MS#TENCTRP2811B(63359.HK)

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TikTok Owner ByteDance Is Reportedly Offering AI Staff A Sweet Deal As Talent War Heats Up

benzinga_article·
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benzinga_article·
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SpaceX Files Prospectus; TSLA's Supervised FSD to Enter China | Daily News Recap

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Yesterday, the shares recorded in Hong Kong's CCASS for $Bilibili(BILI.US) rose from 282mn to 308mn, a net add of 26.29mn. Typically, major shareholder sell-downs, placements/pledges, or equity award vesting result in paper certificates being moved into CCASS to facilitate secondary or block trades. This transfer-in is sizable, equal to 6.3% of Bilibili's total shares outstanding. If the shares came from a single holder, Tencent is the most likely source given current ownership. Post-trim, Tencent's stake would drop from 10.5% to 4.2%, raising nearly $500mn. This is somewhat unexpected to Dolphin Research. Tencent does not lack that $500mn, and if used for buybacks, at the current ~HK$500mn pace it would only cover a few days. Besides, Bilibili still has strategic value as a broad entertainment and AI distribution channel. On the other hand, if Tencent is focused even on proceeds from trimming Bilibili, could other seemingly more 'valuable' assets also be up for sale? In the coming days, Dolphin Research will revisit $TENCENT(00700.HK)'s portfolio to flag assets with higher disposal risk, and will re-run its cash-flow analysis to size this year's budget for capex and buybacks. For Bilibili, near term it will need to digest negative sentiment and ease pressure from a rich valuation. But the trajectory of marginal fundamental improvement from 2H should remain intact.

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BABA launches in-house AI chip 'Zhenwu M890'; NVDA invests $2 bn in MRVL | Daily News Recap

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BILI: Sell-down False Alarm, Margin Erosion? Games to the Rescue.

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BILI: Sell-down scare overblown? Gaming to the rescue

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BILI 1Q26 First Take: Q1 results were broadly in line. Ads, one of the two core pillars, beat expectations. That said, Dolphin Research is slightly disappointed that MAUs rose by only ~10 mn QoQ during a seasonal peak, below last year, which may reflect calendar shifts around CNY and school holidays; we will look for color on the call. 1) Total revenue was RMB 7.5 bn (+6.7% YoY). Ads did the heavy lifting. (1) Ads were the standout, accelerating to nearly +30% YoY, helped by robust AI and game advertiser demand amid heightened competition. Q1 saw a race for AI entry points, and BILI, a mainstream channel for AI app performance marketing, naturally benefited. Ad load still has room to rise, and the platform recently added a new slot — pause ads. (2) Games declined 12% YoY on a high base. Q1 was driven by the HK/Macau/Taiwan launch of 'Sanmou', which targets smaller markets and tracked stably. With 'Three Kingdoms: Hundred-Battle Cards' planned for end-Q2 and two more titles in 2H, the new-game cycle is approaching. (3) VAS grew 3.7% YoY, pressured by live-streaming, and premium members declined QoQ. IP-led DTC commerce continued to contract, down 4% YoY and below expectations. That said, the segment is small, so the overall impact is limited. 2) OP came in at RMB 170 mn with a 2.2% OPM. Q1 margins typically dip QoQ on e-commerce off-season effects on ads, heavier marketing, and annual bonus payouts, but this quarter’s sequential decline was steeper than usual. The key difference is increased AI investment, with R&D reversing three years of tightening (mainly from game R&D cuts) to grow 9% YoY this quarter. 3) BILI repurchased 2.5 mn shares in Q1 for $60 mn at an avg $24. The 2-yr $200 mn buyback authorized in 2024 has been completed as of quarter-end. Net cash stood at RMB 19.3 bn (~$2.8 bn), leaving ample room for further buybacks; watch for management’s roadmap on shareholder returns on the call. The market was rattled two days ago by Tencent’s plan to sell high-valuation investment assets to fund its own buybacks, which sent its shares lower. Tencent holds about 10% of BILI. $Bilibili(BILI.US) $BILIBILI-W(09626.HK)

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JD 618 Kicks Off Low-Price Deals; Tencent Speeds Up AI Monetization | Daily News Recap

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Xiaomi YU7 GT launches Thu; Li Auto L9 misses ests., shares plunge | Daily News Recap

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GuoSen Sticks to Its Buy Rating for Tencent Holdings (TCTZF)

Tip Ranks·
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Tip Ranks·
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