Bilibili to raise $700 million in convertible notes, Tencent to subscribe for $200 million
BILI•Bilibili plans $700 million convertible note offering
Bilibili said on Friday it was proposing to carry out offerings of $700 million in aggregate of convertible senior notes due 2031 to fund share repurchases alongside AI-driven growth.
The Shanghai-based company said it is considering taking advantage of the current environment to raise capital on attractive terms for its repurchases as well as strengthening its AI capabilities, in an exchange filing.
Tencent to subscribe for $200 million and share repurchases planned
As part of the offering, technology giant Tencent would subscribe for $200 million of the notes.
Bilibili also plans to repurchase up to $300 million of its shares, including $200 million from Tencent through its subsidiaries.
The remaining proceeds would be used for AI-related initiatives, including content recommendation, content creation and user engagement, as well as for general corporate purposes.
