Bilibili Inc. reporting persons XU Yi and Kami Sama Limited each filed an amendment to a Schedule 13G disclosing beneficial ownership of Class Z ordinary shares. The filing states XU Yi beneficially owns 27,412,208 shares (representing 6.6% of the class) and Kami Sama Limited beneficially owns 27,367,208 shares (also 6.6% of the class), based on 80,700,010 Class Y and 332,615,891 Class Z shares outstanding as of September 26, 2025. The filing explains that Kami Sama Limited is controlled by The Homur Trust, of which Mr. Xu is settlor and has the power to direct the trustee regarding the shares. The filing also reports aggregate voting power for XU Yi and Kami Sama Limited of 22.4% and 22.3%, respectively, reflecting Class Y shares carrying ten votes each and Class Z shares carrying one vote each.
Positive
Clear disclosure of beneficial ownership levels for both reporting persons with precise share counts
Explicit explanation of the trust and control structure (The Homur Trust and TMF (Cayman) Ltd.) clarifying who directs voting and disposition
Voting power quantified for both reporting persons (22.4% for XU Yi and 22.3% for Kami Sama Limited), reflecting class voting differences
Negative
None.
Insights
TL;DR Disclosure shows meaningful ownership and voting influence by related parties but no financial results are reported.
The amendment provides transparent disclosure of beneficial ownership and voting power. Holding roughly 6.6% of Class Z shares while controlling substantial aggregate voting power via Class Y shares indicates concentrated voting influence without a change to operational results. The filing cites exact share counts and the trust structure that gives Mr. Xu direction over Kami Sama Limited's holdings, which is important for assessing control and potential governance outcomes. No transactions, purchases, sales, or changes in holdings other than the reported amounts are described in the document.
TL;DR The filing clarifies control relationships and voting power allocation relevant to shareholder governance.
The disclosure identifies The Homur Trust and TMF (Cayman) Ltd. as trustee and explains Mr. Xu's authority to direct voting and disposition of shares held by Kami Sama Limited, subject to narrow exceptions. This detail is material for governance analysis because it clarifies who effectively controls the votes attached to the shares. The filing does not disclose a change in control event, contested actions, or other governance disputes; it is a routine ownership amendment that documents existing arrangements.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(Amendment No. 3)
Bilibili Inc.
(Name of Issuer)
Class Z ordinary shares, par value US$0.0001 per share
(Title of Class of Securities)
G10970112
(CUSIP Number)
09/26/2025
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
G10970112
1
Names of Reporting Persons
XU Yi
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CHINA
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
25,512,208.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
27,412,208.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
27,412,208.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: Notes to Rows 5, 7, 9 and 11: See Item 4.
SCHEDULE 13G
CUSIP No.
G10970112
1
Names of Reporting Persons
Kami Sama Limited
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
VIRGIN ISLANDS, BRITISH
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
25,467,208.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
27,367,208.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
27,367,208.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
6.6 %
12
Type of Reporting Person (See Instructions)
CO
Comment for Type of Reporting Person: Notes to Rows 5, 7, 9 and 11: See Item 4.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Bilibili Inc.
(b)
Address of issuer's principal executive offices:
Building 3, Guozheng Center, No. 485 Zhengli Road, Yangpu District, Shanghai, 200433, People's Republic of China.
Item 2.
(a)
Name of person filing:
XU Yi and Kami Sama Limited (collectively, the "Reporting Persons")
(b)
Address or principal business office or, if none, residence:
The address of the Reporting Persons is c/o Building 3, Guozheng Center, No. 485 Zhengli Road, Yangpu District, Shanghai, 200433, People's Republic of China.
(c)
Citizenship:
XU Yi is a citizen of the People's Republic of China. Kami Sama Limited is a British Virgin Islands company.
(d)
Title of class of securities:
Class Z ordinary shares, par value US$0.0001 per share
(e)
CUSIP No.:
G10970112
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
The information required by Item 4(a) is set forth in Row 9 of the cover page for each Reporting Person and is incorporated herein by reference.
(b)
Percent of class:
The information required by Item 4(b) is set forth in Row 11 of the cover page for each Reporting Person and is incorporated herein by reference.
The percentage of class of securities beneficially owned by each Reporting Person is based on 80,700,010 Class Y ordinary shares and 332,615,891 Class Z ordinary shares of the Issuer outstanding as of September 26, 2025, based on the information provided by the Issuer.
The percentage of aggregate voting power for XU Yi and Kami Sama Limited, was 22.4% and 22.3%, respectively.
