Bilibili grants 4M RSUs to COO Li Ni

Bilibili granted Vice Chairwoman and COO Li Ni 4 million RSUs vesting over four years.

Rhea-AI Filing Summary

Bilibili Inc. (symbol: BILI) is the issuer of record for a Form 4 filing submitted to the SEC. Li Ni reported acquisition or exercise transactions in this Form 4 filing.

Bilibili Inc. (BILI) reported that director and Vice Chairwoman and COO Li Ni received an equity grant in the form of 4,000,000 restricted share units (RSUs) on September 16, 2026. The RSUs vest over a four-year period, and each RSU represents one Class Z ordinary share, resulting in reported direct holdings of 4,000,000 Class Z ordinary shares after the grant.

Insider Trade Summary

Grant/Award: 4,000,000 shares

Grant/Award 1 txn

Insider Li Ni

Role Vice Chairwoman and COO

Type	Security	Shares	Price	Value
Grant/Award	Class Z ordinary shares F1	4,000,000	$0.00	$0.00

Holdings After Transaction: Class Z ordinary shares — 4,000,000 shares (Direct)

Footnotes (1)

1. F1. Represents 4,000,000 restricted share units (RSUs) granted on September 16, 2026, the vesting period of which is four years. Each RSU represents a contingent right to receive one Class Z ordinary share of the Issuer.

Key Figures

RSUs granted: 4,000,000 restricted share units Transaction date: September 16, 2026 Vesting period: 4 years +2 more

5 metrics

RSUs granted 4,000,000 restricted share units Equity award to Li Ni on September 16, 2026

Transaction date September 16, 2026 Grant date of 4,000,000 RSUs to Li Ni

Vesting period 4 years Vesting period for Li Ni’s RSU grant

Shares represented per RSU 1 Class Z ordinary share per RSU Each RSU converts into one Class Z ordinary share upon vesting

Shares held after transaction 4,000,000 Class Z ordinary shares Direct holdings reported for Li Ni following the grant

Key Terms

restricted share units (RSUs), Class Z ordinary shares, vesting period

3 terms

restricted share units (RSUs) financial

"Represents 4,000,000 restricted share units (RSUs) granted on September 16, 2026"

Restricted share units (RSUs) are a form of employee pay where a company promises to give shares (or their cash value) to workers after certain conditions, usually time or performance, are met. For investors, RSUs matter because they can increase the number of shares outstanding and signal how management is being paid and incentivized—think of them as delayed bonuses that convert into ownership when vesting conditions are satisfied.

Class Z ordinary shares financial

"Each RSU represents a contingent right to receive one Class Z ordinary share"

Class Z ordinary shares are a labeled category of common stock whose specific rights—such as voting power, dividend claims, transfer rules or conversion features—are set by the issuing company’s governing documents. For investors, the label alone doesn’t guarantee particular privileges: the exact economic and control effects depend on the company’s rules, so understanding those terms is like checking which keys on a key ring open which doors before deciding which key to buy.

vesting period financial

"the vesting period of which is four years"

A vesting period is the set amount of time someone must wait before they fully own granted shares, stock options, or other equity tied to their work or an agreement; ownership increases gradually or in steps during that time. Investors care because vesting determines when insiders or employees can sell shares, which affects future supply of stock, company incentives and executive retention—think of it like unlocking ownership over installments rather than receiving it all at once.

FAQ

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

What insider transaction did Bilibili Inc. (BILI) report for Li Ni?

The company reported a grant of 4,000,000 restricted share units (RSUs) to Li Ni on September 16, 2026, as an equity award. Each RSU represents a contingent right to receive one Class Z ordinary share of Bilibili Inc.

What type of shares are covered by Li Ni’s new award at BILI?

The award covers Class Z ordinary shares of Bilibili Inc. Each restricted share unit (RSU) represents a contingent right to receive one Class Z ordinary share upon vesting, according to the grant terms disclosed.

How many RSUs did BILI grant to Li Ni and when?

Bilibili Inc. granted 4,000,000 restricted share units (RSUs) to Li Ni on September 16, 2026. The filing describes this as a grant or award acquisition of Class Z ordinary shares through RSUs.

What is the vesting schedule of Li Ni’s RSU grant at BILI?

The 4,000,000 restricted share units (RSUs) granted to Li Ni have a four-year vesting period. The RSUs vest over four years, and each vested RSU entitles her to receive one Class Z ordinary share of Bilibili Inc.

What are Li Ni’s reported BILI holdings after this transaction?

After the grant, Li Ni is reported to directly hold 4,000,000 Class Z ordinary shares through the RSUs. The Form 4 lists total shares following the transaction as 4,000,000 Class Z ordinary shares held directly.

Was Li Ni’s BILI RSU grant made under a Rule 10b5-1 trading plan?

No. The filing’s Rule 10b5-1 checkbox is not checked, and there is no footnote indicating that the 4,000,000 RSU grant to Li Ni was made under a Rule 10b5-1 trading plan.

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

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Available on EDGAR 09/18/2026 - 06:04 AM Accepted by SEC EDGAR 09/18/2026 - 06:03 AM Learn about SEC filing dates

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

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 200433

(City) (State) (Zip)

CHINA

(Country)

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

5. 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

2a. Foreign Trading Symbol
[HKEX: 9626]

3. Date of Earliest Transaction (Month/Day/Year)
09/16/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class Z ordinary shares(1)	09/16/2026		A		4,000,000	A	$0	4,000,000	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Represents 4,000,000 restricted share units (RSUs) granted on September 16, 2026, the vesting period of which is four years. Each RSU represents a contingent right to receive one Class Z ordinary share of the Issuer.

	/s/ Ni Li	09/18/2026
	** 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 4 (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.
* Form 4: SEC 1474 (03-26)