Alibaba seeks $6.5 billion bank loan refinancing; Hesai completes Hong Kong IPO filing | Today's Important News Review

0829 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

🐬 Individual Stocks

1.$Alibaba(BABA.US) $BABA-W(09988.HK)

It is reported that Alibaba is negotiating with its existing syndicate to refinance its $6.5 billion loan due in April 2026 into a 5-year revolving credit facility, with an interest rate approximately 80 basis points above SOFR. The negotiations are still ongoing, with results expected as early as September. Yesterday, Meituan's earnings report fell short of expectations, triggering a sharp decline and raising concerns about Alibaba's earnings report amid fierce competition in the food delivery sector. Alibaba fell over 4% today.

2.$Hesai(HSAI.US)

Leading LiDAR company Hesai Technology has submitted a secondary listing application to the Hong Kong Stock Exchange and has obtained filing with the China Securities Regulatory Commission. It plans to issue no more than 51.24 million new shares, raising approximately $300 million, with the hearing expected to start as early as September. With the completion of its Hong Kong listing filing, combined with its strong market performance and growth, Hesai Technology is poised to further expand its business scale and increase market share through the capital market. However, it also faces challenges such as intensified industry competition, requiring continuous attention to its performance post-listing in Hong Kong and changes in the competitive landscape.

3.$XPeng(XPEV.US)

Last night, the new XPeng P7 was officially launched. This ultra-luxury AI coupe is priced starting at 219,800 yuan, directly breaking the psychological barrier of 250,000 yuan for intelligent coupes. It also offers a maximum repurchase benefit of 29,000 yuan; within 7 minutes of launch, orders exceeded 10,000 units. Dolphin Research has compiled the minutes, see "XPeng (Launch Event Minutes): Can it Soar Again Against Xiaomi SU7?".

4. Dolphin Research Key Focus on Earnings Interpretations and Conference Call Minutes

NVIDIA: "NVIDIA: The Universe's Top Stock, Is Not Explosive Enough a Sin?", "NVIDIA (Minutes): GB300 Already Shipped, Rubin to Mass Produce Next Year as Planned"

Trip.com: "Unafraid of JD's Entry, Trip.com Remains a Top Performer", "Trip.com (Minutes): Announces $5 Billion Open-Ended Buyback Plan"

Li Auto will release its earnings tonight, and Dolphin Research will track and provide analysis.

🐬 Leading Sectors

Shanghai and Shenzhen: Semiconductor manufacturers, communication equipment, consumer electronics;

Hong Kong Stocks: Semiconductor manufacturers, communication equipment, motorcycle manufacturers;

U.S. Stocks: Kitchenware, cloud and data centers, oil and gas refining and sales.

🐬 Focus for Tomorrow

1. U.S. Personal Spending Monthly Rate, U.S. Core PCE Price Index Monthly Rate, U.S. Core PCE Price Index Annual Rate, U.S. One-Year Inflation Rate Expectation Final Value.

2. Earnings reports from Alibaba, Focus Media, Dell, MRVL.

Risk Disclosure and Statement of this Article: Dolphin Research Disclaimer and General Disclosure