SCHEDULE: Bilibili Co-Founder Xu Yi Discloses 6.6% Stake

Bilibili Inc. co-founder Xu Yi and Kami Sama Limited disclosed a combined 6.6% beneficial ownership of Class Z ordinary shares, representing significant voting power.

Summary

• XU Yi and Kami Sama Limited (collectively, the "Reporting Persons") beneficially own an aggregate of 27,412,208 Class Z ordinary shares of Bilibili Inc., which represents 6.6% of the class.
• XU Yi holds sole voting power over 25,512,208 shares and sole dispositive power over 27,412,208 shares.
• Kami Sama Limited holds sole voting power over 25,467,208 shares and sole dispositive power over 27,367,208 shares.
• XU Yi's aggregate voting power is 22.4%, and Kami Sama Limited's is 22.3%, calculated based on both Class Z (one vote per share) and Class Y (ten votes per share) ordinary shares.
• XU Yi controls Kami Sama Limited through The Homur Trust, where he is the settlor and has the power to direct the trustee regarding the retention, disposal, and exercise of voting rights for shares held by Kami Sama Limited.
• The beneficial ownership percentage is based on 80,700,010 Class Y ordinary shares and 332,615,891 Class Z ordinary shares outstanding as of September 26, 2025.

Sentiment

Score: 7

Explanation: The filing indicates a significant and consolidated beneficial ownership by co-founder XU Yi, suggesting continued commitment and confidence in Bilibili Inc. This is generally a positive signal for investor confidence.

Positives

• Maintained significant ownership by a co-founder, indicating continued confidence in the company's long-term prospects.
• Consolidated control structure through The Homur Trust provides stability in voting power for XU Yi.

Risks

• The trustee of The Homur Trust may not be required to comply with XU Yi's directions under certain limited circumstances, such as potential criminal sanction, civil liability, adverse reputational impact for the trustee, or if Mr. Xu is incapacitated, which introduces a minor, albeit unlikely, risk to XU Yi's absolute control.

Future Outlook

NA

Industry Context

NA

Corporate Governance

Stakeholder Impact

• Shareholders: Provides transparency regarding significant insider ownership and voting control, which can influence investor confidence and perception of corporate stability. The dual-class structure means Class Z shareholders have less voting power per share compared to Class Y.
• Management: XU Yi's significant stake and voting power mean he has substantial influence over strategic decisions and corporate direction.

Key Dates

Recommendation

This Schedule 13G filing primarily serves as a disclosure of significant beneficial ownership by co-founder XU Yi and Kami Sama Limited. While it confirms a substantial and influential stake (6.6% of Class Z shares and over 22% aggregate voting power), it does not present new financial performance data, strategic shifts, or material events that would fundamentally alter the investment thesis for Bilibili Inc. The filing reinforces the existing control structure and insider commitment, which is generally a neutral to slightly positive signal. Therefore, a 'hold' recommendation is appropriate, as the filing does not provide a strong catalyst for either buying or selling, but rather confirms the status quo of a key insider's position.

Keywords

Bilibili Inc., XU Yi, Kami Sama Limited, Schedule 13G, beneficial ownership, Class Z ordinary shares, Class Y ordinary shares, voting power, SEC filing, corporate governance, insider ownership