8:01 AM | The three major indexes of the Hong Kong stock market collectively opened lower and moved lower. The Hang Seng Index once dropped nearly 10%; "Northeast Rain Sister" deleted the apology video; Baidu announced a new round of cadre rotation.
Listing in Progress
Horizon
On October 8, the Hong Kong Stock Exchange website listed the PHIP version of the prospectus of Horizon. This means that the intelligent driving technology enterprise Horizon Robotics has officially passed the hearing of the Hong Kong Stock Exchange. Data shows that in 2021, 2022, and 2023, the company recorded revenues of approximately RMB 467 million, RMB 906 million, and RMB 1.552 billion respectively, with a compound annual growth rate of 82.3%; in the first half of 2024, the company recorded revenues of approximately RMB 935 million, a year-on-year increase of 151.6%.
Top 3 Big News
The three major indexes of the Hong Kong stock market collectively opened lower and moved lower, with the Hang Seng Index once falling nearly 10%.
While the A-share market is advancing vigorously, the three major indexes of the Hong Kong stock market are collectively declining. As of the close on October 8, the Hang Seng Index reported 20,926.79 points, closing down 9.41%, marking the largest single-day decline since October 2008; the Hang Seng TECH Index reported 4,695.81 points, down 12.82%; the Hang Seng China Enterprises Index reported 7,483.67 points, down 10.17%. More than 1,900 stocks in the Hong Kong stock market fell, and 234 stocks rose, with a net purchase of 2.066 billion by southbound funds.
The Information Office of the State Council held a press conference on October 8. Zheng Shanjie, Director of the National Development and Reform Commission, and Liu Sshe, Zhao Chenxin, Li Chunlin, and Zheng Bei, Deputy Directors, introduced the "Systematic Implementation of a Package of Incremental Policies". Yan Zhaojun, a strategist at Zhongtai International, said that the investment strategy on October 7 added the view of "Timely Taking Profits at High Levels" because the extremely steep and rapid rise of the Hong Kong stock market is difficult to sustain for too long. The short-term valuation repair has been very sufficient, and the market volatility may increase sharply. There is no exclusion of the pressure of profit-taking at high levels. Pay attention to the trading rhythm and timely take profits at high levels. (Southern Metropolis Daily)
"Northeast Rain Sister" Deletes Apology Video, Loses Over 1.5 Million Followers on Douyin
On October 7, a reporter from Red Star News noticed that the internet celebrity "Northeast Rain Sister" deleted the apology video on her personal homepage, leaving only the statement from September 30. During the National Day holiday, her account was not updated. The statement said that due to the holiday, the official test results have not yet come out, and the sweet potato vermicelli can be fully refunded. Many netizens visited her shooting base in Benxi during the National Day holiday and found it empty. Previously, the crab posing controversy did not affect her product promotion and the number of followers. After this sweet potato vermicelli incident, as of the morning of October 8, she has lost over 1.5 million followers on Douyin. (Red Star News)
Baidu Announces a New Round of Executive Rotations, with Senior Vice President He Junjie Taking on the Role of Acting CFO
Exclusive to 36Kr, Baidu has announced a new round of executive rotations. Executive Vice President Luo Rong (Julius) is rotated to take on the role of the head of the Mobile Ecosystem Group (MEG), and no longer serves as the Group CFO. At the same time, the Health Care Group (HCG) is merged into MEG. Senior Vice President He Junjie (Jackson) is rotated to serve as the Acting CFO and no longer serves as the head of MEG.
Big Companies/Big Events
The 2024 Nobel Prize in Physics Announced
The Royal Swedish Academy of Sciences announced on October 8 local time that the 2024 Nobel Prize in Physics has been awarded to John J. Hopfield and Geoffrey E. Hinton in recognition of their fundamental discoveries and inventions in using artificial neural networks for machine learning. (CCTV News)
The National Day holiday ends, and the cross-regional personnel flow in the whole society exceeds 2 billion person-times
The National Day holiday ended on October 7. Preliminary statistics from the Ministry of Transport show that from October 1 to 7, it is estimated that the cumulative cross-regional personnel flow in the whole society is about 2.008 billion person-times, with an average daily year-on-year growth of 4.1%. (CCTV News)
The total expenditure of domestic tourists during the 2024 National Day holiday is 700.817 billion yuan.
