9:00 Express by 36Kr 丨 Volkswagen announces a global layoff of 100,000 employees; Moonshot AI is reportedly planning to conduct an IPO in Hong Kong this year; National Bureau of Statistics of China: the average weekly working hours of workers nationwide is 48.2 hours.
Today's Hotspot Guide
Apple's Face ID technology is accused of patent infringement
With the market value of held shares exceeding 10 billion yuan, Tencent becomes the biggest winner of Enflame Technology's IPO
ByteDance's new generation Doubao smartphone is equipped with Changxin Technology's LPDDR5X memory
U.S. retail diesel prices hit a record high in history
Source: Maserati is negotiating cooperation projects with Huawei and JAC Motors
TOP3 Major News
Volkswagen to cut 100,000 jobs globally
On September 4 Beijing time, boosted by the news that Volkswagen Group announced its restructuring plan, Volkswagen's share price surged by nearly 10%, and as of press time, the increase has fallen back to around 5%. In terms of public information, according to the report of China Automotive News, on September 4, 2026 Beijing time, the Supervisory Board of Volkswagen Group held a special meeting in Wolfsburg, Germany, and unanimously passed the comprehensive "Future Plan" restructuring scheme proposed by CEO Oliver Blume. The scheme, which went through months of internal gaming and multi-party resistance, was finally approved, marking that the most far-reaching structural reform of Volkswagen Group in recent years has officially entered the implementation and execution stage. This restructuring is carried out around multiple dimensions including cost reduction and efficiency improvement, production capacity optimization, product iteration and manpower adjustment. In terms of personnel optimization, Volkswagen will cut another 50,000 global positions on the basis of the original plan, bringing the total layoff scale to 100,000. The layoff will be mainly promoted through voluntary resignation, natural attrition and post integration, to smoothly resolve the pressure brought by employment adjustment. (21st Century Business Herald)
It is reported that Moonshot AI plans to conduct an IPO in Hong Kong this year
It is reported that Moonshot AI plans to conduct an IPO in Hong Kong this year, seeking to raise up to 5 billion US dollars. (The Financial Associated Press)
The average weekly working hours of workers across China is 48.2 hours
According to data from the National Bureau of Statistics, the average weekly working hours of employees in enterprises nationwide in July this year reached 48.2 hours. In cities where the internet and emerging industries are densely distributed, many white-collar workers in large leading enterprises said in interviews that the afternoon is often the period of the day when they are most likely to be "out of their best state". As working hours accumulate, the sense of fatigue and decline in concentration become more obvious. According to previous reports from Labor Noon Post, from the perspective of human physiological rhythm, the period from 3 p.m. to 6 p.m. is when people's physical state is prone to fluctuations. Reasonably adjusting the work rhythm and ensuring necessary rest can help workers maintain a better working state and strike a balance between efficiency and health, which is becoming a new consensus for workplace development in the digital era. (Ningbo Evening News)
AI Cutting-edge
Services of ChatGPT, Grok and Claude have been fully restored after a collective outage
On September 3 local time, ChatGPT under OpenAI, Grok under SpaceX AI and Claude under Anthropic suffered large-scale service outages almost at the same time, and all services have now been back to normal. ChatGPT, Claude and Grok all confirmed on their respective service status pages that the malfunctions have been resolved. (Jiemian News)
China Ruyi Launches AI Product Kaori Go, Having Rolled Out Three AI Products This Year
36Kr has learned that China Ruyi recently launched Kaori Go tailored for the content creation workflow. Prior to this, the company had launched Yinghuo Workshop focused on interactive content generation, as well as C-LIVE, a product dedicated to motion asset extraction that was unveiled at the press conference on June 16. The three products cover three links of content production respectively: upstream assets, midstream processes and downstream products, forming a complete AI production chain from real materials to playable content.
Zhihu AI Works Update: One-click App Deployment Now Supported
36Kr has learned that on September 4, the Zhihu AI Works project square welcomed a major update, which added the one-click project deployment function in the new version. Developers can upload the complete project engineering package on Zhihu, and the platform will take charge of the cloud construction and deployment process. AI Works not only optimizes the complex deployment operations into a feedback-enabled product flow to make the launch process more concise and efficient, but also provides multi-layer security detection and release review mechanisms to ensure that projects meet relevant regulations and safety standards. In June this year, Zhihu AI Works was officially launched to support the creation and release of AI projects. Less than three months after its launch, more than 2,600 AI projects have been accumulated on the platform.
