Bilibili put volume heavy and directionally bearish

Bearish flow noted in Bilibili with 12,292 puts trading, or 4x expected. Most active are Apr-24 12 puts and Apr-24 11.5 calls, with total volume in those strikes near 13,900 contracts. The Put/Call Ratio is 1.63, while ATM IV is up nearly 3 points on the day. Earnings are expected on June 6th.