Bilibili priced a Regulation S offering of US$700 million convertible senior notes due 2031, sold only to non-U.S. qualified institutional buyers.
A concurrent unregistered offshore equity placement cleared at HK$115.38 per Class Z ordinary share, using borrowed shares and Tencent’s secondary sale.
No new shares were issued in the placement; Tencent sold 26,374,900 shares.
Concurrent repurchases and use of proceeds
Bilibili also set concurrent repurchases at the same price: 6,795,540 shares for HK$784 million, and 13,591,090 shares for US$200 million.
Proceeds were earmarked for the repurchases, AI-driven growth initiatives, and general corporate purposes.
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