Bilibili Inc. priced $700 million of zero-coupon convertible senior notes due September 15, 2031, finalizing an offering that includes a $200 million subscription by Tencent Holdings Limited through a subsidiary and $500 million sold to other investors. The notes have an initial conversion rate of 50.3374 Class Z ordinary shares per $1,000 principal amount, equivalent to a conversion price of about HK$155.79 per share, a 28.3% premium to Bilibili's September 4 Hong Kong closing price of HK$121.40. Bilibili also priced a concurrent equity placement at HK$115.38 per Class Z share, comprising 6,976,760 borrowed shares offered to support convertible-arbitrage hedging and 26,374,900 shares sold by Tencent. Bilibili will receive no proceeds from that equity placement and Tencent will receive the net proceeds from its secondary sale. The company plans to use note proceeds for concurrent repurchases, AI-driven growth and general corporate purposes. Its board authorized up to $300 million for repurchases, including 6,795,540 shares from the delta offering and 13,591,090 Tencent-held shares, subject to the closing conditions and shareholder approval required for the Tencent repurchase.