Markets

Bilibili launched a $500M convertible note offering (expandable to $575M) with a Delta Offering strategy to hedge investor positions using borrowed shares, alongside a $100M share buyback. The proceeds will fund content expansion and user growth, leveraging convertible debt’s lower rates while delaying equity dilution. The share repurchase signals management confidence, while the Delta mechanism mitigates near-term stock pressure. Risks include potential 3-5% future shareholder dilution and increased leverage. The structured approach balances capital acquisition with market stability amidst China’s tightening tech fundraising regulations, targeting competition in Gen-Z-focused video platforms.

A viral video from Anhui, China, shows a driving school trainee mistakenly pressing the accelerator instead of the brake during practice on May 19, causing the vehicle to crash through barriers and into a Geely dealership. No injuries occurred, but the car was likely totaled. The incident sparked debates over safety protocols and liability in driver training, as Chinese law holds institutions—not trainees—responsible for accident damages through mandatory insurance. Industry experts warn of risks amid China’s rapidly growing driving school market, which sees over 30 million new drivers annually and faces calls for standardized safety measures to prevent similar accidents.

TerraMaster’s D9-320 is a high-capacity, nine-bay storage solution addressing modern data demands, particularly in 4K/8K media production. Supporting up to 198TB via nine hot-swappable 22TB HDDs, it stores ~1.65 million hours of 1080p video. With USB 3.2 Gen 2 speeds reaching 1,016 MB/s (HDD) or 510 MB/s (SSD), it transfers 100GB files in under two minutes, ideal for time-sensitive workflows. RAID flexibility (JBOD to RAID 5) ensures adaptability for redundancy or capacity needs. Its aluminum chassis features smart thermal management (35-45°C operating range) and near-silent 22 dB operation, combining enterprise-grade reliability with desktop scalability. As digital content grows at 30% CAGR, the D9-320 balances performance, capacity, and durability for creators and enterprises.

Wang Ziru, former Gree Electric digital transformation architect and ex-CEO of Xiaomi-backed tech review platform ZEALER, is returning to tech media after a three-year stint at the appliance giant. At Gree, he spearheaded the divisive “Cloud Wholesale” initiative, boosting online sales by 37% while alienating traditional dealers. Analysts suggest his corporate experience could revitalize ZEALER and offer unique product strategy insights, though challenges include competing with ByteDance’s Douyin and balancing industry expertise with consumer trust. Gree’s shares dropped 1.2% amid succession concerns following his career shift. (98 words)

Veteran Chinese actress Zhu Yuanyuan, 52, passed away on May 17 after a five-year cancer battle, announced by husband Xin Baiqing. A Central Academy of Drama graduate (1997), she rose to fame through *The Happy Life of Chatterbox Zhang Damin* (1998), winning multiple awards including Golden Eagles. Over her 30-year career, Zhu became renowned for portraying urban working-class women, contributing to films grossing $280M total. Highlights include *House of Nine Phoenixes* (2006) and *A Little Red Flower* (2021). Dubbed “China’s Meryl Streep” by critics, she balanced commercial success with artistic depth. Tributes and potential posthumous honors are anticipated amid streaming platform retrospectives.

A Chinese retail chain, Pang Dulai, rebranded to Ying Dulai overnight, replacing “Pang” (胖, plump) with “Ying” (盈, profit) in signage and digital platforms. The Zhejiang-based mall’s parent group, Yingzhong Holdings, cited strategic alignment as the reason. The move follows a cease-and-desist letter from rival Pang Donglai over alleged brand imitation. While the company denied legal pressure links, analysts note the covert rebrand mirrors crisis tactics in China’s competitive retail sector, sparking discussions on corporate identity and legal risks in rapid pivots.

Hisense’s X3Pro Inverter Wall-Mounted AC addresses rising demand for health-focused air solutions, particularly among pet owners, with 78% prioritizing odor and microbial control. Priced at $381 (with subsidies), it bridges mid-range affordability and premium performance. The unit features medical-grade H13 filtration, Hi-Cat antiviral tech, and dual airflow delivering 110m³/h fresh air, removing 95.3% of PM2.5, 98.05% of formaldehyde, and inactivating 99.98% of H1N1 virions. Its dual-vent design enables 11% faster air exchange and 20% better allergen circulation. Holding 32.6% of China’s 2024 fresh air AC market, the energy-efficient X3Pro operates at 16dB, combining smart climate control with home-health innovation for multifunctional living spaces.

SenseTime launched China’s first digital avatar of ancient philosopher Lao Tzu at Henan’s Hangu Pass, a historic Taoism site, using 3D modeling with 2 million polygons and a micro-expression system reflecting philosophical nuances. The AI-driven avatar, trained on 100,000+ analyses of the *Tao Te Ching*, engaged in live dialogue, responding to queries about Lao Tzu’s legacy. The project merges cultural preservation with generative AI, positioning the technology as a tool for education and virtual tourism while exploring ancient wisdom’s modern relevance in the algorithmic era.

HP launched the Omen 11 gaming laptop exclusively on JD.com in China, targeting the premium gaming market with Intel 14th-Gen/AMD Ryzen 9 CPUs, NVIDIA RTX 50-series GPUs (23% faster ray tracing), and a 240Hz QHD display. Enhanced thermal design improves heat dissipation by 18%, while 20% government subsidies lower entry pricing to $863. Storage flexibility (dual DDR5, extra M.2 slot) and Thunderbolt 4/HDMI 2.1 ports cater to gaming and content creation. Bundled accessories, price protection, and repair programs aim to outpace competitors like Lenovo in China’s growing gaming PC sector.

BlackRock’s closed-end funds, including BOE and BCX, saw heavy oversubscription in their tender offers, exceeding the 2.5% buyback cap due to heightened investor demand for liquidity amid shifting rate expectations. Shares will be repurchased at 98% of May 20 NAVs ($11.88 for BOE; $9.73 for BCX), with prorated allocations. Analysts interpret the surge as tactical positioning ahead of anticipated Fed actions. BlackRock emphasized transparency amid market volatility but cautioned about uncertainties impacting future operations, highlighting broader trends where liquidity preferences shape portfolio strategies.