Reaching China's Video Crowd with the Power of Bilibili
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Ipo Analysis
IPO ANALYSIS Zscaler Research on potential upcoming IPOs from Bilibili Spotify selected candidate companies. March 2018 VentureDeal Zscaler Files Terms For $110 Million IPO Quick Take Zscaler (ZS) intends to raise $110 million in a U.S. IPO, according to an amended S-1/A regulatory filing. The company has developed a suite of cloud security software offerings for the enterprise market. ZS management is proposing to price the IPO at a rich valuation and without demonstrating a path to profitability. My opinion is to AVOID the IPO at the current price. Perhaps institutional buyers will persuade management of their excessive valuation expectations. Alternatively, if the IPO fizzles, interested investors may be able to pick up a bargain post-IPO. Company Recap San Jose, California-based Zscaler was founded in 2007 to offer a range of internet and hybrid security capabilities to businesses of all sizes. Management is headed by co-founder and CEO Jay Chaudhry, who was previously Chief Strategy Officer at Secure Computing and founder & CEO of CipherTrust. The company has developed a robust partner network for both referrals & resellers and internet service providers. Investors have funded $148 million in several rounds and include TPG Capital (8.7% pre-IPO). CEO Chaudhry and affiliates own 54.3% of company stock pre-IPO. Technology Zscaler has created a suite of cloud security solutions in the following categories: Zscaler Internet Access • Secure Web Gateway • Cloud Firewall • Cloud Sandbox • Bandwidth Control • Data Loss Prevention Zscaler Private Access • For Amazon Web Services (AMZN) • For Microsoft Azure (MSFT) Zscaler Platform • Cloud Architecture • SSL Inspection • Data Privacy & Security • Zscaler App Below is a brief company promotional video: (Source:Zscaler) Market According to a December 2017 Gartnermarket research report, it forecasted that global security technology spending would reach $96 billion in 2018, representing an increase of 8% over 2017. -
Bilibili Inc
UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of March 2021 Commission File Number: 001-38429 Bilibili Inc. Building 3, Guozheng Center, No. 485 Zhengli Road Yangpu District, Shanghai, 200433 People’s Republic of China (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐ Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐ INCORPORATION BY REFERENCE Exhibit 99.1 and exhibit 23.1 to this current report on Form 6-K are incorporated by reference into the registration statement on Form F-3 of Bilibili Inc. (File No. 333-230660) and Form S-8 (No. 333-226216), and shall be a part thereof from the date on which this report is furnished, to the extent not superseded by documents or reports subsequently filed or furnished. EXHIBITS Exhibit 23.1 Consent of Shanghai iResearch Co., Ltd. Exhibit 99.1 Bilibili Inc. Supplemental and Updated Disclosures SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. -
Prospectus Supplement and Plan to File a Final Prospectus Supplement with the SEC to Register the Sale of Shares Under the U.S
ai16158914263_Project S6 cover_ENG_03_20mm spine HR.pdf 1 16/3/2021 18:43:46 GLOBAL OFFERING Stock Code: 9626 (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) Stock Code: 9626 Stock Joint Sponsors, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers IMPORTANT If you are in any doubt about any of the contents of this document, you should obtain independent professional advice. Bilibili Inc. (A company controlled through weighted voting rights and incorporated in the Cayman Islands with limited liability) GLOBAL OFFERING Number of Offer Shares under the Global Offering : 25,000,000 Offer Shares (subject to the Over-allotment Option) Number of Hong Kong Offer Shares : 750,000 Offer Shares (subject to adjustment) Number of International Offer Shares : 24,250,000 Offer Shares (subject to adjustment and the Over-allotment Option) Maximum Public Offer Price : HK$988.00 per Offer Share, plus brokerage of 1.0%, SFC transaction levy of 0.0027% and Hong Kong Stock Exchange trading fee of 0.005% (payable in full on application in Hong Kong dollars and subject to refund) Par Value : US$0.0001 per Share Stock Code : 9626 Joint Sponsors, Joint Global Coordinators, Joint Bookrunners, and Joint Lead Managers Joint Bookrunners and Joint Lead Managers Joint Lead Managers Hong Kong Exchanges and Clearing Limited, The Stock Exchange of Hong Kong Limited and Hong Kong Securities Clearing Company Limited take no responsibility for the contents of this document, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this document. -
