Chinese video streaming platform Bilibili said on Friday it was proposing to carry out offerings of $700 million in aggregate of convertible senior notes due 2031 to fund share repurchases alongside AI-driven growth.
As part of the offering, technology giant Tencent would subscribe for $200 million of the notes.
Bilibili also plans to repurchase up to $300 million of its shares, including $200 million from Tencent through its subsidiaries.
The Shanghai-based company said the remaining proceeds would be used for AI-related initiatives, including content recommendation, content creation and user engagement, as well as for general corporate purposes.
Bilibili is considering taking advantage of the current environment to raise capital on attractive terms for its repurchases as well as strengthening its AI capabilities, the company said in an exchange filing.
Reuters
