BILIBILI INC BILI 1.375 04.01.26

NOTE 1.375% 4/0 · US DOMESTIC · CUSIP 090040AB2

16 institutional holders -6 vs Q4 2023

13,812,00013.8m shares reported held*

$192.3mreported value*

3 new 4 added 4 reduced 9 sold out net sold ≈ $195.9m (+9.8m shares)

* Summed across managers. Shares that two managers' reports both contain – a subsidiary's holdings that its parent's report includes too, or a sub-adviser's in its client's – are counted once ($15.7m this quarter). Holder counts are more reliable. Implied quarter-end price ≈ $15.06.

Trends to Q1 2024

Institutional holders

Managers reporting a position, each quarter

Numbers

Quarter	Holders
Q3 2022	29
Q4 2022	29
Q1 2023	27
Q2 2023	25
Q3 2023	26
Q4 2023	22
Q1 2024	16

Buyers vs sellers

Managers adding to or starting a position, vs cutting or selling out

Bought or addedCut or sold out

Numbers

Quarter	Bought or added	Cut or sold out
Q4 2022	7	9
Q1 2023	11	10
Q2 2023	11	12
Q3 2023	7	4
Q4 2023	9	10
Q1 2024	7	13

Biggest buyers

Verition Fund Management LLC	Added	+15,625,727+15.6m
Pinpoint Asset Management Ltd	Added	+9,800,000+9.8m
Nuveen Asset Management, LLC	New	+5,830,000+5.8m
PIPER SANDLER & CO.	New	+5,000,000+5.0m
Quarry LP	New	+670,000+670.0k
CITIGROUP INC	Added	+500,000+500.0k
BlackRock Inc.	Added	+300,000+300.0k

Biggest sellers

Linden Advisors LP	Sold out	-180,229,000-180.2m
Weiss Asset Management LP	Sold out	-9,830,000-9.8m
Sculptor Capital LP	Sold out	-8,850,000-8.8m
WOLVERINE ASSET MANAGEMENT LLC	Reduced	-5,000,000-5.0m
MILLENNIUM MANAGEMENT LLC	Reduced	-3,800,000-3.8m
MARSHALL WACE, LLP	Sold out	-2,750,000-2.8m
DeepCurrents Investment Group LLC	Reduced	-2,000,000-2.0m
STATE STREET CORP	Reduced	-1,800,000-1.8m
CREDIT SUISSE AG/	Sold out	-1,200,000-1.2m
Man Group plc	Sold out	-1,200,000-1.2m

Holders, Q1 2024

#	Manager	Location	Shares	Value	% of their portfolio	Change	Shares change
1	D. E. Shaw & Co., Inc. 0.07% of their portfolio	New York, NY	54,977,00055.0m $54.9m	$54.9m	0.07%	Unchanged
2	DeepCurrents Investment Group LLC 2.05% of their portfolio	NEW YORK, NY	49,650,00049.6m $49.7m	$49.7m	2.05%	Reduced -2.0m	-2,000,000
3	WOLVERINE ASSET MANAGEMENT LLC 0.70% of their portfolio	CHICAGO, IL	36,712,00036.7m $36.7m	$36.7m	0.70%	Reduced -5.0m	-5,000,000
4	Verition Fund Management LLC 0.15% of their portfolio	GREENWICH, CT	15,642,00015.6m $15.7m	$15.7m	0.15%	Added +15.6m	+15,625,727
5	Pinpoint Asset Management Ltd 2.22% of their portfolio	HONG KONG, K3	13,800,00013.8m $13.8m	$13.8m	2.22%	Added +9.8m	+9,800,000
6	Calamos Advisors LLC 0.06% of their portfolio	NAPERVILLE, IL	12,000,00012.0m $12.0m	$12.0m	0.06%	Unchanged
7	STATE STREET CORP 0.00% of their portfolio	BOSTON, MA	6,725,0006.7m $6.8m	$6.8m	0.00%	Reduced -1.8m	-1,800,000
8	Nuveen Asset Management, LLC 0.00% of their portfolio	CHICAGO, IL	5,830,0005.8m $5.8m	$5.8m	0.00%	New
9	PIPER SANDLER & CO. 3.42% of their portfolio	MINNEAPOLIS, MN	5,000,0005.0m $5.0m	$5.0m	3.42%	New
10	BlackRock Inc. 0.00% of their portfolio	New York, NY	3,765,0003.8m $3.7m	$3.7m	0.00%	Added +300.0k	+300,000
11	DZ BANK AG Deutsche Zentral Genossenschafts Bank, Frankfurt am Main 0.00% of their portfolio	FRANKFURT AM MAIN, 2M	1,500,0001.5m $1.5m	$1.5m	0.00%	Unchanged
12	MILLENNIUM MANAGEMENT LLC 0.00% of their portfolio	NEW YORK, NY	1,000,0001.0m $1.0m	$1.0m	0.00%	Reduced -3.8m	-3,800,000
13	CITIGROUP INC 0.00% of their portfolio	NEW YORK, NY	776,000776.0k $776.4k	$776.4k	0.00%	Added +500.0k	+500,000
14	Quarry LP 0.28% of their portfolio	NEW YORK, NY	670,000670.0k $671.2k	$671.2k	0.28%	New
15	NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO 0.00% of their portfolio	MILWAUKEE, WI	12,00012.0k $11.9k	$11.9k	0.00%	Unchanged
16	CONCOURSE FINANCIAL GROUP SECURITIES, INC. 0.00% of their portfolio	BIRMINGHAM, AL	00 $0	$0	0.00%	Unchanged