<div id="readability-page-1"><div>BOCI issued a report noting that BILIBILI-W (09626.HK) -4.300 (-2.801%) Short selling $137.29M; Ratio 32.802% recently saw its share price decline, with the markets concerns mainly stemming from potential stake sale risks by Tencent Holdings, which has repeatedly indicated it will accelerate the disposal of its sizable investment portfolio to support increased AI investment and ongoing share buybacks. As of end-March, Tencent Holdings held a 10.5% stake in BILIBILI-W (09626.HK) -4.300 (-2.801%) Short selling $137.29M; Ratio 32.802% , maintaining a stable holding of approximately 43.75 million shares since 2019.The broker said that although it cannot predict the pace of Tencent Holdings stake reduction, it believes the company will rely on healthy user growth driven by its AI-empowered content and commercialization ecosystem, generating stable and sustainable profit growth through enhanced and diversified high-quality monetization capabilities. It forecasts a CAGR of 31% in adjusted net profit for 20252028. The broker also considers the companys fundamentals solid, with a healthy cash flow position, stable internal cash inflows and no significant or unexpected AI-related capital expenditure.BOCI expects the advertising business to maintain strong momentum in the coming quarters, while the gaming segment is set to accelerate growth from 2H as several new titles are officially launched, driving better-than-expected profitability in 2026 and 2027. The broker maintained a Buy rating on BILIBILI-W (09626.HK) -4.300 (-2.801%) Short selling $137.29M; Ratio 32.802% , with a US target price of USD31 for Bilibili Inc. (BILI.US) and an H-share target price of HKD244. (ha/da)(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2026-05-18 12:25.) (Real-time Streaming US Stocks Quote; Except All OTC quotes are at least 15 minutes delayed.)</div></div>

09626

TCTZF

BILI

TCEHY

159869

03033

KWEB

517770

BOCI reported that BILIBILI-Wshares fell due to concerns over Tencent's potential stake sale. Tencent, holding a 10.5% stake, plans to divest to fund AI investments. Despite this, BOCI forecasts a 31% CAGR in adjusted net profit from 2025-2028, citing strong user growth and solid fundamentals. The advertising business is expected to thrive, and gaming growth is anticipated in 2H with new titles. BOCI maintains a Buy rating with a target price of USD31 forand HKD244 for BILIBILI-W.

- BOCI reported that BILIBILI-W (09626.HK) is experiencing share price declines due to concerns about potential stake sales by Tencent Holdings.  
- Tencent, holding a 10.5% stake since 2019, plans to accelerate its investment portfolio disposal to boost AI investments and share buybacks.  
- BOCI maintains a Buy rating on BILIBILI-W, forecasting a CAGR of 31% in adjusted net profit from 2025 to 2028, with positive outlooks for advertising and gaming segments.

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BOCI: Tencent Stake Sale Concerns Weigh on BILIBILI-W ; Profit Expected to Sustain Growth