Bilibili Provides Update on Status Under Holding Foreign Companies Accountable Act
May 05 2022 - 07:00AM
Bilibili Inc. (“Bilibili” or the “Company”) (NASDAQ: BILI and HKEX:
9626), an iconic brand and a leading video community for young
generations in China, today provides an update on the Company’s
status under the Holding Foreign Companies Accountable Act (the
“HFCAA”).
On May 4, 2022 U.S. Eastern Time, the U.S. Securities and
Exchange Commission (the “SEC”) provisionally named the Company as
a Commission-Identified Issuer under the HFCAA, following the
Company’s filing of its annual report on Form 20-F for the fiscal
year ended December 31, 2021 (the “2021 Form 20-F”).
The Company understands the SEC made such identification
pursuant to the HFCAA and its implementation rules issued
thereunder, and this indicates that the SEC determines that the
Company used an auditor whose working paper cannot be inspected or
investigated completely by the Public Company Accounting Oversight
Board of the United States (“PCAOB”) to issue the audit opinion for
the Company’s financial statements included in the 2021 Form
20-F.
In accordance with the HFCAA, if the SEC determines that the
Company filed audit reports issued by a registered public
accounting firm that has not been subject to inspection for the
PCAOB for three consecutive years beginning in 2021, the SEC shall
prohibit the shares or American depositary shares (“ADSs”) of the
Company from being traded on a national securities exchange or in
the over-the-counter trading market in the United States.
The Company’s ADSs, each representing one Class Z ordinary
share, have been quoted on the Nasdaq Global Selected Market (the
“Nasdaq”) system under the symbol “BILI” since March 2018. The
Company’s Class Z ordinary shares have been listed on The Main
Board of The Stock Exchange of Hong Kong Limited (the “Hong Kong
Stock Exchange”) under the symbol “9626” since March 2021. The
Company’s Class Z ordinary shares listed on the Hong Kong Stock
Exchange and the Company’s ADSs quoted on the Nasdaq are mutually
fungible. The Company will continue to comply with applicable laws
and regulations in both China and the United States, and strive to
maintain its listing status on both Nasdaq and the Hong Kong Stock
Exchange.
About Bilibili Inc.
Bilibili is an iconic brand and a leading video community with a
mission to enrich the everyday life of young generations in China.
Bilibili offers a wide array of video-based content with All the
Videos You Like as its value proposition. Bilibili builds its
community around aspiring users, high-quality content, talented
content creators and the strong emotional bond among them. Bilibili
pioneered the “bullet chatting” feature, a live commenting function
that has transformed the viewing experience by displaying thoughts
and feelings of other audience viewing the same video. It has now
become the welcoming home of diverse interests for young
generations in China and the frontier to promote Chinese culture
across the world.
For more information, please
visit: http://ir.bilibili.com.
Safe Harbor Statement
This announcement contains forward-looking statements. These
statements are made under the “safe harbor” provisions of the U.S.
Private Securities Litigation Reform Act of 1995. These
forward-looking statements can be identified by terminology such as
“will,” “expects,” “anticipates,” “aims,” “future,” “intends,”
“plans,” “believes,” “estimates,” “confident,” “potential,”
“continue,” or other similar expressions. Among other things, the
impact of COVID-19, outlook and quotations from management in this
announcement, as well as Bilibili’s strategic and operational
plans, contain forward-looking statements. Bilibili may also make
written or oral forward-looking statements in its periodic reports
to the U.S. Securities and Exchange Commission, in its interim and
annual reports to shareholders, in announcements, circulars or
other publications made on the website of the “Hong Kong Stock
Exchange”, in press releases and other written materials and in
oral statements made by its officers, directors or employees to
third parties. Statements that are not historical facts, including
but not limited to statements about Bilibili’s beliefs and
expectations, are forward-looking statements. Forward-looking
statements involve inherent risks and uncertainties. A number of
factors could cause actual results to differ materially from those
contained in any forward-looking statement, including but not
limited to the following: the impact of the COVID-19 pandemic on
Bilibili’s business, results of operations, financial condition,
and stock price; Bilibili’s strategies; Bilibili’s future business
development, financial condition and results of operations;
Bilibili’s ability to retain and increase the number of users,
members and advertising customers, provide quality content,
products and services, and expand its product and service
offerings; competition in the online entertainment industry;
Bilibili’s ability to maintain its culture and brand image within
its addressable user communities; Bilibili’s ability to manage its
costs and expenses; PRC governmental policies and regulations
relating to the online entertainment industry, general economic and
business conditions globally and in China and assumptions
underlying or related to any of the foregoing. Further information
regarding these and other risks is included in the Company’s
filings with the Securities and Exchange Commission and the Hong
Kong Stock Exchange. All information provided in this announcement
and in the attachments is as of the date of the announcement, and
the Company undertakes no duty to update such information, except
as required under applicable law.
For investor and media inquiries, please
contact:
In China:Bilibili Inc.Juliet YangTel:
+86-21-2509-9255 Ext. 8523E-mail: ir@bilibili.com
The Piacente Group, Inc.Emilie WuTel:
+86-21-6039-8363E-mail: bilibili@tpg-ir.com
In the United States:The Piacente Group,
Inc.Brandi PiacenteTel:
+1-212-481-2050E-mail: bilibili@tpg-ir.com
Bilibili (NASDAQ:BILI)
Historical Stock Chart
From Feb 2024 to Mar 2024
Bilibili (NASDAQ:BILI)
Historical Stock Chart
From Mar 2023 to Mar 2024