Xu Yi of Bilibili (NASDAQ: BILI) details share and forward contract holdings
Filing Impact
Filing Sentiment
Form Type
3
Rhea-AI Filing Summary
Bilibili Inc. president and director Xu Yi filed an initial ownership report showing his current stakes in the company. He directly holds 45,000 Class Z Ordinary Shares and has indirect interests in 24,467,208 Class Y Ordinary Shares through Kami Sama Limited and The Homur Trust structure.
The filing also notes a Forward Sale Contract tied to Class Z Ordinary Shares, reflecting prepaid variable forward sale arrangements entered by Kami Sama to deliver up to 1,500,000, 400,000 and 1,000,000 American Depositary Shares, with related maturities in 2027. Each ADS represents one Class Z Ordinary Share.
Positive
- None.
Negative
- None.
Insider Trade Summary
3 transactions reported
Mixed
3 txns
Insider
Xu Yi
Role
President
| Type | Security | Shares | Price | Value |
|---|---|---|---|---|
| holding | Forward Sale Contract (obligation to sell) | -- | -- | -- |
| holding | Class Z Ordinary Shares | -- | -- | -- |
| holding | Class Y Ordinary Shares | -- | -- | -- |
Holdings After Transaction:
Forward Sale Contract (obligation to sell) — 0 shares (Indirect, See footnote);
Class Z Ordinary Shares — 45,000 shares (Direct);
Class Y Ordinary Shares — 24,467,208 shares (Indirect, See footnote)
Footnotes (1)
- The Class Z Ordinary Shares are held in the form of American Depositary Shares ("ADSs"). Each ADS represents one (1) Class Z Ordinary Share. Represents securities held by Kami Sama Limited (the "Kami Sama"). Kami Sama is controlled by The Homur Trust, a trust established under the laws of Cayman Islands (the "Trust") and managed by TMF (Cayman) Ltd. as the trustee. Mr. Xu is the settlor of the Trust, and Mr. Xu and his family members are the Trust's beneficiaries. On each of March 26, 2025, September 26, 2025 and December 11, 2025, Kami Sama entered into a prepaid variable forward sale contract with an unaffiliated third party buyer (the "Buyer"). Each of these contracts obligates Kami Sama to deliver to the Buyer up to 1,500,000, 400,000 and 1,000,000 ADSs of the Issuer (the "Underlying ADSs"), respectively (or, at Kami Sama's election, an equivalent amount of cash based on the volume weighted average price of the ADS on the relevant valuation date(s) (the "Settlement Price")). Half of the first contract will mature on March 31, 2027, with the remaining half maturing on May 31, 2027, and the remaining two contracts will mature on, September 29, 2027 and December 17, 2027, respectively. Kami Sama pledged the Underlying ADSs to secure its obligations under the contracts. Each contract specifies the "Forward Floor Price" and "Forward Cap Price," [footnote continued] [Continued from footnote] which are based on the volume-weighted average price at which the Buyer established its hedge position during the initial hedge period. The number of ADSs to be delivered by Kami Sama to the Buyer on the maturity date is determined as follows: (a) if the Settlement Price is equal to less than the Forward Floor Price, the Underlying ADSs for such contract; (b) if the Settlement Price is between the Forward Floor Price and the Floor Cap Price, a number of ADSs equal to the product of (i) the Underlying ADSs and (ii) a percentage obtained by dividing the Forward Floor Price by the Settlement Price; and (c) if the Settlement Price is greater than the Forward Cap Price, a number of ADSs equal to the product of (i) the Underlying ADSs multiplied by (ii) a percentage obtained by dividing (1) the Forward Floor Price plus the difference between the Settlement Price and the Forward Cap Price by (2) the Settlement Price.
FAQ
What does Xu Yi’s Form 3 for Bilibili (BILI) disclose?
The Form 3 discloses Xu Yi’s initial beneficial ownership in Bilibili. He directly holds 45,000 Class Z Ordinary Shares and has indirect interests in 24,467,208 Class Y Ordinary Shares through Kami Sama Limited and The Homur Trust structure, establishing his baseline ownership position.
What prepaid variable forward sale contracts involving Bilibili ADSs are described?
Kami Sama Limited entered prepaid variable forward sale contracts on March 26, 2025, September 26, 2025 and December 11, 2025. These contracts cover up to 1,500,000, 400,000 and 1,000,000 Bilibili ADSs, respectively, with settlement mechanics based on future volume-weighted average prices.
When do the Bilibili ADS forward sale contracts reported in Xu Yi’s Form 3 mature?
Half of the first forward contract matures on March 31, 2027 and the remaining half on May 31, 2027. The other two contracts mature on September 29, 2027 and December 17, 2027, defining the key future settlement dates for the pledged underlying ADSs.