On October 9, BILIBILI-W rose 3.03% in regular trading, trading at 119.2 Hong Kong dollars, with turnover of 134 million Hong Kong dollars. The move came as multiple international investment banks disclosed significant position adjustments, underscoring heightened divergence at current valuation levels.

J.P. Morgan reduced its long position by 775,600 shares off-market at an average price of 117.3155 Hong Kong dollars per share, lowering its stake to 18.80%. Morgan Stanley cut its long position from 7.27% to 5.98%. Meanwhile, BNP Paribas SA increased its long position to 9.14% through share security interests, and Norges Bank actively bought 553,800 shares on-market at 115.342 Hong Kong dollars per share, lifting its stake to 7.15%.

Fundamentally, the company reported mid-year adjusted net profit of 1.289 billion yuan, up 39.7% year-over-year, with gross margin improving for 16 consecutive quarters to 37.2%, providing some support for the stock price.

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