Bilibili Inc. SEC Filings

Bilibili Inc. has called its annual general meeting for June 17, 2026 in Shanghai to vote on several governance items. Shareholders will consider re-electing three directors, renewing auditor appointments, and granting the Board a share issue mandate of up to 20% of issued shares and a repurchase mandate of up to 10%, based on 416,623,647 shares outstanding as of April 8, 2026. The meeting will also vote on adopting new articles of association to align with Hong Kong weighted voting rights rules and make housekeeping updates. Holders of ordinary shares and ADSs as of May 7, 2026 may vote, with ADS holders giving instructions through Deutsche Bank Trust Company Americas.

Bilibili Inc. reports its 2025 annual results and details the risks of operating as a Cayman holding company relying on VIEs in mainland China. The company generated 2025 revenue of RMB30.3 billion and recorded net profit of RMB1.19 billion after sizable losses in 2023 and 2024.

VIEs contributed 64.8% of 2025 revenue, and Bilibili highlights extensive regulatory risks in China, including foreign investment limits, data security, AI governance, and licensing for online video, live streaming and games. It also outlines HFCAA-related delisting risk, PRC cash-transfer constraints, and RMB9.5 billion of restricted net assets as of year-end 2025.

Bilibili Inc. reported routine share capital movements for March 2026. Issued Class Z WVR ordinary shares listed in Hong Kong increased by 1,886,035 to 336,923,637, reflecting 836,610 shares from option exercises and 1,049,425 shares from vested restricted share units.

Option exercises during the month raised USD 2,889,776.06. The company confirmed that the minimum 25% public float requirement for the relevant share class was met. Authorised share capital and outstanding convertible senior notes amounts remained unchanged, and no treasury shares were held or used.

Bilibili Inc. reported small changes in its share capital as Class Z ordinary shares were issued under employee share plans in March 2026. The company issued new WVR Class Z shares through option exercises and restricted share unit (RSU) vesting, including grants under its 2018 Share Incentive Plan and Global Share Incentive Plan.

Class Z shares outstanding (excluding treasury shares) increased from 335,037,602 as of 28 February 2026 to 335,944,265 as of 30 March 2026, while no treasury shares were recorded. One RSU vesting for 6,316 Class Z shares related to a director, with all other issuances to non-director participants.

Bilibili Inc. has granted 949,277 restricted share units (RSUs) to 102 employees under its Second Amended and Restated 2018 Share Incentive Plan. These RSUs represent 949,277 Class Z Ordinary Shares, or about 0.23% of total shares in issue on a one share one vote basis.

The RSUs are granted for no purchase price, with the market price of Class Z Ordinary Shares at HK$182.30 per share on the grant date. They vest between March 26, 2027 and March 26, 2032 and carry no additional performance targets, but are subject to clawback for causes such as termination for cause, certain criminal convictions, or serious misconduct.

After this grant, Bilibili may still grant awards representing 27,755,082 Class Z Ordinary Shares under the overall scheme limit, including 2,070,675 Class Z Ordinary Shares available for Service Providers. None of the grantees are directors, chief executives, substantial shareholders, or their associates.

Bilibili Inc. filed an initial insider ownership report for Li Feng, who is identified as a director of the company. This Form 3 does not list any reportable stock or derivative holdings and shows no insider transactions or option positions at the time of the filing.

Bilibili Inc. director Ding Guoqi has filed an initial Form 3, which is a required statement of beneficial ownership for new insiders. The data provided shows no reported transactions, with buy, sell, and derivative activity all listed as zero and overall net activity described as neutral.

Bilibili Inc. president and director Xu Yi filed an initial ownership report showing his current stakes in the company. He directly holds 45,000 Class Z Ordinary Shares and has indirect interests in 24,467,208 Class Y Ordinary Shares through Kami Sama Limited and The Homur Trust structure.

The filing also notes a Forward Sale Contract tied to Class Z Ordinary Shares, reflecting prepaid variable forward sale arrangements entered by Kami Sama to deliver up to 1,500,000, 400,000 and 1,000,000 American Depositary Shares, with related maturities in 2027. Each ADS represents one Class Z Ordinary Share.

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.