8:00 AM, 1st Krypton News | Xibei closes 102 stores, and Jia Guolong makes the latest statement; Hermès customer service responds to a yo-yo priced over 18,000 yuan; Cha Ji and its founder sue netizens, and the company responds.
Today's Hot Topics Guide
The central bank: There is still some room for interest rate cuts this year.
The Philippines announces visa - free entry for Chinese citizens starting from January 16th.
Thunder restarted the lawsuit, accusing former CEO Chen Lei of secretly embezzling the company's assets.
Wilmar: Plans to transfer 50% of the equity each of Kellogg's Shanghai and Kellogg's Kunshan to Mars China.
Xiaomi launches a 7 - year low - interest car purchase policy.
The tax supplementary payment for overseas income can be traced back to as early as 2017.
Top 3 Big News
Jia Guolong Posts on Moments: No Shortfall in Employees' Wages, and Stored - value Cards Can Be Refunded Immediately
On January 15th, Xiabei announced that it would close 102 stores at once, accounting for 30% of all its stores. In this regard, China Newsweek learned from the WeChat Moments of Jia Guolong, the founder of Xiabei Catering, that the closure of these 102 stores would be completed successively in the first quarter. "The wages of all employees who have to leave will be paid in full. All customers' stored - value cards can be used at other stores at any time, and those who want to refund their cards can get the refund immediately." Regarding the New Year's Eve dinner orders at some stores, Jia Guolong said that although closing the stores immediately would result in less loss, the company would still fulfill its commitment to customers. "We'll hold on for another month, complete the last meal service, and then close."
In addition, Jia Guolong insisted that "Xiabei's dishes in stores have never been pre - made food, whether according to the national definition or common sense in real life." According to Jia Guolong, Xiabei has ranked first in the revenue of Chinese - style cooked full - service meals for eleven consecutive years. The wages and welfare benefits of its employees are among the top in the industry, and it receives 70 million customers every year. In the coming days, "We'll keep fighting and strive to survive." (China Newsweek)
Jia Guolong's Response
Hermès customer service responds to a yo-yo priced over 18,000 yuan: It's a new product launched recently with ingenious design
Recently, an internet user in Guangdong posted a photo of a Hermès yo-yo on social media. The yo-yo is priced as high as 18,000 yuan, and the user joked that it's a "18,000-yuan childhood memory". The related topic quickly sparked heated discussions. According to the official Hermès customer service, this yo-yo is a new product launched by the brand recently with ingenious design - the handle is made of leather and features the exquisite saddle stitch sewing technique, while the storage box is crafted from precious natural goatskin. Currently, this yo-yo has sold out in some areas. The brand will replenish the stock from France irregularly and in varying quantities to meet consumers' needs.
According to the Aiqicha App, Hermès (Shanghai) Trading Co., Ltd., the affiliated company of Hermès in China, was established in January 2004 with a registered capital of 22.469 million US dollars. Its business scope includes toy sales, wholesale of pet food and supplies, retail of clothing and accessories, sales of bags, retail of jewelry, etc. It is wholly owned by Hong Kong Hengli Xingye Co., Ltd. Branch information shows that the company has set up more than 20 branches, which are located in cities such as Guangzhou, Nanjing, and Shenyang. Currently, more than 10 of them are in operation. (Jiemian News, Midu Finance)
Hermès yo-yo
CHAGEE and Its Founder Sue Internet Users, Company Responds
Recently, the Beijing Internet Court publicly announced the service of the copy of the statement of claim, the notice of the court session, etc. in the case of Internet infringement liability dispute between the plaintiff, Beijing Chaji Catering Management Co., Ltd., an affiliated company of CHAGEE, and its founder Zhang Junjie, and the defendant Zhao. The service shall be deemed completed 30 days after the announcement is issued. The case is scheduled to be heard on March 3rd. CHAGEE confirmed to 21st Century Business Herald that this rights - protection case is mainly a counter - attack against many previous rumors about the founder's marriage and entrepreneurship, and is a specific measure to severely punish the rumor - mongers.
