<SEC-DOCUMENT>0001193125-24-011612.txt : 20240222
<SEC-HEADER>0001193125-24-011612.hdr.sgml : 20240222
<ACCEPTANCE-DATETIME>20240122060626
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-24-011612
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20240122

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Bilibili Inc.
		CENTRAL INDEX KEY:			0001723690
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
		ORGANIZATION NAME:           	06 Technology
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		17TH FLOOR, BUILDING 3, GUOZHENG CENTER
		STREET 2:		NO. 485 ZHENGLI ROAD, YANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200433
		BUSINESS PHONE:		86-21-25099255

	MAIL ADDRESS:	
		STREET 1:		17TH FLOOR, BUILDING 3, GUOZHENG CENTER
		STREET 2:		NO. 485 ZHENGLI ROAD, YANGPU DISTRICT
		CITY:			SHANGHAI
		STATE:			F4
		ZIP:			200433
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<TYPE>CORRESP
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<Center><DIV STYLE="width:8.5in" align="left">
 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Bilibili Inc. </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Building 3, Guozheng Center, No.&nbsp;485 Zhengli Road </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">Yangpu District, Shanghai, 200433 </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right">People&#146;s Republic of China </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January&nbsp;22, 2024 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>VIA EDGAR </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Ms.&nbsp;Laura Veator </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Mr.&nbsp;Stephen Krikorian </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>Re:</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Bilibili Inc. (the &#147;Company&#148;) </B></P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B>Form 20-F for the Fiscal Year Ended December&nbsp;31, 2022 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:9%; font-size:10pt; font-family:Times New Roman"><B><U>Filed April&nbsp;27, 2023 (File
No.&nbsp;001-38429)</U><U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
&nbsp;&nbsp;&nbsp;</U> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Veator and Mr.&nbsp;Krikorian, </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter sets forth the Company&#146;s responses to the comments contained in the letter dated January&nbsp;12, 2024 from the staff (the
&#147;Staff&#148;) of the Securities and Exchange Commission (the &#147;Commission&#148;) regarding the Company&#146;s annual report on Form 20-F for the fiscal year ended December&nbsp;31, 2022 filed with the Commission on April&nbsp;27, 2023 (the
&#147;2022 Form 20-F&#148;). The Staff&#146;s comments are repeated below in bold and are followed by the Company&#146;s responses thereto. All capitalized terms used but not defined in this letter shall have the meaning ascribed to such terms in
the 2022 Form 20-F. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Form 20-F for the Fiscal Year Ended December&nbsp;31, 2022 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Item&nbsp;3. Key Information, page 5 </U></B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>1.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Prior comment 1.b requested, to the extent that the Company&#146;s consolidated holdings in investment
securities are not materially different from its holdings as of June&nbsp;30, 2023, that the company include a risk factor in future 20-F filings addressing the risk that the Company may be considered an &#147;investment company&#148; under the
Investment Company Act of 1940, as amended (the Act&#148;) and the associated consequences. Please revise the risk factor provided by the Company as follows: </B></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>a.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>The Company&#146;s draft risk factor stated, in conclusory fashion, that &#147;[w]e are not an
&#145;investment company[.]&#146;&#148; Please revise this language to characterize the statement as the Company&#146;s belief. </B></P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR style = "page-break-inside:avoid">
<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="5%" VALIGN="top" ALIGN="left"><B>b.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>Please explicitly address the fact that a significant portion of the Company&#146;s present assets consist
of investment securities. </B></P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 22, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
 2
 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P>
 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">In response to the Staff&#146;s comment, to the extent that the Company&#146;s consolidated
holdings in investment securities are not materially different from its holdings as of June&nbsp;30, 2023, the Company respectfully proposes to include the requested draft risk factor in its future Form 20-F filings in substantially the following
form (with additions underlined and deletions strikethrough): </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>If we are deemed an &#147;investment company&#148; under the
Investment Company Act of 1940, it could adversely affect the price of the ADSs, could constrain our future activities, and could materially and adversely affect our business, results of operations, and financial condition. </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We <U>do not believe that we</U> are <STRIKE>not</STRIKE> an &#147;investment company&#148; and <U>we</U> do not intend to become registered as
an &#147;investment company&#148; under the U.S. Investment Company Act of 1940 (the &#147;1940 Act&#148;), or the Investment Company Act. Certain of our assets and other future holdings may be deemed to be &#147;investment securities&#148; within
the meaning of the 1940 Act. Under the 1940 Act, a company is deemed to be an &#147;investment company&#148; if it is engaged primarily, or proposes to engage primarily, in the business of investing, reinvesting, owning, holding, or trading in
securities. <U>On a consolidated basis, a significant portion of our present assets as of [December 31, 2023] consists of [time deposits and short-term investments held for cash management purposes], which may be deemed to be &#147;investment
securities&#148; within the meaning of 1940 Act. However,</U> <STRIKE>We</STRIKE><U> we</U> do not hold ourselves out as being primarily engaged, or proposing to engage primarily, in the business of investing, reinvesting or trading in securities.