During the 2024 National Day holiday, the national culture and tourism market was stable and orderly. According to the calculation of the Data Center of the Ministry of Culture and Tourism, during the 7-day National Day holiday, 765 million domestic trips were made nationwide, with a year-on-year growth of 5.9% on a comparable basis, and a 10.2% increase compared with the same period in 2019; The total expenditure of domestic tourists is 700.817 billion yuan, with a year-on-year growth of 6.3% on a comparable basis, and a 7.9% increase compared with the same period in 2019. (Voice of Culture and Tourism)
NOWWA Coffee has reached a cooperation with Jianfu Convenience Store
36Kr learned that NOWWA Coffee and Jianfu Convenience Store have announced a strategic cooperation. The two sides will carry out store joint operations in the "coffee + convenience store" model, and the first batch of 150 cooperative joint stores has been launched. It is expected that in 2024, the two sides will cooperate to launch 500 joint stores, and in 2025, 2,000 joint stores, covering Fujian, Jiangxi, Sichuan, and Jiangsu provinces.
TCL CSOT's Optoelectronic Display Company Increases Capital by 500 Million Yuan
36Kr learned that according to the Aiqicha App, recently, Huizhou CSOT Optoelectronic Display Co., Ltd. has undergone industrial and commercial changes, and its registered capital has increased from 1.51 billion yuan to 2.01 billion yuan. The company was established in October 2016, with Zhang Caili as the legal representative. Its business scope includes the manufacturing and sales of semiconductor lighting devices, the manufacturing and sales of audio equipment, and the integration of intelligent control systems. It is wholly owned by TCL CSOT Optoelectronic Technology Co., Ltd.
The three major U.S. stock indexes closed higher collectively, while popular Chinese concept stocks generally declined.
36Kr learned that as of the close on October 8, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose by 0.3%, the Nasdaq Composite Index rose by 1.45%, and the S&P 500 Index rose by 0.97%. Large technology stocks generally rose. NVIDIA rose by more than 4%, Netflix rose by more than 2%, and Apple, Microsoft, Tesla, Meta, and Amazon rose by more than 1%. Popular Chinese concept stocks generally declined. Bilibili and Weibo fell by more than 12%, Li Auto and NIO fell by more than 8%, JD.com, Baidu, and XPeng Motors fell by more than 7%, iQIYI and Alibaba fell by more than 6%, and Pinduoduo, Tencent Music, and NetEase fell by more than 5%.
Wan Hongwei Succeeds as the Legal Representative of Shuanghui Development
36Kr has learned that the Aiqicha App shows that recently, Henan Shuanghui Investment and Development Co., Ltd. has undergone industrial and commercial changes. Wan Long has stepped down as the legal representative and been succeeded by Wan Hongwei. At the same time, many senior executives have also changed. Henan Shuanghui Investment and Development Co., Ltd. was established in October 1998, with a registered capital of approximately 3.46 billion RMB. Its business scope includes livestock breeding, breeding of improved varieties of livestock and poultry, food production, and food sales, etc. It is jointly held by Rotex Limited, Hong Kong Securities Clearing Company Limited, China Securities Finance Corporation Limited, etc.
Wanda Commercial Management Invests in Establishing Three Enterprise Management Companies in Ningxia
36Kr has learned that recently, Zhongwei Wanda Plaza Enterprise Management Service Co., Ltd., Yinchuan Xingqing District Wanda Plaza Enterprise Management Service Co., Ltd., and Wuzhong Kaiyuan Wanda Enterprise Management Service Co., Ltd. have been established. The legal representative is Pan Taonan for all three companies, and the registered capital of each is 1 million Chinese yuan. According to the equity penetration shown by Qichacha, all three are indirectly wholly owned by Zhuhai Wanda Commercial Management Group Co., Ltd.
