Chinese video streaming platform Bilibili is on course for an IPO in New York that could raise at least $200 million, a source told Bloomberg. The eight-year-old site has become the nexus for young Chinese in love with the ACG culture of animation, comics, and games.

In 2016, the top searched keyword on Baidu among China’s post-00s generation is “Bilibili”, followed by “Taobao.” Less than 10% of Bilibili’s 100 million active users are above 25, Chairman Chen Rui revealed in a speech last December.

China’s ACG market, like the online video gaming with which it shares a large user overlap, is lucrative. In 2016, China had 270 million ACG users (in Chinese)—that’s one in five Chinese, according to iResearch estimates. In 2015, China’s ACG industry hit a market value of 100 billion RMB and growth is expected to continue, says Qianzhan Industry Institute. Brands from KFC, Nike to Maybelline have taken notice of the Bilibili’s attraction to young Chinese and rushed to set up their ACG adorned booths at Bilibili’s carnival-style conference earlier in July.

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Rita Liao

Telling the uncommon China stories through tech. I can be reached at ritacyliao [at] gmail [dot] com.