System: Pipeline Performance Enhancement
Cross Cultural Analysis System Improvements Guandong Liu Yiyang Zeng Columbia University Columbia University [email protected] [email protected] 1 Introduction Cross-cultural analysis investigates the new task of determining which textual tags are preferred by different affinity groups for news and related videos. We use this knowledge to assign new group-specific tags to other videos of the same event that have arisen elsewhere. We map visual and multilingual textual features into a joint latent space using reliable visual cues, and determine tag relationships through deep canonical correlation analysis (DCCA). We are interested in any international events such as epidemics and transportation disasters and detect country-specific tags from different countries’ news coverage [1]. Our current pipeline is able to collect data, preprocess data, and analyze data. This semester, we investigated and improved system performances in different aspects to make it more reliable and flexible. This report consists of two parts: the first part gives a thorough overview to the whole pipeline and the second part talks about several bug fixes and performance improvements of the current system. 2 Pipeline User Manual This section gives a thorough overview to the whole pipeline and goes through each step with AlphaGo in Chinese and English task as an example. 2.1 Get Video Metadata The pipeline starts from getting video metadata from various sources. In our experiments, we got video metadata about AlphaGo from Chinese sources (Tencent, Iqiyi, Youku, BiliBili) and English source (YouTube). Note that to get video metadata from YouTube, one must first enable YouTube Data API and get own API credentials (key.txt is the API credentials). -
Bilibili (BILI): a Leader in ACG with Room to Grow
JAGUAR MEDIA SEPT 8TH, 2020 “CHINESE TECH DEMYSTIFIED” SERIES – EPISODE 5 Bilibili (BILI): A leader in ACG with room to grow Bilibili is often labeled as China’s version of YouTube, but that comparison is only half-accurate. Fundamentally, it is a video sharing and vlogging platform. But if we dig a little deeper, we will find that it caters almost exclusively to a dedicated under-30’s crowd while shunning older audiences, and the video content is overwhelmingly focused on animation, comics, and games (or ACG in short), fashion, pop culture, and music. No news, no politics, no academic discourse, no finance, none of that mundane stuff. Bilibili was founded in 2009 with the intention of being a worthy ACG competitor to AcFun (recall AcFun is the former parent company of DouYu). Bilibili’s founder Xu Yi was formerly a top user with a huge following on AcFun, but grew increasingly frustrated over time with community and website-related issues. And following a series of high-profile disagreements with AcFun management, he decided to sever ties and create Bilibili on the back of funding from now-CEO Chen Rui, a games/animation-loving billionaire investor who currently owns over 20% of the company. Before long, Bilibili saw significant traffic, enough to challenge AcFun’s. Due to this rivalry and history, Bilibili is commonly referred to by the Chinese internet community as “B Site” or “Station B”, while AcFun is nicknamed “A Site” or “Station A”. Fun fact: The word “Bilibili” doesn’t have any literal meaning. Rather, it is a playful reference to a main character from A Certain Scientific Railgun, a popular comic/animation series at the time, whereby “Bilibili” is the sound she makes when firing her weapon. -
Chinese Companies Listed on Major U.S. Stock Exchanges
