On September 11, BILIBILI-W fell 3.37% in regular trading, trading at HKD 117.7, with turnover of HKD 220 million, extending the previous session's decline.

The selloff follows the company's September 9 announcement that it completed the 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. The remaining $200 million in notes to be subscribed by Tencent and the corresponding $200 million share repurchase from Tencent still require approval at an independent shareholders' special general meeting.

Notably, major institutional investors have been actively building positions. JPMorgan increased its long position to 18.77% after purchasing 4.69 million shares at an average price of HKD 122.94, while Morgan Stanley's stake surged to 12.44% and Goldman Sachs' bullish position rose to 9.62%. Daiwa and BOCI maintained positive views, noting the deal eliminates Tencent's longstanding overhang and secures zero-coupon long-term funding at costs well below conventional offshore debt, with net dilution limited to approximately 3.5% after buyback offsets.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)