Widely used in highschools of Hong Kong, bowei is used to describe a role model for slacking. A bowei usually sleeps for long hours (12 hours plus), has a lame sense of humor, gets all the mainland chicks and has a way to get out of everything.
Chinese (pinyin): precious or treasure, but also a term of endearment like "baby" or "love"; also synonymous with SiSi. Literally from "bao" meaning to cover or wrap or a bag or bundle and "bei" meaning "shell" (I guess).
Other fun words related to "bao" include:
baozi - Chinese buns (my favorite thing to eat!), literally meaning "bun bread"