JSFiddle - React, Tailwind, and code Playground

HTML

<div id="output">
    Output: 
</div>

JavaScript

var str = "*<BR> Bullet1 *<BR>Bullet 2 *<BR>Bullet 3 *<BR>Bullet 4";
    
var res = "<ul>" + str.replace(/\*<BR>[\s]?([^\*]+)/g, "<li>$1</li>") + "</ul>";

console.log(res);
document.getElementById("output").appendChild(document.createTextNode('-->    "'+res + '" '));