This is rare as the two giants are competing head-to-head in many fronts and usually require their portfolio companies to explicitly pick side. Such alliances allow BILI to flourish in both games & e-commerce segments. Although BILI competes with any business that requires users' screen time, which include long-form video (iQiyi, Youku, Tencent Video) and short-from ones (TicTok, Kuaishou), the direct head-to-head competition comes from ByteDance-backed Xigua video. From user profile, BILI has younger & more active users, as Xigua has older audiences. Regulatory risk is another major consideration, as any "YouTube" imitator in China may encounter censorship issue someday. Topography: I believe BILI has built a moat around its mid-form PUGC platform. It now has 130 million engaging monthly active users, and wide range type of content.