On May 21, Bilibili-W (09626.HK) fell 3.09% in regular trading, trading at 144.4 HKD/share, with trading volume of HKD 202 million. The decline extends the post-earnings adjustment that began on May 20 when the stock dropped nearly 5%.

The selloff follows Bilibili's Q1 earnings released on May 19, which showed total revenue of RMB 7.47 billion, up 7% YoY but slightly below the market consensus of RMB 7.49 billion. While adjusted net profit rose 62% YoY to RMB 585 million, beating expectations, management disclosed that AI-related capital expenditure is expected to increase by approximately RMB 1 billion in full-year 2026, with an estimated RMB 500 million profit impact. This significant spending plan has raised concerns over near-term profitability for the recently breakeven company. Additionally, mobile game revenue fell 12% YoY to RMB 1.52 billion, marking a third consecutive quarter of decline. Advertising revenue grew 30% to RMB 2.59 billion, led by AI-related ad demand surging 170% YoY.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)