Krypton Evening Post | TikTok files a review application against the order to shut down its local subsidiary in Canada; It is rumored that Xiaohongshu has established an Application Algorithm Department, with Xiahou as the department head; Microsoft establishes a new consumer artificial intelligence health business department.
Big Companies:
TikTok Files Review Application Against Canada's Order to Shut Down Local Subsidiary
TikTok's Canadian branch announced on December 11 local time that it has filed a review application with the federal court against the government's order to shut down TikTok's business in Canada. TikTok stated that finding a meaningful solution and ensuring the continued existence of the local team along with the TikTok platform is in the best interest of Canadians. On November 6 local time, the Canadian government announced that after a multi-step national security review process, it has ordered the termination of ByteDance's Canadian subsidiary, TikTok Technology Canada's business in Canada.
ByteDance Raises the Priority of Jianying and Dream Business
36Kr exclusively learned that ByteDance's management believes that AI conversation-based (or chatbot-like) products may only be an "intermediate state" of AI products. In the long term, a more ideal product form is likely to require a more visual user experience and a lower user usage threshold. Therefore, ByteDance has raised the product priority of Dream and is trying to create an "Douyin" in the AI era through a new path. When求证ing with ByteDance, ByteDance has not responded for the time being.
Xia Yiping Sends Internal Letter, Jiyue Enters Entrepreneurship 2.0 Stage
36Kr learned that on December 11, Xia Yiping, the CEO of Jiyue, released an internal letter stating: We must enter the 2.0 stage of Jiyue's entrepreneurship. In the new entrepreneurial period, the following four things must be done well: 1. Insist on long-term investment in core technologies to maintain a leading advantage; 2. Strengthen the construction of sales and service capabilities to cope with fierce market competition; 3. Merge departments and positions with overlapping functions and reform inefficient internal work processes; 4. Cut projects that cannot improve financial performance in the short term.
BMW Determines Successor for Supervisory Board Chairperson
On December 10 local time, BMW announced that Nicolas Peter will be nominated as a supervisory board member at the 2025 Annual General Meeting. The supervisory board also expressed its support for the proposal that Peter be elected as the supervisory board chairperson after the 2025 Annual General Meeting. The term of the current supervisory board chairperson, Norbert Reithofer, will end as planned at the 2025 Annual General Meeting, and he will not run for re-election after serving two consecutive terms. It is understood that Nicolas Peter previously served as the Chief Financial Officer of the BMW Group and the Chairman of BMW Brilliance.
Rumor: Xiaohongshu Establishes Application Algorithm Department, Xiahou as the Department Head
According to media reports, Xiaohongshu has established an application algorithm department, with Xiahou as the department head. The news said that recently, Xiaohongshu has integrated the algorithm departments of commercialization, community, and e-commerce to establish a new application algorithm department. It is concurrently held by Xiahou, the head of Xiaohongshu Community Technology Department, and reports to Xiaohongshu Technology Vice President Fengdi. Up to the time of publication, there is no official response.
Tesla Reportedly Searches for Location to Open Showroom in New Delhi
According to reports, informed sources said that Tesla has resumed the search for showroom space in New Delhi, which is the first sign that the company is reconsidering entering the Indian market after shelving its investment plans earlier this year. In April this year, Musk planned to visit India and announce an investment plan, but canceled the visit at the last minute. One of the sources said that Tesla is looking for a space of 3,000 to 5,000 square feet (about 280 - 465 square meters) to create a consumer experience center and is looking for a three times larger space for its delivery and service operations.
36Kr learned that Alibaba Cloud has achieved rapid growth in the international market, with its market size increasing by more than 20 times in the past five years. Yuan Qian, the International President of Alibaba Cloud Intelligence, revealed that in the next three years, Alibaba Cloud will invest in building new data centers in five countries around the world, namely South Korea, Malaysia, the Philippines, Thailand, and Mexico. At the same time, it will further increase local service and ecological system construction. Currently, Alibaba Cloud operates 85 availability zones in 28 regions around the world, covering mainland China, Hong Kong, Southeast Asia, Japan, South Korea, the Middle East, Europe, and the United States.
Microsoft Establishes New Consumer Artificial Intelligence Health Business Department
According to the Financial Times, Microsoft has established a new consumer artificial intelligence health business department.
