On September 22, BILIBILI-W rose 3.05% in regular trading, trading at HK$121.7/share, with turnover of HK$114 million.

On the news front, JPMorgan published a research note reaffirming BILIBILI-W as its top pick in the China digital entertainment sector, maintaining an Overweight rating with a Hong Kong target price of HK$170 and a US target price of US$22 — implying roughly 40% upside from current levels.

The bank noted that the company's mobile game Lumi Master is performing in line with expectations following its global launch, and is on track to achieve estimated full-year cash flow of RMB 1 billion to 1.5 billion. JPMorgan advised investors to accumulate shares on recent price weakness, citing attractive valuations at 14x forecast P/E and 11x forecast P/E, against a projected 31% net profit CAGR through the period. The bank highlighted upcoming catalysts including Q3 earnings results and the launch of the new strategy game The Three Kings.

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