$LI Convertible notes are good for the company at this stage and doesn't dilute ("convert" into equity) until Nov 1, 2027 according to the filing. For those bad at math, this is 6.5 years before equity can be distributed and new stocks are offered. In 2024 or 2026 investors can ask for their loans to be repaid because this is a loan until 2028. Certainly some dilution will be baked in by LONG term investors, but gaining $750mil in cash today that doesn't dilute until 2027 at the earliest is great news! Typical overreaction from the uninformed that gets exploited by savvy investors. I understand now why LI held back on announcing their filing to go public in Hong Kong... this was step 1.