Last updated: October 2, 2020 Chinese Companies Listed on Major U.S. Stock Exchanges This table includes Chinese companies listed on the NASDAQ, New York Stock Exchange, and NYSE American, the three largest U.S. exchanges.1 As of October 2, 2020, there were 217 Chinese companies listed on these U.S. exchanges with a total market capitalization of $2.2 trillion.2 3 Companies are arranged by the size of their market cap. There are 13 national- level Chinese state-owned enterprises (SOEs) listed on the three major U.S. exchanges. In the list below, SOEs are marked with an asterisk (*) next to the stock symbol.4 This list of Chinese companies was compiled using information from the New York Stock Exchange, NASDAQ, commercial investment databases, and the Public Company Accounting Oversight Board (PCAOB). 5 NASDAQ information is current as of February 25, 2019; NASDAQ no longer publicly provides a centralized listing identifying foreign-headquartered companies. For the purposes of this table, a company is considered “Chinese” if: (1) it has been identified as being from the People’s Republic of China (PRC) by the relevant stock exchange; or, (2) it lists a PRC address as its principal executive office in filings with U.S. Securities and Exchange Commission. Of the Chinese companies that list on the U.S. stock exchanges using offshore corporate entities, some are not transparent regarding the primary nationality or location of their headquarters, parent company or executive offices. In other words, some companies which rely on offshore registration may hide or not identify their primary Chinese corporate domicile in their listing information. -
Flywheel Models + Iqiyi (NASDAQ: IQ) an Investment Case Study by Hayden Capital Valuex Vail | June 27-29, 2018
Flywheel Models + iQiyi (NASDAQ: IQ) An Investment Case Study By Hayden Capital ValueX Vail | June 27-29, 2018 Hayden Capital 79 Madison Ave, 3rd Floor New York, NY. 10016 Office: (646) 883-8805 Mobile: (513) 304-3313 Email: [email protected] Disclaimer These materials shall not constitute an offer to sell or the solicitation of an offer to buy any interests in any fund or account managed by Hayden Capital LLC (“Hayden Capital”) or any of its affiliates. Such an offer to sell or solicitation of an offer to buy will only be made pursuant to definitive subscription documents between a fund and an investor. The fees and expenses charged in connection with the investment may be higher than the fees and expenses of other investment alternatives and may offset profits. No assurance can be given that the investment objective will be achieved or that an investor will receive a return of all or part of his or her investment. Investment results may vary substantially over any given time period. Reference and comparisons are made to the performance of other indices (together the “Comparative Indexes”) for informational purposes only. Hayden Capital’s investment program does not mirror any of the Comparative Indexes and the volatility of Hayden Capital’s investment strategy may be materially different than that of the Comparative Indexes. The securities or other instruments included in the Comparative Indexes are not necessarily included in Hayden Capital’s investment program and criteria for inclusion in the Comparative Indexes are different than those for investment by Hayden Capital. The performance of the Comparative Indexes was obtained from published sources believed to be reliable, but which are not warranted as to accuracy or completeness. -
Key Trends in China's Online Video Industry
