Bilibili (NASDAQ: BILI) was once a high-growth darling of the Chinese tech sector. The online gaming, digital media, and e-commerce company initially dazzled investors with its robust growth rates when it went public in March 2018, and its shares surged from its IPO price of $11.50 to an all-time high of $157.66 last February. But today, the stock trades below $30 a share.
China's crackdown on its top tech companies, including Bilibili's big backers Alibaba and Tencent, spooked investors. Delisting fears in the U.S. further made Chinese stocks even less appealing.
Bilibili's widening losses and rising debt also made it a tough stock to recommend as interest rates rose. Its fourth-quarter report in early March, which missed analysts' top-line estimates and included softer-than-expected guidance for the first quarter, exacerbated that sell-off.
Source Fool.com