Bilibili Completes $500M Convertible Notes Offering and $100M Delta Repurchase
BILI is trading near its 52-week low of $15.16 (4.7% above the low) on elevated volume (2.7× avg).
Summary
Bilibili completed its $500M marketed convertible notes offering and $100M concurrent delta repurchase, with the Tencent secondary placement also closed. The remaining $200M Tencent subscription and repurchase await shareholder approval.
Key Events · Financing and Capital Events · BILI
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$500M Notes Offering Completed
Bilibili completed the marketed offering of $500M in convertible senior notes due 2031, part of the previously announced $700M total offering.
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Concurrent Equity Placement Closed
33,351,660 Class Z ordinary shares were placed at HK$115.38 per share, including 26,374,900 shares sold by a Tencent subsidiary in a secondary placement.
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$100M Delta Repurchase Executed
The company repurchased 6,795,540 Class Z ordinary shares at the Reference Price of HK$115.38, using its $300M special share repurchase program.
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Conversion Terms Set
Notes convert at 50.3374 Class Z ordinary shares per US$1,000 principal, equivalent to HK$155.79 per share — a 28.3% premium to the September 4 closing price.
Analysis · BILI · Technology
Bilibili closed the marketed portion of its $700M convertible notes offering, raising $500M in principal, and completed a concurrent $100M delta repurchase of its Class Z ordinary shares. The concurrent equity placement of 33.35M shares at HK$115.38 per share was also completed, with Tencent selling 26.37M shares in a secondary placement. The remaining $200M Tencent notes subscription and $200M Tencent share repurchase still require shareholder approval at an upcoming EGM. The completion removes financing uncertainty and provides the company with substantial liquidity, while the delta repurchase partially offsets dilution from the notes conversion.
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In the 30 days to Sep 10, 2026, 35.8% of the 1864 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was 0.00%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, BILI was trading at $15.87 on NASDAQ in the Technology sector, with a market capitalization of approximately $6.6B. The 52-week trading range was $15.16 to $36.40. This filing was assessed with neutral market sentiment and an importance score of 8 out of 10.