<div id="readability-page-1"><div>BILIBILI-W (09626.HK) -10.400 (-6.994%) Short selling $469.33M; Ratio 43.650% opened 2.49% lower today and once hit a trough of HKD138.1. It closed at HKD138.3 at midday, down 6.99%, with turnover of 6.0336 million shares, involving HKD852 million.Nomura issued a research report lowering the US share TP of Bilibili Inc. (BILI.US) from USD26 to USD22.5, while maintaining a Neutral investment rating. The broker said Bilibili Inc.'s 1Q revenue met expectations, driven by solid growth in its advertising business, while profit exceeded market forecasts by 11%. Guidance for 2Q revenue and operating profit was also in line with market expectations.Nomura noted that in view of near-term headwinds facing the gaming business and the ongoing investment cycle in artificial intelligence, it maintained a Neutral rating. The broker believes TENCENT (00700.HK) -7.800 (-1.714%) Short selling $1.26B; Ratio 14.510% and BABA-W (09988.HK) -3.800 (-2.881%) Short selling $1.52B; Ratio 17.599% offer better risk-reward profiles. At current prices, TENCENT corresponds to a forecast FY2026 PE ratio of about 14x, with more solid core businesses (advertising and gaming).Nomura kept its FY2026 earnings forecast for Bilibili Inc. largely unchanged, but cut its FY2027 EPS forecast by 12% to reflect lower assumptions for online gaming revenue and higher expected operating expenses due to increased AI investment. (ad/u)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-20 16:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

BILI

09626

BILIBILI-Wshares fell 6.99% to HKD138.3 after Nomura cut its target price for Bilibili Inc.from USD26 to USD22.5, maintaining a Neutral rating. The report noted strong 1Q revenue but highlighted near-term challenges in gaming and increased AI investment costs, leading to a 12% cut in FY2027 EPS forecast. Nomura suggests TENCENT and BABA-W present better risk-reward profiles.

- BILIBILI-W (09626.HK) opened 2.49% lower and closed at HKD138.3, down 6.99%, with significant short selling activity.  
- Nomura lowered the target price for Bilibili Inc. from USD26 to USD22.5 while maintaining a Neutral rating, citing strong 1Q revenue but acknowledging challenges in the gaming sector and rising AI investment costs.  
- TENCENT and BABA-W are presented as better investment options, with TENCENT's projected FY2026 PE ratio at approximately 14x due to its stable core businesses.

BILIBILI-W Nosedives 7% in Half Day as Nomura Cuts TP