Chinese entertainment platform Bilibili (NASDAQ: BILI) announced Wednesday a proposed offering of USD 650 million in convertible senior notes due 2027, subject to market conditions and other factors, according to a press release.
The company said net proceeds will be used for enriching content offerings, research and development, and other general corporate purposes, adding that the interest rate, initial conversion rate and other terms of the notes will be determined at the time of pricing.
The bond sale comes after Bilibili widened its net loss to RMB 538.6 (USD 76.1 million) in the first quarter of this year, up 175% year-on-year (YoY), KrASIA reported on April 27.
However, Bilibili, which hosts videos and games, enjoyed a healthy user growth as average daily active users expanded by 69% YoY to 50.8 million in the first quarter.
This article is part of KrASIA’s “China Brief” section, where KrASIA’s reporters will provide quick daily updates about the tech ecosystem in China.