Bilibili (BILI) Form 144: 400,000 ADS Proposed Sale (~$10.3M)

Bilibili Inc. (BILI) submitted a Form 144 notice for a proposed sale of 400,000 American Depositary Shares (ADS), each representing one class Z ordinary share, through JPMorgan Securities LLC on NASDAQ.

Rhea-AI Filing Summary

Bilibili Inc. (BILI) submitted a Form 144 notice for a proposed sale of 400,000 American Depositary Shares (ADS), each representing one class Z ordinary share, through JPMorgan Securities LLC on NASDAQ. The filing lists an aggregate market value of $10,308,000 and reports 413,315,901 shares outstanding. The securities were acquired as founder shares from the issuer on 03/28/2018. The approximate date of sale is 09/26/2025. The filer reports nothing to report for securities sold during the past three months and includes the standard Rule 144 representation regarding possession of material nonpublic information.

Insights

Securities Analyst

TL;DR: Rule 144 sale notice for 400,000 ADS (~$10.3M) by a founder; routine disclosure with limited market impact.

The filing documents a proposed sale under Rule 144 of 400,000 ADS acquired as founder shares in 2018 and to be sold via JPMorgan Securities on NASDAQ. The notice provides the aggregate market value and outstanding share count but contains no additional financial results or plan details. Because the amount represents a small fraction of total shares outstanding and no recent sales were reported, this appears to be a standard compliance disclosure rather than a material event for the company.

Corporate Governance Expert

TL;DR: Founder-originated shares proposed for sale; filing includes the required Rule 144 representation and shows no recent disposals.

The submission identifies the securities as founder shares acquired from the issuer on 03/28/2018 and confirms no insider sales in the prior three months. The presence of the standard attestation about material nonpublic information and a broker appointment indicates the filer is following regulatory procedure. The filing does not include any unusual governance disclosures or disclaimers beyond the Form 144 standard language.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What securities does BILI plan to sell according to the Form 144?

The filing proposes sale of 400,000 American Depositary Shares (ADS), each representing one class Z ordinary share.

When is the approximate sale date listed on the Form 144 for BILI?

The approximate date of sale is listed as 09/26/2025.

What is the aggregate market value of the proposed BILI sale?

The aggregate market value reported is $10,308,000.00.

How were the shares being sold originally acquired?

The shares were acquired as founder shares from the issuer on 03/28/2018.

Which broker is named in the Form 144 for BILI's proposed sale?

The broker named is JPMorgan Securities LLC located at 383 Madison Avenue, New York, NY.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Accepted by SEC EDGAR 09/26/2025 - 09:09 AM EDT Learn about SEC filing dates

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	0001765539
Filer CCC	XXXXXXXX
Is this a LIVE or TEST Filing?	LIVE TEST
Submission Contact Information
Name
Phone
E-Mail Address

144: Issuer Information

Name of Issuer	Bilibili Inc.
SEC File Number	001-38429
Address of Issuer	17th floor, Building 3, Guozheng Center No. 485 Zhengli Road Yangpu District, Shanghai CHINA 200433
Phone	86-21-25099255
Name of Person for Whose Account the Securities are To Be Sold	Kami Sama Limited
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	Affiliate

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	JPMORGAN SECURITIES LLC 383 Madison Avenue New York NY 10179	400000	10308000.00	413315901	09/26/2025	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			400000	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	In accordance with the interpretive letter from the staff of the SEC to Goldman Sachs &Co., dated December 20, 1999, and in the interpretive letter from the staff of the SEC to Bank of America, N.A. et al, dated December 1, 2011, on the date hereof, the Shareholder has entered into a variable prepaid forward transaction which relates to up to the aggregate number of American Depositary Shares ("ADSs") specified in Part 3(c) above. The variable prepaid forward transaction is with an unaffiliated bank. The transaction provides for a prepayment amount to the Shareholder based on the broker's initial hedging activity. The Shareholder pledged the ADSs subject to the transaction. Any initial hedging activity in connection with the transaction will be conducted by the broker named in Part 3(b).
Date of Notice	09/26/2025
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	/s/ Yi Xu (on behalf of Kami Sama Limited)
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)