Bilibili Inc. (BILI) experienced a decline of 7.26% in the premarket without any specific reason. However, the last trading session concluded at $85.8 with a decrease of 5.86%.
BILI Announces Results of Extraordinary General Meeting, Class Z Meeting, and Class Y Meeting
On 1st September 2021, BILI announced the results of the extraordinary general meeting. However, the class meeting of holders of Class Y ordinary shares with a par value of US$0.0001 each. While the class meeting of holders of Class Z ordinary shares with a par value of US$0.0001 each.
BILI published Second Quarter 2021 Financial Results
BILI released its unaudited financial results for the second quarter ending June 30, 2021, on August 19, 2021. The second quarter of 2021 had total net revenues of RMB4,495.3 million (US$696.2 million), up 72 percent over the same quarter in 2020. Furthermore, the gross profit of BILI was RMB989.0 million (US$153.2 million), up 64 percent from the same period the previous year. Increased net revenues accounted for the majority of the increase. RMB1,520.6 million (US$235.5 million) was lost on operations.
In the same time of 2020, it was RMB610.1 million. In the same time of 2020, the net loss was RMB1,121.8 million (US$173.7 million), compared to RMB570.9 million in the previous year. Moreover, for the second quarter of 2021, the basic and diluted net loss per share was RMB2.91 (US$0.45). At the same time as 2020, the basic and diluted net loss per share was RMB1.63.
Mr. Rui Chen, the CEO of BILI, stated that the company’s strong second-quarter results demonstrate that their high-quality user growth approach is working. Their total MAUs in the second quarter of 2021 were 237.1 million, up 38 percent year over year.
Lastly, the average user time spent on BILI has increased to an incredible 81 minutes per user each day. They’ve kept loyal to their roots and aim. They’ve created a fantastic community for their users and content providers to help promote Chinese content throughout the world. He went on to say that they aim to expand their facilitation of social growth and beneficial cultural effect on society.
China Telecom’s Strategic Equity Investment
BILI announced on August 11th, 2021, that its PRC subsidiary Shanghai Bilibili Technology Co. has signed a strategic investor allotment agreement with China Telecom Corporation Limited.
China Telecom is a full-service supplier of integrated intelligent information services in the People’s Republic of China. Shanghai BILI is required to invest almost RMB500 million in China Telecom’s freshly issued A-shares under the terms of the allocation agreement. Based on an offering price of RMB4.53 per share, Shanghai BILI has allotted 110,375,000 of the issued A-shares. Last but not the least, the A-shares will be subject to a 36-month lock-up period for Shanghai BILI.