On May 20, Bilibili (09626.HK) fell 4.42% in regular trading, trading at 147.6 HKD/share, with trading volume of HKD 196 million. The decline follows the company's Q1 earnings release after market close on May 19, which showed revenue slightly missing expectations while flagging significant AI-related capital expenditure increases.

Bilibili reported Q1 total revenue of RMB 7.47 billion, up 7% year-over-year but marginally below the market consensus of RMB 7.49 billion. Adjusted net profit reached RMB 585 million, up 62% year-over-year, beating expectations. Advertising revenue was a bright spot at RMB 2.59 billion, rising 30% year-over-year, while game revenue declined for the third consecutive quarter. Notably, management guided for approximately RMB 10 billion in additional AI-related capital expenditure for the full year, with an estimated RMB 5 billion impact on the profit statement, raising market concerns over future earnings capacity. The U.S.-listed shares had already declined over 5% in pre-market trading following the earnings release, with the Hong Kong-listed shares extending the selloff.

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