We advised Bilibili Inc. on its US$700 million offering of convertible senior notes due 2031, together with concurrent equity placement and share repurchases.
Our team, led by Investment Funds & Corporate partner Mark Cummings and supported by senior associate Beverly Lui, advised on all Cayman Islands law aspects of the transaction, including the convertible notes offering, the concurrent delta placement and the share repurchases.
Helping technology companies fund future growth and innovation
Headquartered in Shanghai, Bilibili Inc. (NASDAQ: BILI; HKEX: 9626) is an iconic brand and a leading video community for young generations in China.
The financing comprised a US$500 million marketed notes offering and a US$200 million note subscription by a subsidiary of Tencent Holdings Limited.
As technology companies continue to invest in innovation and AI, convertible financings can provide a flexible way to manage the relationship between capital access, dilution and long-term growth. Commenting on this transaction, Mark said: ‘In this transaction, the marketed convertible notes offering was paired with a concurrent equity placement and share repurchases, giving Bilibili a way to balance dilution, liquidity and execution certainty while supporting investment in AI-led growth. That combination reflects the range of financing tools available to dual-listed technology companies and we have the capability to support them.'
Beverly added: ‘On transactions of this kind, keeping the notes, equity and repurchase components on track requires close coordination with the broader adviser group. We worked closely with Bilibili and the other advisers to address the relevant Cayman Islands law matters across each component of the financing.'
Trusted legal counsel on complex capital markets transactions
Whether raising capital for growth, investment or other strategic priorities, clients rely on us for clear, commercially focused advice. We advise clients and their advisers on complex cross-border capital markets transactions involving Cayman Islands, British Virgin Islands, Bermuda, Guernsey, Ireland and Jersey law, including multi-tranche financings that combine debt, equity and strategic investment.