24.7 billion). But the amount of fresh capital it brings in could go higher as the vast majority of the share sale is reserved for institutional investors, and there is also an over-allotment option.

The China government has put so-called platform companies on notice that it is investigating their activities. The government has multiple concerns, most notably that the biggest firms are becoming omnipresent and economically far too powerful. Both Alibaba and Tencent own leading streaming firms, but both also have stakes in Bilibili.

Government is also concerned that the country’s tech giants may be malign social forces. It believes that are not doing enough to push the propaganda department agenda, fail to properly filter out pornography, violence and trouble user comments. Live streaming, which is increasingly used for commerce as well as entertainment, may also seen as a growing problem.

The Bilibili share listing follows that of short video firm Kuaishou, which raised some $6 billion. Bilibili shares are expected to start trading in Hong Kong on March 23.

  • Baidu also announced pricing for its $3.1 billion secondary share sale in Hong Kong. Its shares are to be sold at HK$252 per share, a 3% discount to their Tuesday closing price on the NASDAQ. The contrasting approach to that of Bilibili reflects the difference in the two companies’ current appeal to investors. The Hong Kong listings by both companies makes it easier for Chinese retail investors to trade the stocks.