Last year, the marriage of Zhang Junjie, the founder of CHAGEE, became the focus of public opinion. Many rumors about his marriage and entrepreneurship circulated on online platforms. Zhang Junjie said that the relevant rumors had caused great harm to himself and his family, and "it is necessary to stand up and speak out". Zhang Junjie said in his WeChat Moments: "I solemnly declare that before I met my wife (Gao Haichun), I had never been married, and there has never been any story about the 'disabled daughter of a tea tycoon'. We have safeguarded our rights through legal means against those rumor - mongers who have no bottom line in order to gain traffic and attention. They have been punished and publicly apologized." (21st Century Business Herald)
Large Companies/ Major Events
Central Bank: There is still some room for reserve requirement ratio and interest rate cuts this year
Zou Lan, the spokesperson and deputy governor of the People's Bank of China, said at a press conference held by the State Council Information Office on January 15 that there is still some room for reserve requirement ratio and interest rate cuts this year. In terms of the legal deposit reserve ratio, the current average legal deposit reserve ratio of financial institutions is 6.3%, so there is still room for a reserve requirement ratio cut. In terms of policy interest rates, regarding external constraints, the RMB exchange rate is currently relatively stable, and the US dollar is in an interest rate cut cycle, so the exchange rate does not pose a strong constraint. Regarding internal constraints, since 2025, the net interest margins of banks have shown signs of stabilizing. In 2026, a large amount of long - term deposits with maturities of 3 - year and 5 - year will expire. The recent cuts in the interest rates of various structural monetary policy tools will help reduce the interest - paying costs of banks and stabilize the net interest margins, thus creating some room for an interest rate cut. (Securities Times)
Dayao Confirms that Sun Yinong, Former CEO of Weilong, Has Joined the Company
It has been officially confirmed by Dayao that Sun Yinong, the former CEO of Weilong, joined Dayao as CEO in January this year and will work with Dai Cheng, the current chairman of Dayao. Sun Yinong is a well - known professional manager in the fast - moving consumer goods industry. He has previously served as CEO at Yinlu and Weilong Food respectively. (Jiemian News)
SF Holding and J&T Express Announce Strategic Cross - shareholding
36Kr learned that SF Holding and J&T Express jointly issued an announcement on January 15th, announcing the achievement of a strategic cross - shareholding agreement. They will issue new shares to each other, and the investment transaction amount reaches HK$8.3 billion. According to the agreement, SF Holding will issue 226 million H - shares to J&T Express at an issue price of HK$36.74 per share; J&T Express will issue 822 million Class B shares to SF Holding at an issue price of HK$10.10 per share. After the transaction is completed, SF Holding will hold 10% of J&T Express's shares, and J&T Express will hold 4.29% of SF Holding's shares.
Rosewood Hotels & Resorts Clarifies: The Group and Its Brands Are Not for Sale
It is reported that recently, the market spread the news that Marriott International intends to strategically acquire Rosewood Hotel Group, which is under Chow Tai Fook Enterprises of the Cheng family. Marriott International responded that it will not comment on rumors or speculations about mergers, acquisitions or other transactions. Rosewood Hotel Group responded that neither the group nor its brands are for sale, and all hotels are operating as usual. "We will firmly fulfill our long-term commitments to all stakeholders," it said. (Jiemian News)
Mercedes-Benz and BMW's Forecast for 2026: Less Than 500,000 Units, Returning to the Level of a Decade Ago
36Kr has learned from multiple sources that Mercedes-Benz and BMW have recently provided preliminary demand forecasts for 2026 to their domestic supply chains. Multiple informed sources told 36Kr that the annual estimated volume of domestic models of both companies is less than 500,000 units, almost returning to their sales levels in China a decade ago.
