Short video platform Bilibili Inc. (BILI.US; 9626.HK) has joined the recent “pump and dump” train of U.S.-listed Chinese companies raising funds through new share issues, tapping a wave of warming investor sentiment that has boosted its shares in recent months. The company’s status as an investor favorite among its peers was also a likely factor behind its decision last week to unveil a plan raising up to $409 million by issuing new American depositary shares (ADSs).

Bilibili confirmed last Thursday that Goldman Sachs, the underwriter, had successfully sold 15.344 million ADSs to at least six investors for $26.65 per ADS, in one of the biggest placements so far in the recent wave. But the placement, whose final price represented a 7% discount to the company’s last close before the plan was announced, also undercut Bilbili’s shares. The stock slipped 4.7% and 2% the day of the offer’s completion in Hong Kong and New York, respectively, to close just above the placement price.

As Hong Kong’s stock market thaws following a bleak first 10 months of 2022, Bilibili has been one of the best rebounders. Its Hong Kong shares have tripled from an all-time low of HK$66.10 last October to more than HK$220 early this month, and its New York shares are up by a similar amount from $8.23 to $27 over that period. The enthusiasm also reflects investor bullishness on the company’s fourth quarter results, which will likely be published next month.