Bilibili-W (09626.HK) experienced a significant intraday decline of 5.04%, extending the downward adjustment that began following the company's first-quarter earnings release.

The selloff is attributed to Bilibili's Q1 financial results, which showed total revenue of RMB 7.47 billion, representing a 7% year-over-year increase but slightly missing market expectations. While adjusted net profit rose 62% YoY to beat expectations, management disclosed that AI-related capital expenditure is expected to increase by approximately RMB 1 billion in full-year 2026, raising concerns over near-term profitability for the recently breakeven company.

Additional pressure came from the company's mobile game segment, where revenue fell 12% year-over-year to RMB 1.52 billion, marking a third consecutive quarter of decline. These factors combined have weighed on investor sentiment, leading to the continued post-earnings adjustment in the stock price.