The Philippines Announces Visa-Free Entry for Chinese Citizens Starting January 16
The Philippine Department of Foreign Affairs announced on January 15 that starting from January 16, 2026, Chinese citizens can enter the Philippines visa-free and stay for a maximum of 14 days. This policy only applies to tourists entering through Manila and Cebu airports, and the 14-day stay period cannot be extended. (Sina Finance)
Thunder Restarts Lawsuit, Alleging Former CEO Chen Lei Secretly Emptied the Company
On January 15, reporters learned that after more than five years, Thunder Network and its subsidiary Netion Technology have filed a civil lawsuit against former CEO Chen Lei and his core team on the grounds of "dispute over liability for damage to the company's interests", seeking compensation of up to 200 million yuan. Currently, the case has been accepted and filed by the relevant court in Shenzhen. The core of this dispute spanning over five years points directly to a company named "Xingronghe". The plaintiff alleges that this company is a "shadow system" actually controlled by former CEO Chen Lei, and thus a hidden chain of profit transfer was constructed. (Yicai Global)
Apple Pay + Visa to Support Cross - border Payments for Chinese Cardholders Starting from the 15th
On January 15th, Apple announced the expansion of cross - border payment support for Apple Pay. Users holding Visa credit cards issued by Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China Merchants Bank, China CITIC Bank, Ping An Bank, and Industrial Bank, as well as Visa debit cards issued by China CITIC Bank, can use Apple Pay for cross - border payments after adding their cards to the Apple Wallet app. (Shanghai Securities News)
Watson's Group Plans to Add Around 1,000 Stores This Year and Proposes to Invest HK$3.8 Billion to Expand Business Network
On January 15th, it was reported that Watson's Group plans to add approximately 1,000 stores this year and invest HK$3.8 billion in opening new stores, upgrading existing stores, enhancing retail technology, and improving the supply chain to further expand its global business network and strengthen the O+O platform. (Jiemian News)
Golden Dragon Fish: Plans to Transfer 50% Equity Each in Kellogg's Shanghai and Kellogg's Kunshan to Mars China
36Kr learned that Golden Dragon Fish announced that the company held a board meeting on January 14, 2026, and approved the transfer of 50% equity each in Kellogg's Shanghai and Kellogg's Kunshan to Mars Wrigley Confectionery (China) Co., Ltd. The transaction consideration is USD 45 million and USD 15 million respectively. After the completion of this transaction, the company will no longer hold equity in the two companies. It is estimated that the impact on the company's earnings in 2026 will exceed 10% of the audited net profit attributable to the parent company in 2024.
The retroactive period for making up tax payments on overseas income can be traced back to as early as 2017
Recently, it has been learned from multiple sources that currently, the retroactive period for making up tax payments on overseas income of tax residents in the Chinese mainland has been extended compared to before, and can be traced back to as early as 2020 or even 2017. Since 2025, many tax residents have received prompts and notices from tax authorities, requiring them to conduct self - inspections on their domestic and overseas income and promptly file tax returns. The retroactive scope for making up tax payments mainly covers the past three years, mainly 2022 and 2023. (Yicai Global)
Xiaomi Launches 7-Year Low-Interest Car Purchase Policy with Monthly Payments as Low as $2,593
On the evening of January 15th, Lei Jun, the founder of Xiaomi Group, announced during a live broadcast that Xiaomi YU7, the company's first all-electric SUV, has officially launched a 7-year low-interest car purchase policy. For orders placed on or before February 28th, 2026, the down payment starts from $49,900, and the monthly payments can be as low as $2,593. In addition, during the event period, all models of Xiaomi YU7 will come with two zero-gravity seats as a gift. This move came just over a week after Tesla launched a similar financing policy. Lei Jun didn't shy away from Xiaomi's "following" of Tesla. He said, "After Tesla announced its '7-year low-interest' policy, thousands of netizens left messages urging us to follow suit. Our team conducted an urgent study and also launched a '7-year low-interest' policy." (Jiemian News)
All three major U.S. stock indexes closed higher, with NVIDIA up more than 2%
36Kr learned that at the close on January 15th, all three major U.S. stock indexes rose. The Dow Jones Industrial Average rose 0.6%, the NASDAQ Composite rose 0.25%, and the S&P 500 Index rose 0.26%. Large technology stocks had mixed performances. NVIDIA was up more than 2%, while Meta, Amazon, and Arm had small gains. Google fell nearly 1%, and Netflix, Microsoft, Apple, and Tesla had small declines. Among popular Chinese concept stocks, more declined than rose. Tencent Music fell more than 4%, NetEase fell more than 2%, JD.com and iQiyi fell more than 1%, and Baidu, Pinduoduo, and Bilibili had small declines. NIO, XPeng, and Li Auto all rose more than 1%.
