Summary by Moomoo AI
Bilibili Inc. has addressed concerns from the Securities and Exchange Commission (SEC) regarding its annual report for the fiscal year ended December 31, 2022. In a letter dated January 22, 2024, Bilibili responded to the SEC's comments about the potential classification of the company as an 'investment company' under the Investment Company Act of 1940. The SEC's inquiry focused on the company's consolidated holdings in investment securities as of June 30, 2023, and the associated risks. Bilibili has proposed revisions to its risk factors in future filings to reflect its belief that it is not an investment company and to address the significant portion of its assets consisting of investment securities. The company also confirmed that it will value its Variable Interest Entities (VIEs) in a manner consistent with the Act, acknowledging the rescindment of previous Accounting Series Releases cited in their earlier response. Bilibili's CFO, Xin Fan, and U.S. counsel, Haiping Li, are the points of contact for any further inquiries from the SEC.