Rather, we are primarily engaged in the business of building a leading video community for young generations in China. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">We seek to conduct
our operations so that we do not meet the definition of &#147;investment company&#148; under the 1940 Act. Doing so may require us to forego potential future acquisitions of interests in companies that may be deemed to be &#147;investment
securities&#148; within the meaning of the 1940 Act. If we are unable to structure or operate our business in a manner that avoids investment company status under the 1940 Act, we may be deemed to be an investment company within the meaning of the
1940 Act. As a foreign private issuer, we would not be eligible to register under the 1940 Act unless the SEC issued an order permitting us to do so. As a result, if we are deemed to be an investment company within the meaning of the 1940 Act, we
would either have to obtain exemptive relief from the SEC or dispose of investment securities in order to fall outside the definition of an investment company. Failure to avoid being deemed an investment company under the 1940 Act, coupled with our
inability as a foreign private issuer to register under the 1940 Act, could make us unable to comply with our reporting obligations as a public company in the United States and lead to our being delisted from the Nasdaq Global Select Market, which
would materially and adversely affect the liquidity and value of the ADSs. We would also be unable to raise capital through the sale of securities in the United States or to conduct business in the United States. In addition, we may be subject to
SEC enforcement action or purported class action lawsuits for alleged violations of U.S. securities laws. Defending ourselves against any such enforcement action or lawsuits would require significant attention from our management and divert
resources from our existing businesses and could materially and adversely affect our business, results of operations, and financial condition. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Technology </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Securities and Exchange Commission </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">January 22, 2024 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"> Page
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><B>2.</B></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><B>We note your response to the staff&#146;s prior comment 3 regarding value of the VIEs.&nbsp;Based on the
information provided, we do not necessarily agree with your view that the book value of the VIEs reflect fair value consistent with section 2(a)(41) of the Act.&nbsp;In addition, your response to prior comment 3 references Accounting Series Release
(&#147;ASR&#148;) No.&nbsp;113, Financial Reporting Codification (CCH) &#167;404.04 (Oct. 21, 1969) and ASR No.&nbsp;118, Financial Reporting Codification (CCH) &#167;404.03 (Dec.23, 1970).&nbsp;However, ASR 113 and ASR 118 have been rescinded in
their entirety. See Good Faith Determinations of Fair Value, SEC Investment Company Act Rel. No.&nbsp;34128 (Dec. 3, 2020).&nbsp;Please ensure that, going forward, the Company values the VIEs in a manner consistent with the Act.&nbsp;Please confirm
your understanding of the foregoing.</B></P></TD></TR></TABLE> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">For purposes of Section&nbsp;3(a)(1)(C) of the Investment Company Act of 1940,
as amended (the &#147;1940 Act&#148;) the Company confirms that it will value the VIEs in a manner consistent with the 1940 Act. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">*&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;* </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">If you have any additional questions or comments regarding the 2022 Form 20-F, please
contact the undersigned at +86 21 2509 9255 or the Company&#146;s U.S. counsel, Haiping Li of Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP, at +86 21 6193 8210 or <U>haiping.li@skadden.com</U>. </P>
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<TD VALIGN="top">Very truly yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ Xin Fan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Xin Fan</TD></TR>
<TR STYLE="page-break-inside:avoid ; font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">Chief Financial Officer</TD></TR>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left">cc:</TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left">Rui Chen, Chairman and Chief Executive Officer, Bilibili Inc. </P></TD></TR></TABLE>
<P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman">Haiping Li, Esq., Partner, Skadden, Arps, Slate, Meagher&nbsp;&amp; Flom LLP </P>
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