BAIC Invests in the Former Yulon Auto Finance Company
36Kr has learned that the Aiqicha App shows that recently, the former Yulon Auto Finance (China) Co., Ltd. has undergone industrial and commercial changes. Its name has been changed to BAIC Auto Finance (Hangzhou) Co., Ltd. Chen Jinquan stepped down as the legal representative and chairman, and Zhu Zhenghua succeeded him and served as the director in charge of the company's affairs. Some key personnel have also changed. At the same time, Yulon Motor Manufacturing Co., Ltd. and Yurong Enterprise Co., Ltd. have withdrawn from the list of shareholders, and Beijing Automotive Group Co., Ltd. has been added as a shareholder. The company was established in February 2016 with a registered capital of 1 billion RMB. Its business scope is automotive financial services, and it is wholly owned by Beijing Automotive Group Co., Ltd.
Jinggu Shares: Received Designation Notice from Leading New Energy Vehicle OEM
36Kr learned that Jinggu Shares announced that the company has recently received a designation notice from a leading new energy vehicle original equipment manufacturer (OEM). The company will serve as a component supplier for the customer to develop Avatar low-carbon wheel products for its new energy vehicles. The above project is expected to be mass-produced next year, and it is expected to have no significant impact on the company's revenue and profit level for the current year.
The Brazilian Supreme Court decides to unblock the social media platform "X"
On October 8 local time, Justice Alexandre de Moraes of the Brazilian Supreme Court decided to unblock the American social media platform "X". The services of "X" in Brazil will be restored within the next few hours. After the company that owns "X" paid a fine of 28.6 million reais (approximately 36.48 million yuan) to the Brazilian Supreme Court, the Brazilian Supreme Court made the decision to unblock it, indicating that the company has met all the requirements for operating in Brazil. (CCTV News)
Saudi Sovereign Wealth Fund Reduces Stake in Nintendo
The Public Investment Fund (PIF) of Saudi Arabia disclosed on October 8 that it has reduced its stake in Nintendo Co. Just a few days ago, an executive of the fund said that it was considering investing more funds in the game company headquartered in Kyoto. According to a document submitted to the Ministry of Finance of Japan on October 8, the fund sold approximately 17.3 million Nintendo shares between August 21 and October 1, reducing its shareholding ratio from 8.58% to 7.54%. (Sina Finance)
Dan Rosckes, Apple's Global Supply Chain Procurement Head, Is Reportedly Leaving
It is reported that sources familiar with the matter said that Dan Rosckes, Apple's global supply chain procurement head, recently informed employees that he will be leaving. It is understood that the successor will be David Tom, who has been Rosckes' senior deputy for the past few years. Rosckes' title is Vice President of Global Procurement and Supply Management, and he has been responsible for obtaining components and reaching agreements with suppliers. He has been with Apple for 24 years. (Jiemian News)
Vodafone to Collaborate with Google to Promote AI Phones and Services
The British mobile telecommunications giant Vodafone Group will collaborate with Google to provide cloud services, generative AI tools, and cybersecurity services to its customers in Europe and Africa. Vodafone stated in a statement on October 8 that in the 10-year extension of the existing partnership, Vodafone will promote Google's cloud storage subscription service, including Google One AI Premium, which provides access to Google's Gemini chatbot. The UK-based operator will also show customers how to use the AI features of the latest Pixel devices in stores. (Sina Finance)
Hyundai Motor to Sell 142 Million Shares in Its Indian Subsidiary
Hyundai Motor stated in a regulatory filing on October 8 that it will sell 142 million shares of Hyundai Motor India, which is for the latter's IPO. Hyundai Motor said that it will still hold 670 million shares in Hyundai Motor India, or 82.5% of the shares. Hyundai Motor said that the indicative range for the IPO pricing has not been finally determined. (Jiemian News)
Senior UK Facing Challenges in Aerospace Industry or Layoffs
Senior, a British engineering company, stated on October 8 that it is laying off employees to address the ongoing challenges in the commercial aerospace manufacturing industry. The company has been affected by supply chain issues and production limitations from major customers such as Boeing and Airbus. The company's cost and cash management actions are already underway, but the number of layoffs to be made has not been specified. (Sina Finance)
Google Must Reshape Its App Store to Comply with the US Court Ruling
On October 7, US District Court Judge James Donato made an important ruling, requiring Google, a subsidiary of Alphabet Inc., to modify the way its mobile app market operates. This decision requires Google to allow Android users to access and download apps from competing app stores and use alternative in-app payment methods. (Sina Finance)
