<SEC-DOCUMENT>0001765539-26-000001.txt : 20260317
<SEC-HEADER>0001765539-26-000001.hdr.sgml : 20260317
<ACCEPTANCE-DATETIME>20260317161508
ACCESSION NUMBER:		0001765539-26-000001
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20260317
FILED AS OF DATE:		20260317
DATE AS OF CHANGE:		20260317

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			Xu Yi
		CENTRAL INDEX KEY:			0001765539
		ORGANIZATION NAME:           	

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38429
		FILM NUMBER:		26762084

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		BUILDING 3, GUOZHENG CENTER
		STREET 2:		NO.485 ZHENGLI ROAD, YANGPU DISTRICT
		CITY:			SHANGHAI
		PROVINCE COUNTRY:   	F4

ISSUER:		

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

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		17TH FLOOR, BUILDING 3, GUOZHENG CENTER
		STREET 2:		NO. 485 ZHENGLI ROAD, YANGPU DISTRICT
		CITY:			SHANGHAI
		PROVINCE COUNTRY:   	F4
		BUSINESS PHONE:		86-21-25099255

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		17TH FLOOR, BUILDING 3, GUOZHENG CENTER
		STREET 2:		NO. 485 ZHENGLI ROAD, YANGPU DISTRICT
		CITY:			SHANGHAI
		PROVINCE COUNTRY:   	F4
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>form3-03172026_080359.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2026-03-17</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0001723690</issuerCik>
        <issuerName>Bilibili Inc.</issuerName>
        <issuerTradingSymbol>BILI</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001765539</rptOwnerCik>
            <rptOwnerName>Xu Yi</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O BILIBILI INC., BLDG. 3 GUOZHENG CNTR</rptOwnerStreet1>
            <rptOwnerStreet2>NO. 485 ZHENGLI ROAD, YANGPU DISTRICT</rptOwnerStreet2>
            <rptOwnerCity>SHANGHAI</rptOwnerCity>
            <rptOwnerState>F4</rptOwnerState>
            <rptOwnerZipCode>200433</rptOwnerZipCode>
            <rptOwnerStateDescription>CHINA</rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>true</isDirector>
            <isOfficer>true</isOfficer>
            <isTenPercentOwner>false</isTenPercentOwner>
            <isOther>false</isOther>
            <officerTitle>President</officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class Z Ordinary Shares</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>45000</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Class Y Ordinary Shares</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>24467208</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F2"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeHolding>
            <securityTitle>
                <value>Forward Sale Contract (obligation to sell)</value>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </conversionOrExercisePrice>
            <exerciseDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F3"/>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Class Z Ordinary Shares</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F3"/>
                    <footnoteId id="F4"/>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeHolding>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The Class Z Ordinary Shares are held in the form of American Depositary Shares (&quot;ADSs&quot;). Each ADS represents one (1) Class Z Ordinary Share.</footnote>
        <footnote id="F2">Represents securities held by Kami Sama Limited (the &quot;Kami Sama&quot;). Kami Sama is controlled by The Homur Trust, a trust established under the laws of Cayman Islands (the &quot;Trust&quot;) 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.</footnote>
        <footnote id="F3">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 &quot;Buyer&quot;). 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 &quot;Underlying ADSs&quot;), 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 &quot;Settlement Price&quot;)). 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 &quot;Forward Floor Price&quot; and &quot;Forward Cap Price,&quot; [footnote continued]</footnote>
        <footnote id="F4">[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.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>/s/ Yi Xu</signatureName>
        <signatureDate>2026-03-17</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