Meituan to Enter the Car Sales Market
Following JD.com, another internet platform, Meituan, is venturing into the car sales sector. On January 15, 2026, Shanghai Xiche Future Intelligent Technology Co., Ltd. and Meituan signed a strategic cooperation agreement in Shanghai. The two parties will integrate the advantages of the automotive industry and local life services to jointly build a one - stop service platform for "car buying and using + local life". (Yicai Global)
Market news: Dongpeng Beverage plans to solicit potential investors for its Hong Kong listing plan worth over $1 billion
Market news: Dongpeng Beverage plans to solicit potential investors for its Hong Kong listing plan worth over $1 billion. (Sina Finance)
Louvre Museum Significantly Raises Ticket Prices for Non-EEA Tourists
The Louvre Museum in Paris, France, began implementing a "dual pricing system" on January 14th. The ticket price for adult tourists from non-European Economic Area (EEA) countries has been raised from the previous 22 euros to 32 euros, an increase of approximately 45%. The French government stated that this move aims to raise funds for the museum's infrastructure upgrade and renovation. However, the "dual pricing system" has still sparked controversy. The EEA includes EU member states, Iceland, Liechtenstein, and Norway. The French government said that after the implementation of the "dual pricing system," the Louvre will earn an additional 20 million to 30 million euros annually, thus raising funds for the renovation project. The Louvre's trade union criticized the move as "shocking" because the museum's collections come from all over the world, and the accompanying document checks have also significantly increased the workload. (CCTV News)
Trump: No Plan to Fire Fed Chair Powell for Now
US President Donald Trump said that despite a criminal investigation into Federal Reserve Chair Jerome Powell being conducted by the US Department of Justice, he currently has no plans to remove Powell from his position. However, Trump also said that it is "too early" to judge what action will ultimately be taken. When asked on the same day whether he would try to remove Powell from his post, Trump said, "I have no such plans." When further asked if the criminal investigation gave him a reason to remove Powell, Trump added, "Right now, we're in a wait - and - see mode with him, and we'll decide what to do. But I can't talk about it. It's too early, way too early." (CCTV News)
Four major automakers to recall over 340,000 vehicles in South Korea due to parts defects
The Ministry of Land, Infrastructure and Transport of South Korea said that Hyundai Motor Company, Porsche Korea and two other automakers will voluntarily recall over 340,000 vehicles in South Korea to fix various parts defects. (Caixin)
Platform X Announces Measures to Ban Grok from Generating Pornographic Images
Social media platform X, owned by Elon Musk, issued a statement on January 14 saying that it will impose restrictions on its AI chatbot Grok to prohibit the function from generating nude images of real people. Previously, due to the lack of platform supervision, Grok was widely misused to generate online pornographic images, even involving the field of child pornography, and was criticized and boycotted by multiple countries. (Jiemian News)
The Cutting - Edge of AI
OpenAI Poaches Three Employees from AI Startup Founded by Former CTO Murati
On January 14 local time, Fidji Simo, the CEO of OpenAI's application business, posted on social media platform X that Barret Zoph, Luke Metz, and Sam Schoenholz have returned to OpenAI. The three joined from Thinking Machines Lab, an artificial intelligence startup led by Mira Murati, the former CTO of OpenAI. (Caixin Press)
Qianwen App Integrates with Taobao and Flash Sale to Test AI Shopping
36Kr learned that on January 15th, Qianwen App announced its full integration with Alibaba ecosystem services such as Taobao, Alipay, Taobao Flash Sale, Fliggy, and Gaode. It has become the first in the world to implement AI shopping functions like ordering takeout, buying goods, and booking flights, and opened the test to all users. Alipay has also opened its native AI payment capability "AI Pay" designed for general intelligent agents to Qianwen App. In addition to takeout, Qianwen App will launch more scenario - based payments based on Alipay's AI Pay.