Anthropic is reportedly close to finalizing a $15 billion pre-IPO credit facility
According to people familiar with the matter, Anthropic PBC is close to finalizing the expansion of its revolving credit line to 15 billion U.S. dollars, clearing a major hurdle for this artificial intelligence company before it publicly submits its high-profile IPO documents. People familiar with the matter said that Morgan Stanley will take the lead, and Goldman Sachs, JPMorgan Chase and Citi will also hold key roles in the credit arrangement. Previous reports have noted that the four banks are also the main underwriters of this IPO deal. People familiar with the matter previously stated that Anthropic aims to raise funds through this IPO at a scale equal to or even larger than that of SpaceX. Enterprises usually complete the revolving credit arrangement before formally confirming the division of responsibilities among IPO underwriting banks. Barclays and Wells Fargo are also expected to play important roles in this loan. (Sina Finance)
DeepMind and Google Research Launch WeatherNext 3 Global Meteorological AI Model
DeepMind and Google Research have launched the WeatherNext 3 global meteorological AI model. (Sina Finance)
Big Companies / Major Events
Zeng Yuqun Slams "Quick-launched Vehicles"
On September 3, at the 2026 World Power Battery Conference, Zeng Yuqun, Chairman of CATL, criticized the chaotic "quick-fix" phenomenon in the new energy vehicle industry during his keynote speech. Zeng Yuqun stated that in the first half of this year, domestic new energy vehicle sales exceeded 7.4 million units, with more than 600 new car models launched on the market, averaging nearly three new models per day; some power battery products even suffered batch failures, which is extremely alarming. "All parties are competing for development speed, product parameters and pricing, the development cycle is getting shorter and shorter, but at the expense of product quality and consumer trust." Since the beginning of this year, the "quick-launched vehicles" have sparked multiple rounds of discussions across the industry. Statistics show that the previously common 54-month automobile development cycle has been generally shortened to 18 to 24 months, and some projects are even compressed to 12 months. A R&D personnel from a domestic independent automotive brand said in an interview with Jiemian News that based on the existing electric vehicle platform, a new car model can be launched to the market with a minimum development time of only 6 months, which means the product definition can be completed in the first half of the year and mass production can be realized in the second half of the year. (Jiemian News)
Multiple Countries Repatriate Gold From the United States
The Dutch central bank announced on the 2nd that from March to August this year, the bank transferred about 86 tons of gold reserves from New York of the United States and Ottawa of Canada to London of the United Kingdom, so as to diversify risks and make full preparations for crisis response. According to the press release issued by De Nederlandsche Bank, about 59 tons of gold were transferred through selling on the New York market and then purchasing from the London market. More than 27 tons of gold were transported in physical form from the United States and Canada to Zeist, the Netherlands, and another equivalent amount of gold that meets international market standards was transferred from Zeist to London. In April this year, the Bank of France announced that it had completed the replacement of 129 tons of gold that had been stored in New York for years. This batch of gold has been held in custody in New York since the late 1920s. Germany repatriated 300 tons of gold from the United States between 2013 and 2017. The Deutsche Bundesbank still stores 1236 tons of gold in New York at present, accounting for about 37% of its total reserves. (CCTV News)
China Securities Regulatory Commission issues a huge fine of 238.84 million yuan
The China Securities Regulatory Commission (CSRC) has imposed administrative penalties on Yuandao Communication Co., Ltd., its then chairman Li Jin, director Wu Zhifeng, and deputy general manager and chief financial officer Cao Yalei for their illegal acts of fraudulent issuance and illegal information disclosure. According to the verified facts, from 2019 to 2022, Yuandao Communication inflated its operating revenue by fabricating work volume confirmation forms and other means, fabricated major false contents in its publicly announced securities issuance documents, and there were false records in the information disclosure of its 2022 annual report.
