哔哩哔哩美股招股说明书(2023-01-09版)

424B51d428018d424b5.htm424(B)(5) TableofContents FiledPursuanttoRule424(b)(5)RegistrationNo.333-269158 Theinformationinthispreliminaryprospectussupplementisnotcompleteandmaybechanged.Thispreliminaryprospectussupplementisnotanoffertosellthesecuritiesorasolicitationofanoffertobuythesecuritiesinanyjurisdictionwheretheofferorsaleisnotpermitted. SUBJECTTOCOMPLETION,DATEDJanuary9,2023 PreliminaryProspectusSupplement(toProspectusdatedJanuary9,2023) 15,344,000AmericanDepositarySharesRepresenting15,344,000ClassZOrdinaryShares BilibiliInc. WeplantoenterintoanequityunderwritingandnotesexchangeagreementwithGoldmanSachs(Asia)L.L.C.(“GoldmanSachs”),pursuanttowhichweproposetoissue15,344,000Americandepositaryshares,orADSs,eachrepresentingoneClassZordinaryshare,parvalueUS$0.0001pershare,partiallyinexchangefor(the“notesexchange”)anaggregateprincipalamountofatleastUS$269.3millionofouroutstanding0.50%convertibleseniornotesdueDecember2026(the“Notes”)tobepurchasedbyGoldmanSachsthroughprivatenegotiationsfromcertainholdersoftheNotes(the“exchangenotes”).SuchADSsarebeingregisteredherebyinconnectionwiththeoffersandsalesofsuchADSsbyGoldmanSachsattheofferingpricespecifiedbelow.Concurrentlywiththeofferingof15,344,000ADSs,GoldmanSachsanditsapplicableaffiliate(s),asdulyengagedandauthorizedbyus,plantoenterintoseparateandindividuallynegotiatedagreementswithcertainholdersoftheNotestopurchasetheexchangenotesfromsuchholdersforcash(the“notespurchase”).Thenetproceedsofthisofferingwillbeused,asapartofourcomprehensiveliabilitymanagementexercise,(i)byGoldmanSachstofundtheaggregatepurchasepriceoftheexchangenotespayablebyGoldmanSachstotheholdersofsuchexchangenotesand(ii)totheextentthereisanyexcess,byustoreplenishourcashreserveafterourrepurchasesofcertainconvertibleseniornotesinthefourthquarterof2022andforotherworkingcapitalpurposes.Theclosingofeachofthenotesexchangeandnotespurchaseiscontingentupontheclosingofthisofferingpursuanttothetermsoftheequityunderwritingandnotesexchangeagreement. OurADSsarelistedonTheNasdaqGlobalSelectMarketunderthesymbol“BILI.”ThelastreportedsalepriceofourADSsonTheNasdaqGlobalSelectMarketonJanuary6,2023wasUS$28.65perADS.OurClassZordinarysharesarelistedontheHongKongStockExchangeunderthestockcode“9626.”OnJanuary6,2023,thelastreportedtradingpriceoftheClassZordinarysharesontheHongKongStockExchangewasHK$220.00pershare,orUS$28.03perADSbasedonanexchangerateofHK$7.8498toUS$1.00.OuroutstandingsharecapitalconsistsofClassZordinarysharesandClassYordinaryshares.HoldersofClassZordinarysharesandClassYordinaryshareshavethesamerightsexceptforvotingandconversionrights.EachClassZordinaryshareisentitledtoonevote,andisnotconvertibleintoClassYordinarysharesunderanycircumstances.EachClassYordinaryshareisentitledtotenvotes,subjecttocertainconditions,andisconvertibleintooneClassZordinaryshareatanytimebytheholderthereof. InvestingintheADSsinvolvesrisk.See“RiskFactors”beginningonpageS-27ofthisprospectussupplementforadiscussionofcertainrisksthatyoushouldconsiderinconnectionwithaninvestmentintheADSs. PRICEUS$PERADS PerA DSTotal Offerprice $ $ Sellingcommissions $$ Netproceedstous(beforeexpenses) $ $ GoldmanSachswillbeentitledtoasellingcommissionof%oftheofferpriceperADSsold.InconnectionwiththesalesoftheADSs,GoldmanSachsmaybedeemedtobean“underwriter”withinthemeaningoftheSecuritiesAct,andthecompensationofGoldmanSachsmaybedeemedtobeunderwritingcommissions.ThetotalnetproceedsoftheofferingoftheADSswillbe US$,afterdeductingsellingcommissions.Suchnetproceeds,inpart,willbeusedbyGoldmanSachstofundtheaggregatepurchasepriceoftheexchangenotespayabletotheholdersofsuchexchangenotes.Theremainingnetproceeds,ifany,willbeusedbyustoreplenishourcashreserveafterourrepurchasesofcertainconvertibleseniornotesinthefourthquarterof2022andforotherworkingcapitalpurposes. BilibiliInc.isnotaChineseoperatingcompanybutaCaymanIslandsholdingcompanywithnoequityownershipinitsVIEs.WeconductouroperationsprimarilythroughourPRCsubsidiaries,theVIEsandtheirsubsidiariesinChina.PRClawsandregulationsprohibitforeigninvestmentininternetculturalbusiness(exceptformusic),theinternetaudio-visualprogrambusiness,theradioandtelevisionprogramproductionandoperationbusiness,andtheproductionofaudio-visualproductsand/orelectronicpublications. Accordingly,weoperatethesebusinessesinChinathroughtheVIEs,andrelyoncontractualarrangementsamongourPRCsubsidiaries,theVIEsandtheirshareholders,asapplicable,tocontrolthebusinessoperationsoftheVIEs.RevenuescontributedbytheVIEsaccountedfor97.2%,86.0%and74.5%ofourtotalrevenuesfortheyearsof2019,2020and2021,respectively.Asusedinthisprospectussupplement,“Bilibili”referstoBilibiliInc.,ourCaymanIslandsholdingcompany;“we,”“us,”“ourcompany”and“our”referstoBilibilianditssubsidiaries;and,inthecontextofdescribingouroperationsandconsolidatedfinancialinformation,theVIEsandtheirsubsidiariesinChina(collectivelyreferredtoasconsolidatedaffiliatedentities),includingbutnotlimitedto,ShanghaiHodeInformationTechnologyCo.,Ltd.andShanghaiKuanyuDigitalTechnologyCo.,Ltd. Ourcorporatestructureissubjec