KEY TRENDS IN CHINA’S ONLINE VIDEO INDUSTRY April 2021 1 ONLINE VIDEO PENETRATION APPROACHES 94% OF INTERNET USERS TRACKING INTERNET & ONLINE VIDEO USER TRENDS Penetration of Internet Users 94% 89% 62% 1,200 989 1,007 927 942 1,000 880 873 900 829 802 725 800 709 617 624 549 600 501 499 Total users (mil.) 400 200 0 2018 2019 2020 Q1 2021 Internet Users Online Video Users Short Video Users Livestreaming Users Source: Company data, Media Partners Asia 2 SHORT VIDEO DRIVING CONSUMPTION SHARE OF VIDEO USER TIME SPENT 100% 9% 9% 22% 19% 20% 3% 3% 90% 24% 3% 3% 3% 3% 2% 80% 2% 3% 2% 3% 3% 8% 8% 4% 2% 5% 10% 9% 70% 13% 8% 9% 12% 4% 5% 60% 15% 66% Of 24% 12% 50% 23% 27% 27% Streaming Time 19% Spent On Top 3 40% 20% Short Video 30% 27% 28% 15% Platforms 20% 33% 34% % of Online Video Time Spent Time Video Online of % 26% 14% 10% 9% 15% 0% 1% 0% 2016 2017 2018 2019 2020 Q1 2021 Douyin Kuaishou WeChat Channel Video iQIYI Tencent Video Youku Mango TV Bilibili Others Source: Company data, Media Partners Asia 3 RATE INCREASES SUPPORT SVOD ARPUS, MORE UPSIDE ON AD ARPUS MONTHLY ARPU PER DAU (KEY DIGITAL COMPANIES) ADVERTISING REVENUE PER DAU (KEY VIDEO PLATFORMS) 35 70 30 60 Ad monetization per DAU for most video platforms Platforms such as Bilibili 25 50 is still fairly low, but and WeChat Channel Video upside may be limited due still significantly 40 20 to slowing industry undermonetized US$ US$ 65.1 growth 15 Recent rate hikes led 30 by iQIYI and Tencent Low monthly ARPU implies upside 21.6 10 Video on membership fees for most 20 Chinese platforms Average 5 10 20.4 7.5 12.3 11.8 10.9 10.7 4.9 6.8 3.8 2.9 2.8 2.5 0 1.0 0 Alibaba Tencent Baidu iQIYI Bilibili Kuaishou Weibo Douyin Youku Mango Kuaishou iQIYI Tencent Bilibili WeChat TV Video Channel Note: Video 1) Monthly ARPU reflects consumer spend, and excludes advertising. -
An Analysis on a Youtube-Like UGC Site with Enhanced Social Features
An Analysis on a YouTube-like UGC site with Enhanced Social Features Adele Lu Jia Siqi Shen Information and Electrical School of Computer Engineering Department National University of Defense China Agricultural University Technology, China [email protected] [email protected] Shengling Chen Dongsheng Li Alexandru Iosup School of Computer School of Computer Distributed Systems Group National University of Defense National University of Defense Delft University of Technology, Technology, China Technology, China the Netherlands [email protected] [email protected] [email protected] ABSTRACT and form a billion dollar global industry [3]. Given the scale, YouTube-like User Generated Content (UGC) sites are nowa- dynamics, and decentralization of the contents provided by days entertaining over a billion people. Resource provision individual users and the gradually shifting user interests, is essential for these giant UGC sites as they allow users two fundamental questions for maintaining and growing such to request videos from a potentially unlimited selection in UGC sites are that, in the system level, how to perform re- an asynchronous fashion. Still, the UGC sites are seeking source provision so as to achieve smooth user viewing ex- to create new viewing patterns and social interactions that periences, and that, in the application level, how to design would engage and attract more users and complicate the al- enhanced features that will benefit user retention and at- ready rigorous resource provision problem. In this paper, we traction. In this paper, we seek to combine these two tasks seek to combine these two tasks by leveraging social features by leveraging social features to provide the reference for the to provide the reference for resource provision. -
Bilibili Inc. (BILI)
Bilibili Inc. (BILI) Cornell Hedge Fund | Global Macro Fund FA 2020 Fund Manager: Willa Chen Analysts: Alyssa Lee, Brandon Amtzis, Echo Li, Rishab Yeddula Table of Contents Investment Thesis 3 Industry Overview 5 Company Overview 7 Catalysts 11 Risks & Mitigants 15 Valuation 17 Final Recommendation 22 Appendix 25 2 Investment Thesis 3 Investment Thesis Company Overview Catalysts • Bilibili Inc., also called B-Site, is a Shanghai-based video sharing 1 Versatile User Acquisition Strategies and online streaming platform which offers advertisement, gaming, and e-commerce services to over 130 million users • Founded in 2010 and listed on NASDAQ in 2018 2 Advertisement Monetization via Diversified Channels • Core features include user-generated content and real-time bullet captioning system Danmu popular with young consumers 3 $1.5bn Hong Kong Secondary IPO in 2021 Statistics & Fundamentals Valuation Current ADR Price ADRs Outstanding Market Cap $44.20 347.4M RMB 101.8B Levered Beta P/S Revenue (TTM) 1.63 6.97x RMB 8.8B Investment Thesis: BUY We recommend a BUY for BILI at $44.20 with a target share price of $58.00, implying a 31.2% upside over a 12-month investment horizon. Significant user acQuisition and monetization potential, in addition to a planned secondary listing in Hong Kong, are key drivers to accelerate Bilibili’s rapid growth and strengthen the firm’s position as the most diversified and youth-conscious online streaming platform in the Chinese market. Sources: Capital IQ, Equity research reports (Credit Suisse, Huatai, Jefferies, -
