Read Why Bilibili Shares Are Soaring In Premarket

• Bilibili Inc's (NASDAQ:BILI) board approved the company to pursue the voluntary conversion to dual-primary listing on the Hong Kong Stock Exchange.
• Bilibili would continue to trade on both the HKSE and Nasdaq.
• Recently, JPMorgan analyst Alex Yao downgraded Bilibili to Underweight from Overweight with a $15 price target (20.5% downside).
• JPMorgan downgraded the Chinese tech sector, including Alibaba Group Holding Ltd (NYSE:BABA), after a massive industry-wide selloff following growing geopolitical risks and macro concerns, including a domestic regulatory crackdown on the tech sector.
• The Chinese tech stocks traded higher premarket as China assured stability in capital markets.
• Price Action: BILI shares traded higher by 29.9% at $24.50 in the premarket on the last check Wednesday.