For each Reporting Person, the percentage of aggregate voting power is calculated by dividing the voting power beneficially owned by such Reporting Person by the voting power of all of the Issuer's Class Z and Class Y ordinary shares as a single class. Each holder of Class Z ordinary shares is entitled to one vote per share and each holder of Class Y ordinary shares is entitled to ten votes per share on all matters submitted to them for a vote.
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
The information required by Item 4(c)(i) is set forth in Row 5 of the cover page for each Reporting Person and is incorporated herein by reference.
XU Yi: Represents (i) 25,467,208 Class Y ordinary shares directly held by Kami Sama Limited, a business company limited by shares incorporated in British Virgin Islands, and (ii) 45,000 Class Z ordinary shares in the form of ADSs held by Mr. Xu. Kami Sama Limited is controlled by The Homur Trust, a trust established under the laws of Cayman Islands and managed by TMF (Cayman) Ltd. as the trustee. Mr. Yi Xu is the settlor of The Homur Trust, and Mr. Xu and his family members are the trust's beneficiaries. Under the terms of this trust, Mr. Xu has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to, the shares held by Kami Sama Limited in the Issuer, and, except for Mr. Xu, the other beneficiaries of the trust have no voting rights attached to such shares. There are certain limited circumstances in which the trustee would not be required to comply with such a direction (for example, where a direction may make the trustee subject to criminal sanction or civil liability or where a direction involves a transaction which might have an adverse impact on the reputation of the trustee). The above position would also not apply if Mr. Xu is incapacitated, has released his authority or nominated another person to have such authority in his place.
Kami Sama Limited: Represents 25,467,208 Class Y ordinary shares held by Kami Sama Limited, a British Virgin Islands company.
(ii) Shared power to vote or to direct the vote:
The information required by Item 4(c)(ii) is set forth in Row 6 of the cover page for each Reporting Person and is incorporated herein by reference.
(iii) Sole power to dispose or to direct the disposition of:
The information required by Item 4(c)(iii) is set forth in Row 7 of the cover page for each Reporting Person and is incorporated herein by reference.
XU Yi: Represents (i) 25,467,208 Class Y ordinary shares and 1,900,000 Class Z ordinary shares directly held by Kami Sama Limited, a business company limited by shares incorporated in British Virgin Islands, and (ii) 45,000 Class Z ordinary shares in the form of ADSs held by Mr. Xu. Kami Sama Limited is controlled by The Homur Trust, a trust established under the laws of Cayman Islands and managed by TMF (Cayman) Ltd. as the trustee. Mr. Yi Xu is the settlor of The Homur Trust, and Mr. Xu and his family members are the trust's beneficiaries. Under the terms of this trust, Mr. Xu has the power to direct the trustee with respect to the retention or disposal of, and the exercise of any voting and other rights attached to, the shares held by Kami Sama Limited in the Issuer, and, except for Mr. Xu, the other beneficiaries of the trust have no voting rights attached to such shares. There are certain limited circumstances in which the trustee would not be required to comply with such a direction (for example, where a direction may make the trustee subject to criminal sanction or civil liability or where a direction involves a transaction which might have an adverse impact on the reputation of the trustee). The above position would also not apply if Mr. Xu is incapacitated, has released his authority or nominated another person to have such authority in his place.
Kami Sama Limited: Represents 25,467,208 Class Y ordinary shares and 1,900,000 Class Z ordinary shares held by Kami Sama Limited, a British Virgin Islands company.
(iv) Shared power to dispose or to direct the disposition of:
The information required by Item 4(c)(iv) is set forth in Row 8 of the cover page for each Reporting Person and is incorporated herein by reference.
Item 5.
Ownership of 5 Percent or Less of a Class.
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
Not Applicable
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
What percentage of BILI Class Z shares does XU Yi beneficially own?
The filing states XU Yi beneficially owns 27,412,208 shares, representing 6.6% of the Class Z ordinary shares.
How much voting power do the reporting persons hold in BILI?
The filing reports aggregate voting power of 22.4% for XU Yi and 22.3% for Kami Sama Limited, counting Class Y shares at ten votes each and Class Z shares at one vote each.
What is the relationship between Kami Sama Limited and XU Yi?
Kami Sama Limited is controlled by The Homur Trust, for which Mr. Xu is the settlor; Mr. Xu has the power to direct the trustee regarding retention, disposition, and voting of the shares held by Kami Sama Limited.
On what share counts are the ownership percentages based?
Percentages are based on 80,700,010 Class Y ordinary shares and 332,615,891 Class Z ordinary shares outstanding as of September 26, 2025, per the filing.
Does the filing disclose any purchases or sales of BILI shares?
No. The amendment reports beneficial ownership and control details but does not disclose any specific purchases or sales.
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