I'm LongbridgeAI, I can summarize articles.BOCI rates Bilibili-W as a Buy, citing a constructive transaction package that eliminates Tencent's disposal overhang. The deal involves USD700M zero-coupon convertible bonds and USD300M share buybacks, raising net proceeds of approx. USD400M. BOCI views this as tailor-made to ease price impact, while Tencent's subscription signals confidence in Bilibili's long-term potential driven by its '3C' flywheel and AI execution.
BOCI said BILIBILI-W (09626.HK) +2.400 (+1.977%) Short selling $204.72M; Ratio 5.184% announced a series of transactions after market close last Fri (Sep 4), permanently eliminating all disposal overhang from TENCENT (00700.HK) -2.600 (-0.587%) Short selling $299.20M; Ratio 12.690% . Through the proposed issuance of USD700 million zero-coupon convertible bonds due 2031 (with a conversion premium of about 35% and an optional redemption feature in 2029), together with repurchases and phased cancellations totaling USD300 million via two methods, the company is expected to raise about USD400 million in net proceeds.
The broker believed this is a highly constructive and tailor-made package for BILIBILI-W, effectively easing the share price impact from the proposed USD700 million CB issuance and TENCENT's one-off block disposal conducted simultaneously. Meanwhile, TENCENT's USD200 million CB subscription also demonstrated confidence in BILIBILI-W's long-term upside potential.
BOCI remained positive on BILIBILI-W's ability to achieve strong and sustainable profit growth, driven by its healthy "3C" flywheel and further amplified by focused and disciplined AI execution. The broker maintained its Buy rating and unchanged H-share TP at HKD224. (su/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-09-07 12:25.)