Bilibili (9626.HK) fell 3.3% during Hong Kong trading to HK$129.40.
The stock has been under pressure despite a broadly higher market in Hong Kong on Thursday, with shares touching an intraday low of HK$129.10 — the weakest level in about a month.
The decline comes with no clear near-term catalyst. Investors are watching Bilibili's foray into interactive content: the company is testing a new platform called Toy, which has already logged more than 8.5 million interactions. Bilibili joins peers Kuaishou, Xiaohongshu and Douyin in the emerging interactive-content space.