• Bilibili launched a US$700 million convertible senior notes offering due 2031 alongside an offshore, unregistered secondary sale of Class Z shares.
• The share sale targets about US$400 million of Class Z shares held by Tencent, marketed to non-U.S. investors under Regulation S.
• Borrowed Class Z shares will also be sold to facilitate convertible-arbitrage hedges tied to the notes offering.
• No new shares will be issued in the placement. Tencent will receive the net proceeds from its secondary sale.
• The placement price will set the reference price for the notes’ initial conversion price and for planned US$300 million of concurrent share repurchases.

Disclaimer: This news brief was created by Public Technologies (PUBT) using generative artificial intelligence. While PUBT strives to provide accurate and timely information, this AI-generated content is for informational purposes only and should not be interpreted as financial, investment, or legal advice. Bilibili Inc. published the original content used to generate this news brief via IIS, the regulatory disclosure system operated by the Hong Kong Stock Exchange (HKex) (Ref. ID: HKEX-EPS-20260904-12320475), on September 04, 2026, and is solely responsible for the information contained therein.