Alibaba plans to issue $3.2 billion in zero-coupon convertible bonds; Meituan considers debuting Dim Sum bonds | Today's Important News Recap

0911 ｜Dolphin Research Key Focus:

🐬 Macro/Industry

1. It is reported that the Trump administration is considering imposing strict restrictions on pharmaceuticals from China. If implemented, these restrictions could disrupt the U.S. pharmaceutical industry and the supply of all drugs, from generics to cutting-edge therapies. Today, the Hong Kong stock market's pharmaceutical sector was hit across the board.

2. The U.S. August PPI month-on-month was -0.1%, turning negative for the first time in four months, with a year-on-year growth rate of 2.6% below expectations. The decline in service costs offset the tariff-driven rise in goods prices, significantly easing inflationary pressures on the production side. After the data release, the probability of a 25bp rate cut in September rose to 90%, and both the dollar and U.S. Treasury yields fell simultaneously.

🐬 Individual Stocks

1.$Alibaba(BABA.US)

Alibaba plans to issue zero-coupon convertible senior notes with a principal amount of approximately $3.2 billion, maturing on September 15, 2032. These notes are unsecured senior debt. The funds raised will primarily be used as key "ammunition" for its core cloud business and international strategy.

2.$Amazon(AMZN.US)

It is reported that Amazon's Lab126 division is developing consumer-grade AR glasses, planning to integrate Alexa, shopping, and logistics visualization functions, with an expected release in 2026. The hardware entry aims to shift the e-commerce scene from mobile phones to the face, enhancing purchase conversion rates and strengthening the Prime ecosystem; however, challenges remain in optics, battery life, and supply chain.

3.$NIO(NIO.US)

Nio is raising $1 billion through the issuance of 182 million ADS to fund battery, battery swap network expansion, and intelligent driving R&D. This is Nio's second public financing plan this year, securing dollar funds before the Federal Reserve's rate cut, which can alleviate the pressure of turning free cash flow positive by Q4 2025. Dolphin Research's commentary can be found in "Nio is asking for more!"

4.$MEITUAN(03690.HK)

Meituan is conducting preliminary assessments with several investment banks, considering the first issuance of offshore RMB "dim sum bonds" with a term of 3–5 years. The funds raised will be used for refinancing and overseas expansion. Issuing dim sum bonds can hedge exchange rate risks and reduce coupon expenses. If successful, it could optimize the debt structure and support new business investments such as overseas grocery shopping and Keeta.

5.$Arm(ARM.US)

ARM has launched a major advanced computing platform, the Arm® Lumex™ Compute Subsystem (CSS) platform, specifically designed to accelerate AI experiences for flagship smartphones and next-generation personal computers. It includes the new C1 series CPU cluster based on the Armv9.3 instruction set and the Mali G1 GPU series supporting next-generation ray tracing technology. This platform aims to comprehensively enhance the AI experience of flagship smartphones and next-generation PCs.

🐬 Leading Sectors

Shanghai and Shenzhen: Communication equipment, electronic components, semiconductor manufacturers;

Hong Kong stocks: Forest products, communication equipment, semiconductor manufacturers;

U.S. stocks: Heavy electrical equipment, system software, silver.

🐬 Focus for Tomorrow

1. Initial value of U.S. one-year inflation rate expectations.

Risk disclosure and statement of this article: Dolphin Research Disclaimer and General Disclosure