The 0.5% convertible senior notes are due 2026

Davis Polk advised the initial purchasers in connection with an offering by Bilibili of $1.6 billion aggregate principal amount of its 0.5% sustainable convertible senior notes due 2026, including a fully exercised option to purchase $200 million of additional notes, pursuant to Rule 144A under the Securities Act of 1933, as amended.

Bilibili is a full-spectrum video community that offers a wide array of content serving young generations’ diverse interests. It has built its community around aspiring users, high-quality content, talented content creators and the strong emotional bond among them. Bilibili is dual-listed in both Hong Kong and the United States.

This offering marked the first ESG convertible bond offering by a United States listed Asian TMT issuer, and the largest convertible notes offering by a China-based issuer in 2021.

The Davis Polk corporate team included partner Li He, counsel – registered foreign lawyer Kevin Zhang and registered foreign lawyer Yin Wu. The equity derivatives team included partners John M. Brandow and Yan Zhang and associate Yini Chen. Partner Yang Chu and counsel Lillian Lian provided advice relating to the Hong Kong Listing Rules. Counsel Alon Gurfinkel and associate Kelli A. Rivers provided tax advice. Members of the Davis Polk team are based in the Hong Kong, London and New York offices.