BILI insider sells 490,000 ADS via cashless exercise

BILI insider sale notice: A holder submitted a Form 144 to sell 490,000 ADS, each ADS representing one Class Z ordinary share, arising from the exercise of options and vesting of restricted share units under the issuer's share incentive plans.

Rhea-AI Filing Summary

BILI insider sale notice: A holder submitted a Form 144 to sell 490,000 ADS, each ADS representing one Class Z ordinary share, arising from the exercise of options and vesting of restricted share units under the issuer's share incentive plans. The filing describes a same-day cashless exercise and sale to satisfy exercise/withholding obligations and to render services.

Insights

Securities Attorney

Routine insider sale via cashless exercise; disclosure-focused, not a corporate action.

The notice reports 490,000 ADS sold through a same-day cashless exercise tied to options and RSU vesting. This is a common mechanic where exercised shares are immediately sold to cover costs and tax withholding.

Timing and cash‑flow counterparties are not detailed in the excerpt; subsequent filings or transaction reports will show proceeds recipient and exact trade execution details.

FAQ

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

What did the Form 144 for BILI disclose?

The Form 144 discloses a proposed sale of 490,000 ADS, each ADS representing one Class Z ordinary share, resulting from option exercises and RSU vesting, executed as a same‑day cashless exercise and sale.

Does the Form 144 indicate why the BILI ADS were sold?

Yes. The filing states the sale resulted from the exercise of options and the vesting of restricted share units, with a same‑day cashless exercise and sale to effect the transactions and related obligations.

Who receives proceeds from the BILI sale reported on Form 144?

The excerpt does not specify the recipient of net proceeds. It states the method as a same‑day cashless exercise and sale, but the filing does not name the paying/receiving party for proceeds in the provided text.

Are the 490,000 ADS included in BILI's outstanding share count here?

The filing lists 490,000 ADS as the securities to be sold. The excerpt does not state total shares outstanding or whether these ADS are part of any registered offering in this notice.

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

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Accepted by SEC EDGAR 03/11/2026 - 07:06 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	0001978952
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	Fan Xin
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	Officer

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
ADS EACH REPRESENTING ONE CLASS Z ORDINARY SHARE	CITIGROUP GLOBAL MARKETS 390 GREENWICH ST NEW YORK NY 10013	490000	13024200.00	414737612	03/11/2026	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 *
ADS EACH REPRESENTING ONE CLASS Z ORDINARY SHARE	03/11/2026	EXERCISE OF OPTIONS GRANTED UNDER THE ISSUER SHARE INCENTIVE PLANS. VESTING OF RESTRICTED SHARE UNITS GRANTED UNDER ISSUER SHARE INCENTIVE PLAN	ISSUER			490000	03/11/2026	SAME DAY CASHLESS EXERCISE AND SALE RENDERED SERVICES

* 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	SECTION 3 D BASED ON CLOSING PRICE $26.58 ON MARCH 10 2026
Date of Notice	03/11/2026
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	CONFORMED SIGNATURE ON FILE
ATTENTION: Intentional misstatements or omission of facts constitute Federal Criminal Violations (See 18 U.S.C. 1001)