BILIBILI-W (09626) has completed the issuance of $500 million of convertible preferred notes and concurrently repurchased approximately $100 million of Class Z common stock.

Bilibili-W (09626) announced that it has completed the offering of its previously disclosed $500 million principal amount of convertible preferred notes maturing in 2031, along with the simultaneous repurchase of approximately $100 million of Class Z common stock. The company has also been informed by relevant financial institutions that it will assist several note investors in hedging through the simultaneous placement of borrowed Class Z common stock, which, together with the secondary placement of Class Z common stock conducted by a subsidiary of Tencent Holdings Limited (collectively referred to as "Tencent"), has been completed today. The additional $200 million principal amount of notes subscribed by Tencent and the companys repurchase of approximately $200 million of shares from Tencent will become effective only upon approval by independent shareholders at the company's special shareholder meeting and the fulfillment of other customary closing conditions.