PB: Vanke's overseas creditors have begun accepting requests for talks from restructuring advisory firm Houlihan Lokey. Such moves are often a prelude to the formation of a so-called "interim committee," which typically negotiates with the debtor on behalf of bondholders. Sources familiar with the matter revealed that if Vanke's overseas bonds default, bondholders' negotiating leverage will primarily rely on keepwell agreements and the liquidation of its Hong Kong subsidiary. $BNB $BTC $ETH

Vanke's decision to waive its redemption right for the "21 VANKE 02" bond confirms its lack of funds.

Bleeping Computer: OpenAI has begun internal testing of adding "ad" functionality to ChatGPT. If officially launched in the future, it could completely rewrite today's online business models. New related fields have appeared in ChatGPT Android beta version 1.2025.329, including "bazaar content," "search ad," and "search ads carousel."

The list isn't finished yet. (via: Cao Shanshi, Cao Lei)

S&P downgraded Vanke's credit rating from CCC to CCC-, citing an increased risk of Vanke facing difficulties and restructuring within the next six months. Due to insufficient liquidity, Vanke's financial commitments are unsustainable. In the next six months, Vanke will face a large number of maturing bonds, while its operating cash flow will be negative, and the assessment suggests that its available cash reserves may be very limited. $BNB $BTC $ETH

Vanke's onshore bonds rebounded, and its stock price followed suit. "22 Vanke 02" rose 120%, "21 Vanke 06" rose over 107%, "22 Vanke 04" rose over 57%, and "21 Vanke 04" rose over 23%; "22 Vanke 06" (currently down 20%) and "21 Vanke 02" (down 4.5%) saw their losses narrow. $BNB $BTC $ETH

Alibaba's AI glasses, released today, are a top priority project for the group. Why does this hardware product hold such a significant position? Because Alibaba desperately desires a self-reliant and controllable source of hardware traffic; they define smart glasses as "the next generation of personal mobile gateway after smartphones." (via: Cao Shanshi, Cao Lei)

Progress and development are often triggered by an accident.

Vanke's 22 bonds fell to a temporary halt today.

Just now: President Trump said, "Those who oppose tariffs are fools." "We are now the richest and most respected country in the world, with almost no inflation and a record stock market." Optimistic about cryptocurrencies $BNB $BTC $ETH