Krypton Evening News | Uber Reaches Agreement with India's JSW Group to Collaborate on Developing and Deploying Electric Vehicles in India; AI Startup Hark Completes $700 Million in Financing with Investment from NVIDIA, AMD, and Intel; Shenzhou-23 is Set to Launch Soon, and All Systems are Ready
Large Companies:
Junsuke Kuriyama, an analyst at investment bank Jefferies, noted in a newly released research report that thanks to the expansion of the ready-to-eat food sector and effective marketing strategies, same-store sales of 7-Eleven convenience stores in Japan, owned by retail giant Seven & i Holdings, are projected to achieve steady growth this fiscal year. The report forecasts that the operating profit of Seven & i Holdings' domestic convenience store business will hit 227 billion yen this fiscal year, and is expected to continue growing by 4.8% in the next fiscal year. (Sina Finance)
Estée Lauder Terminates Merger Negotiations With Puig, Abandoning Plan to Form a Beauty Giant
U.S. beauty giant Estée Lauder has ended merger talks with Spanish peer Puig. The deal was originally expected to create a beauty and fashion giant with a market value of nearly $40 billion. Estée Lauder stated on Thursday that the two sides have terminated merger negotiations, and Puig also confirmed the end of the talks. (Sina Finance)
On May 22, Uber signed a memorandum of understanding with Indian multinational conglomerate JSW Group. The two parties will jointly develop and promote customized electric vehicle solutions for India's ride-hailing market. This cooperation aims to accelerate Uber's electrification transformation across various mobility service categories in India by providing electric vehicle models that meet local operating environment, cost-effectiveness and performance expectations. (Jiemian)
36Kr learned that during the Western China International Investment and Trade Fair held from May 21 to 24, Qianshu Technology officially reached a strategic cooperation with Chongqing Digital Transportation Industry Group. Based on Qianshu's L4-level autonomous driving technology and the intelligent highway infrastructure of Chongqing Digital Transportation, the two parties will carry out demonstration applications of typical autonomous driving freight routes in the "Smart Corridor" and the "Hydrogen-Electric Corridors" in the Chengdu-Chongqing region.
Investment and Financing:
Endless Ark Completes Tens of Millions of Yuan in Seed Round Financing
36Kr learned that Endless Ark, an AI-driven biopharmaceutical company, announced the completion of a tens of millions of yuan seed round financing, led by Monolith Capital. Endless Ark Technology was founded by Oxford University PhD graduate Zhao Simiao, and is committed to developing anti-aging drugs through cross-species AI models and exploring therapies that can improve organ function.
AI Startup Hark Secures $700 Million in Financing, With Participation From Nvidia, AMD and Intel
Hark, an AI startup under Figure founder Brett Adcock, announced the completion of a $700 million Series A financing, with a valuation of $6 billion. This round of financing was led by Parkway Venture Capital, with participation from Nvidia, AMD Ventures, Intel Capital and other institutions. The funds will be used to expand GPU infrastructure, accelerate the development of next-generation AI models, and design and build next-generation AI hardware. (Caixin)
New Products:
36Kr learned that recently, Zero Data officially announced that it will fully focus its core strategy on the AIKC strategy (Vertical Knowledge Intelligence), integrating the vertical business knowledge model, data model and process model into a complete knowledge system. At the same time, Zero Data signed a strategic cooperation agreement with China Life Property & Casualty Insurance, and jointly launched the "True AI Pet" pet insurance technology platform. At present, Zero Data's AIKC has been implemented in new consumption, public services and other fields.
Today's Insight:
Jin Lei of Jinsai Pharmaceutical: AI Will Disrupt Traditional Pharmaceutical Logic in the Future
36Kr learned that on May 21, at the J.P. Morgan Global China Summit, Jin Lei, General Manager of Changchun High-Tech, Founder and Chief Scientist of Jinsai Pharmaceutical, stated that AI will disrupt the traditional logic of the pharmaceutical industry in the future. It is reported that on the resistant bacteria lysin technology platform, with the in-depth empowerment of AI, Jinsai has designed a series of highly innovative lysins that can effectively overcome drug resistance, with strong bactericidal activity and an extremely low probability of inducing drug resistance. Currently, the product GenSci142 for bacterial vaginitis (BV) has entered Phase I clinical trials. Relying on the systematic empowerment of AI capabilities, Jinsai has achieved results including a 50% reduction in the early R&D cycle, a one-third reduction in process optimization costs, and a 30% reduction in management costs over three years.
Nomura Expects Federal Reserve to Keep Interest Rates Unchanged This Year
Nomura Securities stated on Friday that it now expects the Federal Reserve to keep interest rates unchanged throughout 2026. With inflation rising and Fed officials' willingness to cut rates declining, the possibility of a near-term rate cut has decreased. Nomura Securities pointed out in the report: "Incoming Fed Chairman Kevin Warsh may still be willing to loosen monetary policy, but recent data and statements from Fed officials have made us doubt whether he can convince a majority of members of the Federal Open Market Committee (FOMC) to agree to a rate cut." (Sina Finance)
Other Notable News:
Shenzhou-23 Launch Is Imminent, All Systems Are Fully Prepared
Today (May 22), a full-system rehearsal was conducted for the Shenzhou-23 manned spaceflight launch mission. Currently, all systems involved in the launch mission have completed relevant functional inspections, and all pre-launch preparations are in place. (CCTV News)
To promote the provision of basic public services at residents' place of residence, significantly improve the equalization level of basic public services, and strongly support the in-depth implementation of the people-centered new urbanization strategy, the State Council recently issued the "Implementation Opinions on Promoting the Provision of Basic Public Services at the Place of Residence" (hereinafter referred to as the "Opinions"). The "Opinions" emphasizes that providing basic public services at the place of residence and allowing non-permanent residents to enjoy the same basic public services as registered residents is conducive to meeting people's ever-growing needs for a better life, and is of great significance for improving the quality of urbanization, releasing the potential of domestic demand, and building a new development pattern. (CCTV News)
Malaysia Plans to Purchase Overseas Resources to Ensure Energy Supply by the End of the Year
Malaysian Deputy Prime Minister and Minister of Energy and Water Transition Fadilla said on the 22nd that against the backdrop of the global energy crisis impacting production and supply chains and driving up energy costs, the Malaysian government is actively taking measures, including seeking supplementary energy supply from overseas, to ensure the country's energy supply until December this year. (Caixin)
Malaysia to Launch New Social Media Regulation Policy From June 1: Restrict Users Under 16 Years Old
Malaysia's communications regulator stated on the 22nd that it will introduce new measures starting June 1 to reduce teenagers' exposure to harmful content on online platforms. The Malaysian Communications and Multimedia Commission pointed out in a statement that the new regulation will require internet service providers to set up protection mechanisms to restrict users under 16 from registering and holding accounts, and strengthen content governance on platforms. (Caixin)
South Korea's Cosmetics Trade Surplus Exceeds $10 Billion for the First Time in 2025
Data released by the South Korean government on Friday shows that South Korea's cosmetics trade surplus exceeded $10 billion for the first time in 2025, marking an important milestone for the South Korean cosmetics industry. The Ministry of Food and Drug Safety of South Korea said in a press release that the cosmetics trade surplus increased by 13.5% last year, reaching $10.1 billion. South Korea first achieved a trade surplus in cosmetics in 2012, with a scale of $90 million. Since then, this figure has grown rapidly, rising from $6.6 billion in 2022 to $7.1 billion in 2023, and reaching $8.9 billion in 2024. (Sina Finance)