The CSRC decides to impose a fine of 238.84 million yuan on Yuandao Communication, a fine of 7.5 million yuan on Li Jin and a 5-year securities market entry ban, a fine of 6 million yuan on Cao Yalei and a 4-year securities market entry ban, and a fine of 3 million yuan on Wu Zhifeng. (Cailian Press)
Tesla's market value has evaporated by over 600 billion yuan overnight
On September 4, after the U.S. stock market opened, Tesla's stock price plummeted, with the decline once exceeding 6.2%. Its market capitalization stood at 1.39 trillion U.S. dollars, down by around 100 billion U.S. dollars (approximately 677.8 billion yuan) compared with the 1.49 trillion U.S. dollars recorded in the previous trading day. On Thursday U.S. Eastern Time, Tesla held a launch event in Austin, Texas, the United States, officially releasing the mass-produced Cybercab driverless taxi. This model features a two-door, two-seat layout, completely removes the steering wheel, accelerator and brake pedals as well as rearview mirrors, and runs fully relying on Tesla FSD full self-driving system. In terms of pricing, the target selling price of Cybercab is below 30,000 U.S. dollars, and its operating cost per mile is controlled within 0.2 U.S. dollars. Andrew Percoco, an analyst at Morgan Stanley, pointed out in the report: "If the event held on Thursday is only an unveiling ceremony with a limited number of vehicles actually put into use, we expect Tesla's share price to fall. (CLS)"
Apple to Usher in Its Largest-Ever Product Launch Wave in History
Technology journalist Mark Gurman wrote in his article that Apple will launch a large number of new products and upgraded products from 2026 to 2029, and the launch scale is likely to reach the maximum in the company's history. Apple's new CEO John Ternus will host his first new product launch event on September 9, and new iPhone and Apple Watch models are expected to be unveiled, which will also become the start of a new round of product launch wave. Gurman said that Apple will launch new products including foldable iPhones, the first OLED MacBook with touch screen, smart home hubs with displays, smart glasses, AirPods equipped with cameras in the next few years, and continuously update product lines such as iPad, Mac and Apple Watch. Some products are still in the development stage, and the release time may be adjusted or cancelled. (CLS)
US stock market opens: Three major indices trade mixed, rare earth stocks rally, Lululemon's share price plummets sharply
The three major US stock indices opened mixed. The Dow Jones Industrial Average fell 0.32%, the S&P 500 dropped 0.13%, and the Nasdaq Composite rose 0.01%. Lululemon tumbled more than 19% after the company lowered its full-year profit and sales guidance. Earth imaging firm Planet Labs climbed more than 7% as its second-quarter revenue beat market expectations. Rare earth stocks moved higher, with MP Materials, U.S. Rare Earths, and Critical Metals gaining more than 5%. (CLS)
People's Bank of China will launch a 500 billion yuan outright reverse repurchase operation next Monday
36Kr has learned that to maintain sufficient liquidity in the banking system, on September 7, 2026, the People's Bank of China will carry out a 500 billion yuan outright reverse repurchase operation in the manner of fixed quantity, interest rate bidding and multiple price winning bidding, with a term of 3 months (89 days) and the maturity date being December 5, 2026.
Apple's Face ID Technology Accused of Patent Infringement
It is reported that trinamiX, a subsidiary of BASF, filed a lawsuit at the U.S. District Court for the Western District of Texas on local time September 3, alleging that the Face ID technology adopted by Apple's iPhone 15 to 17 series, iPad Pro and other products infringes seven of its patents related to facial identity verification. According to the complaint, the involved technology stems from BASF's 2010 research on organic solar cells, and was then continuously developed by trinamiX founded in 2014, which focuses on skin material identification to prevent fraud from photos and 3D masks. trinamiX requests Apple to compensate for its losses and cease further infringing activities, but has not specified the exact amount of compensation. (Sina Finance)
Micron Plans Large-Scale Equipment Investment, Its HBM Production Capacity Is Expected to Double
Citing media reports from the Science and Technology Innovation Board Daily, Micron plans to launch large-scale equipment investment before the end of the year to improve the supply capacity of its latest-generation HBM product, the 12-layer HBM4. This move aims to make up for its gap in HBM production capacity compared with Samsung Electronics and SK Hynix, so as to further increase its market share. Micron plans to add up to 60,000 wafers per month of new HBM production capacity (calculated on a wafer basis) by the end of this year. Last year, Micron's HBM output was about 40,000 to 50,000 wafers per month. Based on this figure, Micron's HBM production capacity will be more than double that of last year. An industry insider familiar with relevant situations stated, "Micron is carrying out large-scale equipment investment to rapidly boost the production capacity of HBM4. It is estimated that by the end of this year, Micron will reach an HBM production capacity of about 100,000 wafers per month." (Cailian Press)
Xibei is exposed to be in arrears with employees' severance pay, Jia Guolong: The payment can only be settled in 2028
