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BILI · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Bilibili Inc. American Depositary Shares (BILI) stock moving?
No news articles about Bilibili were published in the past 14 days, so the assessment rests on three company filings and the price data. The main event is the Tencent transaction, which closed on Nov 5: Bilibili took in US$200 million in convertible notes and paid US$200 million to buy back Class Z shares from Tencent. The two legs roughly offset in cash, and the convertible notes carry future dilution risk. The shares rose from a 12.68 close on Oct 30 to a 14.66 close on Nov 6, about 16%, then eased to 14.24 on Nov 10. Volume spiked on Nov 2 and Nov 5 at about 5.6 million shares each, and then fell to 1.76 million on Nov 10, which suggests the rally is losing momentum. The recent trading range is roughly 14.17 to 14.78. The next scheduled catalyst is the Q3 2026 earnings release on Nov 24, which falls outside the 7-day window and will decide the medium-term direction.
News behind the analysis
- Completion of the Tencent Notes Subscription and the Concurrent Tencent RepurchaseTencent's US$200 million notes subscription and Bilibili's US$200 million repurchase of Class Z shares and ADSs from Tencent closed on Nov 5, 2026, after Hong Kong trading hours. The notes are convertible, so conversion would dilute existing holders.
- FF301 Monthly Return for Equity Issuer on Movements in Securities, month ended 31 October 2026Monthly filing showing Class Z ordinary shares rose by 3,052 to 340,437,788 issued shares in October, with no change in authorised share capital. The change is immaterial.
- Date of Board Meeting and Date of Publication of Third Quarter 2026 Earnings AnnouncementThe board will approve unaudited Q3 2026 results on Nov 24, 2026, with the announcement at about 6:00 p.m. Hong Kong time and an earnings call at 8:00 p.m. the same day.
About Bilibili Inc. American Depositary Shares
Bilibili is a Shanghai-based online video platform popular with young people in China. It started as a community for anime, comics and gaming fans, and it is known for its 'bullet comments' that scroll across videos, its user-made content and a very engaged audience: about 117 million daily users spending close to 2 hours a day in mid-2026. Its shares trade on Nasdaq as ADRs and also in Hong Kong (9626).
How it makes money
Bilibili earns revenue in three main ways. Advertising is now its largest source, at roughly 40% of revenue in Q2 2026, and it has grown more than 20% a year for many quarters. Value-added services are another large share: premium memberships (about 26 million), live-streaming tips and other paid content. The rest comes mainly from mobile games, which shrank about 14% year over year in Q2 2026, plus IP merchandise and other items. Quarterly revenue was about RMB 7.9 billion (roughly US$1.2 billion) in Q2 2026, and the company has recently become profitable.
What usually moves BILI
- Advertising growth and Chinese ad-market conditions
- Hit or flop mobile game launches
- User growth, time spent and paid memberships
- Profitability and margin trends
- China regulation, US–China relations and ADR delisting risk