  In this paper, we study the partial bi-free $S$-transform of a pair $(a,b)$
of random variables, and the $S$-transform of the $2\times 2$ matrix-valued
random variable $\left(\begin{matrix}a&0\\0&b\end{matrix}\right)$ associated
with $(a,b)$ when restricted to upper triangular $2\times 2$ matrices. We first
derive an explicit expression of bi-free multiplicative convolution (of
probability measures on the bi-unit-sphere $\mathbb{T}^2$ of $\mathbb{C}^2$, or
on $\mathbb{R}^2_+$ in $\mathbb{C}^2$) from a subordination equation for
bi-free multiplicative convolution. We then show that, when $(a_1, b_1)$ and
$(a_2,b_2)$ are bi-free, the $S$-transforms of
$X_1=\left(\begin{matrix}a_1&0\\0&b_1\end{matrix}\right)$,
$X_2=\left(\begin{matrix}a_2&0\\0&b_2\end{matrix}\right)$ satisfy Dykema's
twisted multiplicative equation for free operator-valued random variables if
and only if at least one of the two partial bi-free $S$-transforms of the pairs
of random variables is the constant function 1 in a neighborhood of $(0,0)$.
This is the case if and only if one of the two pairs, say $(a_1,b_1)$, has
factoring two-band moments (that is,
$\varphi(a_1^mb_1^n)=\varphi(a_1^m)\varphi(b_1^n)$, for all $m,n=1, 2,
\cdots$). We thus find tons of bi-free pairs of random variables to which the
$S$-transforms of the corresponding matrix-value random variables do not
satisfy Dykema's twisted multiplicative formula. Finally, if both $(a_1,b_1)$
and $(a_2,b_2)$ have factoring two-band moments, we prove that the
$\Psi$-transforms of $X_1$, $X_2$, and $X_1X_2$ satisfy a subordination
equation.