Recently, the news that the lactic acid bacteria brand Yakult has closed its Shanghai factory has attracted attention. It is reported that the Shanghai factory that produces Yakult lactic acid bacteria beverages has stopped production on December 6, and production will be fully transferred to other domestic bases such as the Tianjin factory and the Wuxi factory. In response, Yakult China said that the Shanghai factory has now been integrated into the Shanghai headquarters. Closing the Shanghai factory is part of the business reform to improve production efficiency through reorganization and integrate resource allocation to further increase sales and performance.
Investment and Financing:
German Fashion E-commerce Zalando Announces €1.2 Billion Acquisition of About You
German online fashion retailer Zalando announced on Wednesday that it has agreed to acquire rival About You Holding SE for approximately €1.2 billion (US$1.3 billion). Zalando said it will offer €6.5 per share to About You's investors, representing a premium of approximately 67% over the stock's Tuesday closing price.
Nippon Life Insurance Announces $8.2 Billion Acquisition of Life Insurance Company Resolution Life
Nippon Life Insurance Mutual Society announced on December 11 that it will spend approximately $8.2 billion to acquire the remaining 77% stake in life insurance company Resolution Life. The transaction is expected to be completed in the second half of 2025. Nippon Life also announced on the same day that it will acquire the remaining 20% stake in MLC Life Insurance from National Australia Bank (NAB) and integrate MLC with Resolution Life's business.
Today's Views:
At the TCL Global Technology Innovation Conference held today, Li Dongsheng, the founder and chairman of TCL, attended the conference for the 11th time and delivered a live speech. At this conference, TCL showcased and introduced the company's self-developed first Tandem triple-fold screen (7.85"). This foldable screen supports "G-shaped" or "Z-shaped" folding, combining multiple low-power consumption technologies such as Tandem, LTPO, and PLP to achieve a comprehensive improvement in high brightness, low power consumption, and long lifespan. Will TCL launch products such as triple-fold mobile phones? Li Dongsheng responded by saying: "We have such (triple-fold) technology", but whether to launch related products depends on "market demand".
Goldman Sachs CEO: Will Consider Becoming Bitcoin Spot Market Maker if Regulations Allow
Goldman Sachs Group CEO David Solomon said on Tuesday that if regulations are clearer, Goldman Sachs may consider becoming a spot market maker for leading cryptocurrencies. Solomon said at an event that the company's ability to participate in spot trading of Bitcoin and Ethereum is "very limited" from a regulatory perspective. "You have to ask the regulators because currently, as a regulated banking institution, I think you know this, we are not allowed to own cryptocurrencies like Bitcoin as principal," Solomon said.
Other News Worth Noting:
The Hong Kong Special Administrative Region Government welcomes the passage of the Stamp Duty Ordinance (Miscellaneous Amendments) Bill 2024 by the Legislative Council today (11th), implementing the exemption of stamp duty on the transfer of shares or units of real estate investment trusts and the securities distribution business of option market makers, as well as amending the stamp duty collection arrangements under the paperless securities market system implemented in Hong Kong.
Indian Stock Market Raises $17.3 Billion in New Share Offerings This Year, Ranking First Globally
Data compiled by KPMG shows that as of December 8, the new share fundraising amount of the National Stock Exchange of India reached $17.3 billion, ranking first in the global fundraising amount this year. Following closely is the Nasdaq Stock Exchange with a fundraising amount of $16.5 billion. The New York Stock Exchange ranks third with a fundraising scale of $15.9 billion. Hong Kong ranks fourth with a fundraising amount of $10.4 billion, and the Shanghai Stock Exchange ranks fifth with a fundraising amount of $8.8 billion.
36Kr learned that according to Qunar data, since the beginning of this year, the number of passengers who bought their first air ticket on the Qunar platform has increased by 41% year-on-year. The provinces with the highest growth rates are Shanghai, Beijing, Yunnan, Fujian, and Hubei. First-tier and new first-tier cities have a higher growth rate than the average level, especially teenagers under the age of 18 have become the main force in buying their first air ticket, with a growth rate of more than 50%. Since the beginning of this year, the number of residents in cities below the third tier who bought their first air ticket has increased by 35% year-on-year, setting a new high in the past five years.