Bilibili (NASDAQ: BILI) COO Li Ni details options, RSUs and shares

Rhea-AI Filing Summary

Bilibili Inc. director and executive Li Ni filed an initial ownership report listing her existing equity interests in the company. She holds a share option over 2,000,000 Class Z ordinary shares at an exercise price of $0.0001 per share, expiring in 2028, with 1,670,000 shares already vested and 330,000 scheduled to vest on November 23, 2026. She also holds 412,000 performance-based restricted share units, each representing a contingent right to one Class Z ordinary share, and 1,000,000 Class Z ordinary shares directly. In addition, 7,200,000 Class Y ordinary shares are held indirectly through Saber Lily Limited, a Cayman trust structure for which she may be deemed to have voting and dispositive power, while disclaiming beneficial ownership beyond her pecuniary interest. The filing does not report any new purchases or sales, only these existing positions.

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Li Ni

(Last) (First) (Middle)

C/O BILIBILI INC., BLDG. 3 GUOZHENG CNTR

NO. 485 ZHENGLI ROAD, YANGPU DISTRICT

(Street)

SHANGHAI F4 200433

(City) (State) (Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
03/17/2026

3. Issuer Name and Ticker or Trading Symbol
Bilibili Inc. [ BILI ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Vice Chairwoman and COO

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class Z Ordinary Shares	1,000,000(1)	D
Class Y Ordinary Shares	7,200,000	I	See footnote(2)

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Share Option (right to buy)	(3)	11/23/2028	Class Z Ordinary Shares	2,000,000	$0.0001	D
Performance-based Restricted Share Units	(4)	(4)	Class Z Ordinary Shares	412,000	(4)	D

Explanation of Responses:

1. Represents restricted share units (the "RSUs") granted on March 31, 2023, the vesting period of which shall be 6 years. Each RSU represents a contingent right to receive one Class Z ordinary share of the Issuer.

2. Represents securities held by Saber Lily Limited (the "Saber"). Saber is controlled by a trust established under the laws of Cayman Islands (the "Trust) and managed by TMF (Cayman) Ltd. as the trustee. Ms. Li is the settlor of the Trust, and Ms. Li and her family members are the Trust's beneficiaries. Under the terms of the Trust, Ms. Li may be deemed to have the voting and dispositive power over the Issuer's shares held by the Saber. The Reporting Person disclaims beneficial ownership of the securities held by the Saber except to the extent of her pecuniary interest therein.

3. Represents a single option award grant with respect to 2,000,000 total shares initially. 1,670,000 of the total shares subject to the option have become vested and exercisable as of the date hereof, and 330,000 of the shares subject to the option shall become vested and exercisable on November 23, 2026.

4. Represents performance based restricted share units (the "PSUs") granted on December 15, 2025, the vesting of which was conditional upon the achievement of the performance targets as determined by the board of directors of the Issuer. Each PSU represents a contingent right to receive one Class Z ordinary share of the Issuer.

	/s/ Ni Li	03/17/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What does Li Ni report owning in Bilibili (BILI) on this Form 3?

Li Ni reports existing holdings including 2,000,000 share options, 412,000 performance-based restricted share units, 1,000,000 Class Z ordinary shares directly, and 7,200,000 Class Y ordinary shares held indirectly through a Cayman trust-linked entity.

Are there any buy or sell transactions by Li Ni in this Bilibili Form 3?

No, the Form 3 does not show any buy or sell transactions. It only lists Li Ni’s current option awards, restricted share units, direct Class Z share ownership, and indirect Class Y share holdings through a trust-related entity.

What are the key terms of Li Ni’s 2,000,000 Bilibili share options?

Li Ni’s option covers 2,000,000 Class Z ordinary shares at an exercise price of $0.0001 per share, expiring in 2028. Footnotes state 1,670,000 shares are vested, with 330,000 scheduled to vest on November 23, 2026.

How are Li Ni’s Bilibili performance-based restricted share units structured?

She holds 412,000 performance-based restricted share units granted December 15, 2025. Each unit is a contingent right to receive one Class Z ordinary share, with vesting dependent on performance targets determined by Bilibili’s board of directors.

What does the Cayman trust arrangement mean for Li Ni’s Bilibili holdings?

7,200,000 Class Y shares are held by Saber Lily Limited, controlled by a Cayman trust where Li Ni is settlor and a beneficiary. She may be deemed to have voting and dispositive power but disclaims beneficial ownership beyond her pecuniary interest.

Does this Bilibili Form 3 change Li Ni’s overall ownership position?

The Form 3 does not indicate a change; it establishes Li Ni’s existing ownership as a director and executive. It details her option grant, performance units, direct Class Z shares, and indirect Class Y shares, without reporting new transactions.