Chinese online entertainment platform Bilibili was worth $54bn two years ago, as Wall Street investors rushed to bet on the rising tech giant.
Today, the Nasdaq-listed group’s market capitalisation has fallen to about $6.5bn, a collapse that has brought forward debt repayments that threaten to sap its remaining cash, leading to drastic cost-cutting at the company.
Bilibili’s travails are symptomatic of broader problems across the Chinese tech scene. Overseas investors are selling shares even in profitable internet giants such as Tencent and Alibaba, while becoming reluctant to back the country’s most promising start-ups.
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