BILIBILI INC

Bilibili Inc. (BILI, CUSIP 090040106) carries $0.8B of institutional 13F value entering Q1 2026, making it a niche but culturally distinctive Chinese growth exposure — a gaming and long-form video platform whose user base skews overwhelmingly toward Generation Z and young millennials in China, with monetization pathways running through mobile gaming, advertising, and value-added services. At $0.8B of reported institutional 13F value the absolute holder count is modest by large-cap standards, consistent with emerging-market and China-conviction managers rather than broad large-cap U.S. strategies. The stock's institutional profile is best read as a China thematic-tilt or China-consumer-discretionary allocation, not as a mainstream diversified holding, and any Q1 owner concentration or manager rotation should be assessed within the China-risk-and-reward framework rather than evaluated as standalone alpha.