OpenAI Launches ChatGPT Translation Feature, Now Available to All Users
According to IT Home citing Bleeping Computer, OpenAI has quietly introduced a new feature called "ChatGPT Translate", adding a dedicated translation interface to ChatGPT. With this feature, users can directly use ChatGPT to complete translation tasks. It is currently unknown which model OpenAI is using in the background and whether it is customized based on GPT 5.2, and the official has not provided detailed explanations.
As reported, this feature has been opened to all users without the need for a paid subscription. Its interface design is similar to that of Google Translate, but it covers a wider range of functions. In actual use, ChatGPT Translate supports multiple input methods, including text input, pasting content, uploading pictures, voice input, and attaching files. The system can either automatically recognize languages or allow users to manually specify the translation direction. (IT Home)
BCG: Over 90% of Enterprises Will Maintain Long-Term AI Investment, with Some Planning to Double AI Spending in 2026
On January 15th, the Boston Consulting Group (BCG) recently released its annual research report on AI investment, covering 2,360 executives from 16 markets and 9 industries, including 640 CEOs. The report shows that enterprises' investment in AI is accelerating significantly. Over 90% of enterprises will maintain long-term investment in AI. It is estimated that enterprises' AI investment in 2026 will double compared to the previous year, accounting for 1.7% of total revenue. Meanwhile, AI strategies are being directly led by CEOs. More and more CEOs are taking the lead and driving the advancement, becoming the main decision-makers for AI strategies within the organization. (Jiemian News)
Wikipedia's operators reach cooperation agreements on AI content training with Microsoft and Metaverse platform companies
Wikipedia announced on January 15th that it has reached cooperation with several technology giants, including Microsoft, Metaverse platform companies, and Amazon. This move marks a key step for this non-profit organization in converting the technology companies' reliance on its content into revenue. The Wikimedia Foundation, which operates Wikipedia, stated that in the past year, in addition to the previously established partnerships with Metaverse platform companies and Amazon, the foundation has also signed cooperation agreements with several companies, such as AI startup Perplexity and France's Mistral AI. (Sina Finance)
Financial reports of major companies
TSMC: Estimates Q1 2026 Revenue to Reach $34.6 - $35.8 Billion
TSMC held an earnings conference on January 15. The company estimates that its US - dollar revenue in the first quarter of 2026 will reach approximately $34.6 - $35.8 billion, with a mid - point of $35.2 billion, a quarterly increase of about 4.4%. Gross profit margin and operating profit margin are also expected to continue to grow quarter - on - quarter. (Jiemian News)
SAIC Motor: Net profit is expected to increase by 438% - 558% year-on-year in 2025
36Kr learned that SAIC Motor announced that according to the preliminary calculation of the financial department, the company expects its net profit attributable to the owners of the parent company to reach 9 billion yuan to 11 billion yuan in 2025. Compared with the same period of the previous year, it will increase by 7.3 billion yuan to 9.3 billion yuan, a year-on-year increase of 438% to 558%.
Li Ning: Retail sales of Li Ning's sales outlets across the entire platform recorded a low-single-digit decline year-on-year in the fourth quarter
36Kr learned that Li Ning announced in the Hong Kong Stock Exchange that in the fourth quarter ended December 31, 2025, the retail sales of Li Ning's sales outlets (excluding Li Ning YOUNG) across the entire platform recorded a low-single-digit decline year-on-year. As of December 31, 2025, in China, the total number of Li Ning's sales outlets (excluding Li Ning YOUNG) was 6,091, a net decrease of 41 from the end of the previous quarter and a net decrease of 26 so far this year.
CMOC Group: Net profit is expected to reach 20 billion - 20.8 billion yuan in 2025, a year-on-year increase of 48% - 54%
36Kr learned that CMOC Group announced that the net profit attributable to shareholders of the listed company for the year 2025 is expected to be between 20 billion yuan and 20.8 billion yuan, a year-on-year increase of 47.80% to 53.71%. During the reporting period, the company's main products saw an increase in both volume and price, and the operating costs were effectively controlled, driving a significant year-on-year growth in performance.