On September 4, as reported by Sina Tech, Xibei was recently exposed to have unpaid amounts for resigned employees, covering 2025 year-end bonuses, severance pay and share repurchase proceeds. The report notes that at the end of July this year, Xibei proposed an agreement modification to its employees. The adjusted scheme is: the 2025 year-end bonus will be paid in 5 installments before the end of 2026, 20% for each installment. For parties with pre-agreed interest terms, the original agreement will be executed before July 1, 2026, and an annual interest rate of 8% will be applied thereafter; part of the outstanding severance pay will accrue interest at an annual rate of 8% starting from July 1, 2026, 15% of the amount will be paid in the first half of 2027, 15% in the second half of 2027, 25% in the first half of 2028, and 25% in the second half of 2028; part of the outstanding equity transfer payment will accrue interest at an annual rate of 8% starting from July 1, 2026, and will be paid in installments before December 31, 2028 based on the business recovery situation. Jia Guolong stated that people should trust the company can get through the difficult period, the payments cannot be made in time at present, and can only be fully settled by 2028. (Sina Tech)
Louis Koo's Company Accused of Owing Nearly 130 Million Yuan, Issues Urgent Response
Recently, One Cool Film Production and its founder Louis Koo have drawn widespread public attention over a 130-million-yuan debt claim. On September 4, One Cool Film Production issued a statement in response: The facts presented by the plaintiff are incomplete. In particular, the plaintiff failed to disclose that its company registration had been struck off and it had been dissolved for nearly three years, during which we had been unable to get in touch with its authorized responsible person. Moreover, the disclosures made by the plaintiff in the case violate the without-prejudice principle and are bound by contractual constraints. Our company reserves the right to pursue relevant liabilities, and we will handle this matter seriously together with our lawyers. Given that the case has entered judicial proceedings, we are not in a position to make further comments at the current stage. Thank you for your attention. (21st Century Business Herald)
With a stock market value exceeding 10 billion yuan, Tencent becomes the biggest winner in Enflame Technology's IPO
As Enflame Technology, a leading domestic cloud AI chip leader, officially launches the new share subscription on the Sci-Tech Innovation Board (STAR Market), Tencent, the largest external shareholder of the company, has become the most eye-catching winner of this IPO. Tencent not only invested 248 million yuan to obtain 1.7471 million shares in the strategic placement through its affiliated platform, but also directly held 77.267 million shares in Enflame Technology through Tencent Technology (Shanghai) Co., Ltd. before the IPO, accounting for 19.9493% of the total shares, making it the largest external shareholder of Enflame Technology. Coupled with the 0.3087% stake held by its concerted party Suzhou Piyi, the Tencent ecosystem holds a total of 20.2580% of the shares before issuance, and about 20.26% after issuance. Calculated at the issue price, the market value of Enflame Technology's shares held by the Tencent ecosystem is about 12.6 billion yuan. From the Pre-A round to the IPO, Tencent has continuously invested in 6 rounds, plus the additional share subscription in this strategic placement, making it the participant with the most diversified profit paths. (Jiemian News)
Apple's highly anticipated foldable iPhone currently has an initial daily output of only "several hundred units"
Sources said that Apple's highly anticipated foldable iPhone currently has an initial daily output of only "several hundred units", the main reason being that the company implements extremely strict quality control standards. (Sina Finance)
ByteDance's new-generation Doubao smartphone adopts LPDDR5X memory from Changxin Technology
According to media reports, the new generation Doubao smartphone Nubia NaviX Ultra, jointly developed by ByteDance and ZTE, will be equipped with Changxin's LPDDR5X memory with a maximum speed of 10667Mbps. The official noted that this marks the first mass production and practical application of the domestically developed 10667Mbps high-speed LPDDR5X memory chip. (CLS)
Source: Maserati is negotiating cooperation projects with Huawei and JAC Motors
According to media reports citing people familiar with the negotiations, Maserati under Stellantis Group is in discussions with Huawei and JAC Motors to build a technology and industry alliance in China. The media said the relevant agreement has not been finalized, but the cooperation is expected to be fully implemented by 2027. Stellantis did not make detailed comments on its negotiations with Huawei and JAC, only stating that it will not comment on rumors. "As part of regular business activities, Stellantis communicates with a number of industry enterprises around the world on various topics." (Sina Finance)
U.S. Retail Diesel Prices Hit All-Time High
The Iran conflict and the Russia-Ukraine conflict have disrupted the global market, pushing U.S. retail diesel prices to a record high, and energy-driven inflationary pressures may further intensify. Data from the American Automobile Association shows that on September 3, the average retail price of this widely used fuel at gas stations across the United States reached $5.85 per gallon. With the peak demand season approaching and the global supply shortage situation continuing to evolve, diesel prices have thus surpassed the all-time high set in June 2022. (Sina Finance)
Ongoing Listing Progress
Xinpa Intelligence's IPO on the Beijing Stock Exchange has been approved
36Kr learned that the Listing Committee of the Beijing Stock Exchange held its 82nd deliberation meeting in 2026. The deliberation result shows that Shanghai Xinpa Intelligent Technology Co., Ltd. meets the issuance conditions, listing conditions and information disclosure requirements.
