---
type: "Topics"
locale: "en"
url: "https://longbridge.com/en/topics/100000000887185.md"
description: "$TENCENT(00700.HK)$BILIBILI-W(09626.HK)🔄 Tencent’s Bilibili Exit: Capital Recycling in ActionTencent’s near-total divestment from Bilibili is not about a sudden profit windfall, it is a smart capital discipline.📉 Actually Not a big gain but small losses 😔The stake is marked to market, so quarterly profit impact is negligible. Sale price HK$115.38 was below the June valuation (~HK$131.70), leading to an estimated US$84M–US$98M loss ( just ~1% of one quarter’s net profit, immaterial for Tencent ). 🎯 The real strategy: capital recycling• Converts minority stake into US$393M net cash to fund AI growth, buybacks and dividends.• Takes US$200M in convertible notes: downside protection, plus upside if Bilibili tops HK$155.79.• It is a repositioning and not a split. Tencents is still partner with Bilibili but capital goes where it matters most now.A masterclass in financial agility: prioritizing liquidity and focus over short-term optics. ✅️Refer to the infographic for more information ☺️☺️Not financial advice. Do your own DD ☺️."
datetime: "2026-09-05T12:58:44.000Z"
locales:
  - [en](https://longbridge.com/en/topics/100000000887185.md)
  - [zh-CN](https://longbridge.com/zh-CN/topics/100000000887185.md)
  - [zh-HK](https://longbridge.com/zh-HK/topics/100000000887185.md)
author: "[Fattycat](https://longbridge.com/en/profiles/19854884.md)"
generator: "portal-rs"
---

# $TENCENT(00700.HK)$BILIBILI-W(09626.HK)🔄 Tencent’s…


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> **Disclaimer: This article is for reference only and does not constitute any investment advice.**