Jingjiawei: Expected net loss of 120 million - 180 million yuan in 2025
36Kr learned that Jingjiawei released its 2025 annual performance forecast, expecting the net profit attributable to shareholders of the listed company to be a loss of 120 million - 180 million yuan. During the reporting period, the company's operating income increased by approximately 39.38% - 82.27% year - on - year, mainly due to the revenue growth of products in the graphics display and control field. The performance loss is mainly due to the continuous increase in R & D investment in GPU and AI chips, resulting in high R & D expenses; the year - on - year increase in credit impairment losses of accounts receivable; and the newly - added controlled subsidiary, Chenghengwei, is still in the investment phase, dragging down the overall profitability.
Investment and Financing
KKR Completes Raising $2.5 Billion for Asia Private Credit Fund
36Kr learned that KKR announced on January 15 that it has completed raising $2.5 billion, which will focus on investing in high-quality credit assets in the private markets of the Asia-Pacific region. This fundraising includes $1.8 billion for the second phase of the KKR Asia Credit Opportunities Fund and $700 million in separately managed accounts targeting similar investment opportunities.
Lemon tea brand "LINLEE" secures tens of millions in financing
36Kr learned that lemon tea brand "LINLEE" has completed a tens-of-millions Series A financing round. Qianhai Ark Fund is the sole investor, and the brand is valued at nearly 1 billion yuan. The funds from this round will be mainly used for brand building, supply chain upgrade, and organizational upgrade.
Xulun Technology Completes Strategic Series A3 and A4 Rounds of Financing Totaling Over 100 Million Yuan
36Kr learned that Chinese semiconductor materials company "Xulun Technology" recently completed strategic Series A3 and A4 rounds of financing totaling over 100 million yuan. The investment was made by Novartis Capital, an industrial fund under Northern Microelectronics, Beijing Electronic Control Industry Investment Fund, and Qianhai Ark Fund. The funds will be mainly invested in the upgrade of production lines and supporting systems. Meanwhile, continuous efforts will also be made in R & D innovation and talent development.
Robot Rental Platform "Qingtianzu" Completes Seed Round Financing
36Kr learned that the robot rental platform "Qingtianzu" announced on the 15th that the company has recently completed a seed round of financing. This round of financing was led by Hillhouse Ventures, with participation from Fosun Capital, Mufang Technology Innovation, Dafeng Fund, and an embodied intelligence company under Zhangjiang Group. The funds from this round will be mainly used for national market expansion, the construction of the platform's technology and service systems, and in - depth collaboration with local governments and industrial ecosystems to further consolidate its position in the robot - as - a - service field.
Xieying Technology Completes Series B Financing
36Kr learned that Xieying Technology recently completed a nearly 100 million yuan Series B financing, jointly invested by Chengdu Hi - tech Venture Capital Co., Ltd. and Huai'an Shengshi State - owned Investment Fund. This round of financing will be mainly used to deepen the iteration and upgrade of the "E - Spectra" intelligent reconfigurable operating system, accelerate the R & D and mass production of "communication + AI" integrated products, expand the large - scale implementation in national strategic emerging markets such as rail transit and low - altitude economy, and further strengthen the construction of the national production capacity and ecological cooperation system.
Cool Products
Wondershare Technology Unveils Wondershare Filmora at Google Cloud's Overseas Summit
36Kr learned that on January 15th, at the 2026 Google Cloud Overseas Summit in Beijing, Wondershare Technology presented its video creative software, Wondershare Filmora (overseas version: Wondershare Filmora). It is understood that in the application of multimodal capabilities, the AI of Wondershare Filmora can not only generate materials but also think like a professional video editor. It comprehensively analyzes multi - dimensional information such as frame content, color, sound, camera movement, and background music, automatically identifies emotional changes, rhythm inflection points, and visual focal points, and selects editing points and transition methods.
XSKY Hosts AIMesh Product Strategy Press Conference
36Kr learned that XSKY hosted an AIMesh product strategy press conference with the theme of "Everlasting Data, Boundless AI Computing", announcing that the company's strategic focus has fully shifted from "Information Technology (IT)" to "Data Intelligence". At the conference, the full-stack AI data solution AIMesh was launched, which features three core products: MeshFS, MeshSpace, and MeshFusion.
The Cutting Edge of AI
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Compiled | Bursting Tofu