Bilibili launches Regulation S share placement as Tencent sells about US$400 million stake
BILI•Proceeds and pricing details
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.
Bilibili launches notes offering and offshore share sale
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.
