Bilibili closes $500M note offering and share repurchase

Bilibili Inc. (Nasdaq: BILI, HKEX: 9626) announced the completion of a $500 million offering of convertible senior notes due 2031, along with a concurrent repurchase of approximately $100 million of its Class Z ordinary shares, according to a company statement.

The notes, which carry no regular interest and were offered exclusively to non-U.S. qualified institutional buyers outside the United States under Regulation S, will mature on September 15, 2031. Holders may convert the notes at an initial rate of 50.3374 Class Z ordinary shares per $1,000 principal amount, equivalent to an initial conversion price of approximately HK$155.79 per share — a premium of roughly 28.3% above the September 4, 2026 closing price of HK$121.40 on the Hong Kong Stock Exchange.

A concurrent fixed-price placement of 33,351,660 Class Z ordinary shares at HK$115.38 per share was also completed. The placement included 6,976,760 shares borrowed from third parties and 26,374,900 shares sold by a subsidiary of Tencent Holdings Limited. Bilibili did not issue new shares or receive proceeds from this placement; Tencent received the net proceeds from its portion.

Bilibili separately repurchased 6,795,540 Class Z ordinary shares at the HK$115.38 reference price under a special repurchase program of up to $300 million.

A separate agreement with Tencent involves an additional $200 million note subscription by Tencent and a concurrent Bilibili repurchase of 13,591,090 Class Z ordinary shares from Tencent at the same reference price. Both transactions remain subject to approval by at least three-fourths of disinterested shareholder votes at an extraordinary general meeting, which the company said it expects to convene in the near future.

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