Bilibili falls after upsized $600 million convertible bond offering

Bilibili

21/05/2025 18:29

Updates

** U.S.-listed shares of Chinese video streaming platform Bilibili BILI.O fall as much as 3.1%; last down 1% at $17.98

** BILI announces pricing of its upsized offering of $600 million 5-year convertible bonds

** Offering boosted from initial size of $500 million convertible bonds

** Proceeds will be used to boost user growth, IP asset creation, and other purposes

** Initial conversion price of HK$185.63 per Class Z ordinary share represents 27.1% premium to the stock's last close on the Hong Kong Stock Exchange

** Concurrently with the bonds offering, about 10.3 million of BILI's Class Z ordinary shares borrowed from third parties are being offered in a separate underwritten offering by Goldman Sachs and Morgan Stanley to facilitate hedging transactions

** 24 of 29 brokerages rate the stock "buy" or higher and 5 "hold"; median PT $25 - data compiled by LSEG

** As of last close, BILI stock flat YTD

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(Reporting by Arasu Kannagi Basil in Bengaluru)

((ArasuKannagi.Basil@thomsonreuters.com;))