On September 2, BILIBILI-W fell 3.03% in regular trading, trading at 121.4 HKD/share, with turnover of approximately 89.71 million HKD. The decline extends a multi-day selloff driven by a combination of post-earnings target price downgrades and passive fund outflow concerns following the stock's removal from the HKEX Tech 100 Index.

After BILIBILI-W reported Q2 results on August 27, several major investment banks cut their target prices despite broadly in-line results. Nomura lowered its U.S.-listed target from $22.50 to $18.00 while maintaining a neutral rating; Morgan Stanley reduced its target from $31 to $27, keeping an overweight stance; and CLSA trimmed profit forecasts by 5%-8%. Separately, the HKEX announced BILIBILI-W's removal from the Tech 100 Index, potentially triggering passive fund outflows. Goldman Sachs also reduced its long position from 9.19% to 8.15% on August 27.

Q2 revenue reached 7.94 billion RMB, up 8% year-over-year, with advertising revenue surging 28% to 3.13 billion RMB. However, mobile gaming revenue declined 14%, with management guiding for a year-over-year recovery only by Q4. The broader Interactive Media sector traded lower, with Tencent down 1.13%, Baidu down 2.77%, and Kuaishou down 2.83%.

(The above content is based on publicly available market information, generated by a program or algorithm, and is intended solely as a stock movement alert. It does not constitute investment advice or a basis for trading decisions.)