HK Stock Market Move | BILIBILI-W (09626) rises by over 5%; "Three Kingdoms: Hundred Generals" scheduled for testing in October, institutions optimistic about its business growth potential.

BILIBILI-W (09626) rose by more than 5%, as of the time of publication, it rose by 5.23% to 209.2 Hong Kong dollars, with a turnover of 355 million Hong Kong dollars. On the news front, on September 10, Bilibili announced a new strategic competitive card game "Three Kingdoms: Hundred Generals". At the same time, the game has started pre-registration, and the first round of public testing will begin in October. As the second Three Kingdoms themed game published by Bilibili, "Hundred Generals" is a new asynchronous casual competitive card game. Goldman Sachs recently pointed out that Bilibili participated in the Goldman Sachs Asia Pacific Leaders Forum, where the company mentioned that "Three Kingdoms: Hundred Generals" is a non-asymmetric strategic casual card game. The management expects it to become a big hit with daily active users (DAU) reaching million levels. It will be officially launched during the Spring Festival of 2026. Guosen believes that the company's community and user advantages are significant, and it is still in the early stages of commercialization. With the support of new technologies such as AI, there is good growth space for games, advertising, and value-added services. Open Source Securities believes that games are the next innovative drug. The company pointed out that games and innovative drugs share similarities in their advantages: 1) high second-order derivative of profit during performance realization period, rapid increase in revenue and profit due to accumulation of pipeline/projects in the early stage; 2) relatively low fund positions, with potential for significant increase. Q2 fund overallocation ratio is 0.18%.