The Profiting Modes of China's Online Video Platforms
Advances in Social Science, Education and Humanities Research, volume 517 Proceedings of the 6th Annual International Conference on Social Science and Contemporary Humanity Development (SSCHD 2020) The Profiting Modes of China’s Online Video Platforms ——A Case Study of iQIYI Shifen Wang* and Jiamiao Ye School of Economics, Shanghai University, Shanghai 200444, China *Corresponding author. Email: [email protected] ABSTRACT From 2004 to 2020, the online video platforms in China have developed for 17 years. After the early stage of wild growth, the industry entered the stage of normal development. The IPOs of iQIYI and Bilibili in Nasdaq demonstrated the potential of China’s online video platforms. However, the platforms, including the leaders like iQIYI and Tencent Video, are still losing money in the background of increased investments. The successive losses are harmful to the future development so that it is especially important to study how to improve the profiting modes of the online video platforms. After introducing the development of China’s online video platforms, the essay conducts a case study of iQIYI, which includes the development stages, the key elements of its profiting mode. Finally, in the summary of the case study, the advantages of iQIYI are introduced: strategic investment vision, unique IP liquidity ability and cross-platform cooperation awareness. Keywords: China’s online video platform, Mode of profitability, iQIYI. 1. INTRODUCTION high cost and unclear profiting mode, were heavily struck by the want of financing. Some 400 mid-to-small From 1994 when China got access to the internet, it platforms bankrupted. This was the second wave of re- experienced three waves: first, 4 big searching engines; shuffle. -
NTIRE 2021 Challenge on Quality Enhancement of Compressed Video: Dataset and Study
NTIRE 2021 Challenge on Quality Enhancement of Compressed Video: Dataset and Study Ren Yang Radu Timofte Computer Vision Laboratory Computer Vision Laboratory ETH Zurich,¨ Switzerland ETH Zurich,¨ Switzerland [email protected] [email protected] Abstract BILIBILI AI & FDU NTU-SLab Block2Rock Noah-Hisilicon This paper introduces a novel dataset for video en- VUE NOAHTCV hancement and studies the state-of-the-art methods of the Gogoing NJUVsion NTIRE 2021 challenge on quality enhancement of com- MT.MaxClear pressed video. The challenge is the first NTIRE challenge Bluedot VIP&DJI in this direction, with three competitions, hundreds of par- Shannon HNU CVers ticipants and tens of proposed solutions. Our newly col- McEhance Track 1 BOE-IOT-AIBD lected Large-scale Diverse Video (LDV) dataset is employed NTIRE Track 3 Ivp-tencent in the challenge. In our study, we analyze the solutions MFQE [38] previous methods of the challenges and several representative methods from QECNN [36] DnCNN [39] previous literature on the proposed LDV dataset. We find ARCNN [8] that the NTIRE 2021 challenge advances the state-of-the- Unprocessed video 28 29 30 31 32 33 art of quality enhancement on compressed video. The pro- PSNR (dB) posed LDV dataset is publicly available at the homepage Figure 1. The performance on the fidelity tracks. of the challenge: https://github.com/RenYang- home/NTIRE21_VEnh enhancing the quality of compressed video [37, 36, 25, 17, 38, 29, 34, 10, 30, 7, 33, 12, 24], among which [37, 36, 25] 1. Introduction propose enhancing compression quality based on a single The recent years have witnessed the increasing popular- frame, while [17, 38, 34, 10, 30, 7, 33, 12, 24] are multi- ity of video streaming over the Internet [6] and meanwhile frame quality enhancement methods.