Longsys: H Share Offering Price Fixed at HK$236 per Share
Longsys announced on the Hong Kong Stock Exchange on September 4 that the offering price has been determined as HK$236.00 per H share (excluding 1.0% brokerage commission, 0.0027% SFC transaction levy, 0.00565% HKEX transaction fee and 0.00015% FRC transaction levy). Assuming that the Global Offering becomes unconditional on or before 8:00 a.m. (Hong Kong time) on Tuesday, September 8, 2026, the H Shares are expected to commence trading on the Main Board of HKEX at 9:00 a.m. (Hong Kong time) on Tuesday, September 8, 2026. H Shares will be traded in board lots of 50 H Shares each. (Jiemian News)
Tianci Materials: The Hong Kong Stock Exchange is reviewing the company's H-share listing application
36Kr has learned from the announcement of Tianci Materials that the Listing Committee of The Stock Exchange of Hong Kong Limited held a listing hearing on September 3, 2026, to review the company's application for the issuance and listing of H shares this round. The sponsor for the company's this offering and listing has received a letter issued by The Stock Exchange of Hong Kong Limited on September 4, 2026, which states that the Listing Committee of The Stock Exchange of Hong Kong Limited has reviewed the company's listing application. This letter does not constitute formal listing approval, and The Stock Exchange of Hong Kong Limited still reserves the right to raise further comments on the company's listing application.
Large Corporate Earnings Reports
lululemon Reports Q2 Net Revenue of $2.4 Billion, Down 4% Year-over-Year
On September 3 local time, lululemon announced its financial performance for the second quarter of fiscal 2026 ended August 2, 2026: net revenue was $2.4 billion, down 4% year over year, or 5% at constant exchange rates; net profit was $329.2 million, representing diluted earnings per share of $2.92, down 6% year over year. The company expects net revenue for the third quarter of fiscal 2026 to range from $2.290 billion to $2.320 billion, a year-on-year decrease of 10% to 11%; diluted earnings per share are expected to be between $0.93 and $0.98. For the full fiscal year 2026, the company expects annual net revenue to be between $10.350 billion and $10.500 billion, down 5% to 7% year over year; diluted earnings per share are now expected to range from $9.48 to $9.73. (Jiemian News)
Cool Products
Cybercab, targeted selling price below $30,000
On Thursday Eastern Time, Tesla held a launch event in Austin, Texas, the United States, and officially released the mass-produced Cybercab autonomous taxi. It is worth noting that while Tesla used to livestream major product launches in the past, this launch event was exceptionally "low-key": Tesla did not conduct any livestream activities, the on-site launch event was only open to invited attendees, who were also required to sign non-disclosure agreements and prohibited from disclosing any relevant information before the end of the event. It is understood that this model adopts a two-door two-seat layout, completely removes the steering wheel, accelerator and brake pedals as well as rearview mirrors, and fully operates relying on the Tesla FSD Full Self-Driving system. In terms of pricing, Cybercab has a targeted selling price below $30,000, with the operating cost per mile controlled within $0.2. (CLS)
Edited by｜Putao