Is BILI diluting shareholders? — Limited Dilution
Bilibili Inc.'s share count has grown 6.17% over the last ~49 months, an annualized rate under 10% per year. Dilution exposure is within normal corporate-finance ranges.
Share-Count History — From BILI Annual Filings
Convertible Notes — Cited Language
“positary Receipts (incorporated herein by reference to Exhibit 4.3 to the Form S-8, as amended, initially filed on July 18, 2018 (File No.333-226216)) 2.4 Indenture, dated June 2, 2020 constituting US$800 million 1.25% Convertible Senior Notes Due 2027 (incorporated herein by reference to Exhibit…”
“s Due 2027 (incorporated herein by reference to Exhibit 2.6 to the Form 20-F, as amended, initially filed on March 23, 2021 (File No. 001-38429)) 2.5 Indenture, dated November 23, 2021 constituting US$1,600 million 0.50% Convertible Senior Notes Due 2026 (incorporated herein by reference to Exhib…”
What Dilution Means for BILI Shareholders
Dilution refers to the reduction in existing shareholders' percentage ownership when a company issues new shares. Companies dilute for multiple legitimate reasons — funding growth, acquiring other companies, compensating employees with equity, or converting debt to equity. Whether dilution is good or bad depends on what the new capital is being used for and whether per-share value grows faster than the share count. For Bilibili Inc., share count went from 390,604,587 on 2021-12-31 to 414,718,112 on 2025-12-31 — a change of 6.17% over approximately 49 months.
The dilution mechanism shareholders should monitor most closely is the presence of an ATM (at-the-market) equity facility. ATMs give the company standing authority to issue new shares into the open market at any time, often without separate shareholder notice. They create continuous-issuance overhang — even days when no new shares are sold, the facility itself weighs on the stock as supply might appear at any moment. Bilibili Inc.'s most recent annual filing does not mention an ATM facility — though that status can change with each new financing round.
Convertible notes are a separate forward-dilution mechanism: each note converts into shares at a defined price (or formula) at maturity, automatically expanding share count. The presence of large convertible-note balances on the balance sheet — even before conversion — is a material signal that future dilution is contractually scheduled. Bilibili Inc. has convertible notes outstanding per recent SEC filings. The cited language above shows the specific note series referenced. Conversion mechanics — strike price, ratio, floor — determine the magnitude of forward dilution exposure.
For broader context on BILI's risk profile, see the BILI Overview page. For audit-opinion status, see the Going Concern page.