(Yicai Global) Jan. 6 -- Bilibili’s shares broke the USD100 mark in New York yesterday, despite the popular Chinese video sharing app declining to comment on a media report that said it is gearing up for a secondary listing in Hong Kong that could raise over USD2 billion.

Bilibili [NASDAQ: BILI] jumped almost 8.2 percent to close at USD102.46, giving it a market capitalization of USD35.6 billion. The shares have gained nearly 10-fold from an offering price of USD11.50 in March 2018.

Though the Shanghai-based company declined to comment yesterday on the report by US broadcaster CNBC, a securities market insider confirmed the news to Yicai Global. China’s version of Youtube will likely file as soon as the end of this week or early next week, CNBC said.

Speculation about a Hong Kong offering was also rife last July and December, when Bilibili was said to be hoping to raise between USD1 billion and USD1.5 billion.

Bilibili, which originated from the online animation, comics and gaming community, has been aggressively pushing beyond its established audience over the past year, including the launch of the first self-made variety show named Rap for Youth and investing HKD513 million (USD66.2 million) to become a shareholder of Huanxi Media Group, a traditional film and television production company.

Yang Liang, its marketing division’s general manager, revealed at a conference in December that the company would also produce three variety shows equivalent to Rap of Youth this year, in addition to 39 Chinese original animations, 26 documentaries, six large live shows as well as live streaming of e-sports competition.

Bilibili’s revenues and losses are expanding. Its third-quarter results showed that revenue jumped 74 percent to CNY3.2 billion (USD495.4 million) from a year earlier, while its net loss widened 171 percent to CNY1.1 billion due to a surge in sales and marketing expenses.

But the firm’s share price has remained strong despite the loss, largely due to a bullish outlook on the spending power of China’s younger generation.

Gen Z, or those people born after 1995, has been a beneficiary of family wealth, with disposable income higher than the national average of 37 percent, Bilibili Vice President Liu Binxin said at the same December marketing conference, so many brands regard the app as an important marketplace to connect with young users.

The average age of Bilibili users is 21 years, Chairman and Chief Executive Chen Rui said in November.

Editors: Dou Shicong, Peter Thomas