Latham Advises on Bilibili’s US$690 Million Convertible Senior Notes Offering and Registered Equity Offering for Concurrent Hedging

Latham & Watkins has advised the initial purchasers on the upsized offering pursuant to Rule 144A under the US Securities Act of US$690 million in aggregate principal amount of convertible senior notes due 2030 by Bilibili Inc. (Bilibili), a leading video community for young generations in China. Concurrently with the Rule 144A offering of the notes, Goldman Sachs & Co. LLC and Morgan Stanley Asia Limited, each acting severally on behalf of itself and its affiliates as underwriters, offered, in a separate SEC-registered offering, 10,281,240 shares of Bilibili’s Class Z ordinary shares borrowed from third parties, to facilitate hedging transactions by some of the initial investors in the notes.

The Latham team was led by Hong Kong corporate partner Posit Laohaphan, New York counsel Polina Tulupova, and Hong Kong counsel Eric Yiu, with Hong Kong partners Benjamin Su and Mandy Wong, Hong Kong associates Christine Lo, Nicole Fu, and Jovi Cheng, New York associate Adam Zhang, and Hong Kong senior paralegal Lily Mak. Advice was also provided on tax matters by New York partner Elena Romanova, with Washington, D.C. associate Shiyi Parsons.