[144] Bilibili Inc. American SEC Filing

Rhea-AI Filing Summary

Bilibili Inc. (BILI) filed a Form 144 notifying the proposed sale of 1,266,204 American Depositary Shares (ADS), each representing one class Z ordinary share, through Morgan Stanley & Co. LLC on NASDAQ with an aggregate market value of $28,211,025.00. The ADS were acquired as founder shares from the issuer on 03/28/2018 and the approximate sale date listed is 09/11/2025. The filing indicates no securities sold in the past three months and includes the standard representation that the seller is not aware of undisclosed material adverse information about the issuer.

Insights

Securities Analyst

TL;DR Insiders plan to sell a sizable block of ADS valued at ~$28.2M through a major broker; market reaction depends on context and disclosure.

The filing shows a planned sale of 1,266,204 ADS acquired as founder shares in 2018, to be executed via Morgan Stanley on NASDAQ on or about 09/11/2025. As a Form 144, this is a regulatory notice of intended resale by an affiliate and does not by itself confirm execution or motives. Investors typically view such notices as increased insider liquidity; material market impact depends on trading volume, timing relative to other disclosures, and whether additional insider sales follow.

Corporate Governance Expert

TL;DR This is a routine Form 144 disclosure of founder-share resale, reflecting compliance with Rule 144 resale requirements.

The disclosure documents the source of the shares as founder shares from the issuer and includes the seller's representation regarding lack of undisclosed material adverse information. The use of a major broker indicates standard execution channels. The filing does not state any trading plan (such as a Rule 10b5-1 plan) or provide further governance context, so no conclusions about intent or governance changes can be drawn from the form alone.

Form 144 Filer Information	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 Form 144 NOTICE OF PROPOSED SALE OF SECURITIES PURSUANT TO RULE 144 UNDER THE SECURITIES ACT OF 1933
FORM 144

144: Filer Information

Filer CIK
Filer CCC
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer

SEC File Number

Address of Issuer

Phone

Name of Person for Whose Account the Securities are To Be Sold

See the definition of "person" in paragraph (a) of Rule 144. Information is to be given not only as to the person for whose account the securities are to be sold but also as to all other persons included in that definition. In addition, information shall be given as to sales by all persons whose sales are required by paragraph (e) of Rule 144 to be aggregated with sales for the account of the person filing this notice.

Relationship to Issuer

144: Securities Information

Title of the Class of Securities To Be Sold	Name and Address of the Broker	Number of Shares or Other Units To Be Sold	Aggregate Market Value	Number of Shares or Other Units Outstanding	Approximate Date of Sale	Name the Securities Exchange
American Depositary Shares, each representing one class Z ordinary share	Morgan Stanley & Co. LLC 1585 Broadway New York NY 10036	1266204	28211025.00	412894302	09/11/2025	NASDAQ

Furnish the following information with respect to the acquisition of the securities to be sold and with respect to the payment of all or any part of the purchase price or other consideration therefor:

144: Securities To Be Sold

Title of the Class	Date you Acquired	Nature of Acquisition Transaction	Name of Person from Whom Acquired	Is this a Gift?	Date Donor Acquired	Amount of Securities Acquired	Date of Payment	Nature of Payment *
American Depositary Shares, each representing one class Z ordinary share	03/28/2018	Founder shares	Issuer			1266204	03/28/2018	N/A

* If the securities were purchased and full payment therefor was not made in cash at the time of purchase, explain in the table or in a note thereto the nature of the consideration given. If the consideration consisted of any note or other obligation, or if payment was made in installments describe the arrangement and state when the note or other obligation was discharged in full or the last installment paid.

Furnish the following information as to all securities of the issuer sold during the past 3 months by the person for whose account the securities are to be sold.

144: Securities Sold During The Past 3 Months

Nothing to Report

144: Remarks and Signature

Remarks

Date of Notice

ATTENTION:

The person for whose account the securities to which this notice relates are to be sold hereby represents by signing this notice that he does not know any material adverse information in regard to the current and prospective operations of the Issuer of the securities to be sold which has not been publicly disclosed. If such person has adopted a written trading plan or given trading instructions to satisfy Rule 10b5-1 under the Exchange Act, by signing the form and indicating the date that the plan was adopted or the instruction given, that person makes such representation as of the plan adoption or instruction date.

Signature

ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)