On September 10, BILIBILI-W declined 3.04% in regular trading, trading at 121.3 HKD/share, with turnover of HKD 273 million. The decline came after the company announced the completion of its $500 million convertible senior notes offering.

BILIBILI-W disclosed on September 9 that it had completed the market-based issuance of $500 million in convertible senior notes due 2031, alongside a concurrent repurchase of approximately $100 million in Class Z ordinary shares. The concurrent placement of borrowed Class Z shares for investor hedging and a secondary placement by a Tencent subsidiary were also completed simultaneously. Of the previously announced $700 million convertible bond plan, the remaining $200 million in notes to be subscribed by Tencent and approximately $200 million in share repurchases from Tencent still require approval at an extraordinary general meeting of independent shareholders.

Notably, major institutional investors have recently increased their positions. Goldman Sachs raised its long position from 7.72% to 9.62%, while Morgan Stanley nearly doubled its stake from 6.36% to 12.44%, according to Hong Kong Exchange disclosures. Analysts at Daiwa previously viewed the overall transaction structure positively, noting it eliminates long-standing selling pressure from Tencent's holdings while raising long-dated zero-coupon capital at costs well below conventional offshore debt.

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