(Yicai) March 21 -- US asset management giant BlackRock has sold about HKD600 million (USD77 million) worth of Hong Kong-listed shares of Chinese video-sharing platform Bilibili in the past month.

BlackRock had around 17.5 million Bilibili shares as of March 17, down from 21.4 million on Feb. 17, with its shareholding ratio dropping to 5.19 percent from 6.35 percent, according to the latest data from the Hong Kong Stock Exchange.

Bilibili's shares [HKG: 9626] were trading down 1 percent at HKD159.60 (USD20.53) as of 10.25 a.m. today. They have risen 12 percent so far this year. The company's US-listed stock [NASDAQ: BILI] fell 5.2 percent to USD20.13 yesterday.

BlackRock may have decided to sell shares of Bilibili to lock in profits after they accumulated large gains in the recent tech frenzy on the Hong Kong bourse, avoiding profit declines due to potential market fluctuations, Li Qian, investment consultant at securities firm Huiyanzhitou Technology, told Yicai.

Moreover, BlackRock may have worried about Bilibili's future growth prospects due to geopolitical risks and intensified competition in the Chinese internet industry, Li added.

Bilibili achieved a net profit of CNY88.9 million (USD12.2 million) in the fourth quarter of last year based on generally accepted accounting principles, compared with a net loss of CNY1.3 billion (USD179.4 million) a year earlier, according to the Shanghai-based firm's latest earnings report. It was the first time Bilibili logged a GAAP profit since its establishment.

Revenue climbed 22 percent to CNY7.7 billion in the period, with revenues from the gaming and advertising businesses soaring 79 percent to CNY1.8 billion and 24 percent to CNY2.4 billion, respectively.

Bilibili still faces many challenges in the long term because its business model relies on high investment, and it faces fierce competition from internet giants, such as ByteDance and Tencent, so there is still much work to do to achieve stable profits, Mo Xiaocheng, general manager of private equity firm Huanruitianze, told Yicai.

Editors: Dou Shicong, Futura Costaglione