Match Group, the parent company of Tinder, appoints insider Steven Bailey as the new CFO
Match Group, the parent company of Tinder, said on October 7 that insider Steven Bailey will become the chief financial officer early next year, saying the move highlights the company's emphasis on driving long-term strategic growth and strict cost control. Bailey joined Match in 2012 and is currently the Senior Vice President of Financial Planning and Business Operations. In the second quarter of this year, Tinder's paying users decreased by 8% to 9.6 million. In its recent earnings report, Match's expected revenue for the third quarter was lower than Wall Street expectations. Match is also facing delays in launching new features for its major apps such as Tinder. (Jiemian News)
The Forefront of AI
The iteration of artificial intelligence is accelerating, and the demand for compliant computing power is strong
Recently, Meta publicly demonstrated its AI video generation tool Meta Movie Gen for the first time. This tool is comparable to OpenAI's text-to-video tool Sora, and its functions include generating videos and audios from text, editing existing videos, and generating videos from pictures. In the demonstration, Meta Movie Gen performed well in some common challenges of text-to-video. In various AI tracks including text-to-video, Chinese technology companies have always followed the world's leading level. The annual growth rate of intelligent computing power in China exceeds 65%, making it a popular field for layout by various regions and companies. As AI large models move towards implementation, the "quality" of intelligent computing centers and intelligent computing power services in the market will be tested. (Shanghai Securities News)
Adobe Will Provide a Free Application to Help Label AI-Generated Content
On October 8, Adobe stated that it will start providing a free web-based application from next year, aiming to help image and video creators attach a "content credential" to their works. The company said that in addition to indicating that they are the authors of the content, creators can also use the free application to indicate whether they do not want their works to be used by artificial intelligence training systems. So far, no large artificial intelligence company has agreed to comply with Adobe's transparency system. The company said in a press release that it is "actively promoting the adoption of its standards across the industry." (Jiemian News)
Xiangxue Pharmaceutical and Huawei Cloud Reach Cooperation to Launch an Intelligent TCM Diagnosis and Treatment Large Model
36Kr has learned that recently, the Huangpu District Health Bureau has reached a cooperation and officially signed an agreement with Xiangxue Pharmaceutical and Huawei Cloud to jointly launch an intelligent TCM diagnosis and treatment large model. It is introduced that the intelligent TCM diagnosis and treatment large model is developed by Xiangxue Pharmaceutical, integrating the industrial and R & D advantages of Xiangxue Traditional Chinese Medicine with the technical advantages of Huawei Cloud's Pangu large model. This project is the first landing project of Huawei Cloud's Pangu large model in Guangzhou.
Big Company Financial Reports
Samsung Electronics' operating profit in the third quarter was 9.1 trillion won, an increase of 274.5% year-on-year.
Samsung Electronics announced on October 8 that it expects sales in the third quarter to increase by 17.2% year-on-year to 79.00 trillion won, and operating profit in the third quarter to increase by 274.5% year-on-year to 9.1 trillion won. According to a previous survey by Yonhap Infomax, a financial data company of Yonhap News Agency, Samsung's operating profit in the third quarter was 11.7% lower than the average expectation. (Jiemian News)
Universal Scientific Industrial (Shanghai) Co., Ltd.: The consolidated operating revenue in September was 5.953 billion yuan, an increase of 4.19% year-on-year.
36Kr learned that Universal Scientific Industrial (Shanghai) Co., Ltd. issued an announcement. The company's consolidated operating revenue in September 2024 was 5.953 billion yuan, an increase of 4.19% compared to the consolidated operating revenue in the same period last year, and a 12.68% increase compared to the consolidated operating revenue in August 2024. The company's consolidated operating revenue from January to September 2024 was 44.007 billion yuan, an increase of 2.21% compared to the consolidated operating revenue in the same period last year.
Investment and Financing
"Zhonglan Catering" Completes 12 Million Yuan Series A Financing
36Kr has learned that recently, Shandong Zhonglan Catering Management Service Co., Ltd. officially announced that it has successfully completed a 12 million yuan Series A financing. This financing is led by Guanfeng Capital. The company plans to use the funds for R & D innovation and technology upgrading, and continuously optimize the digital platform, etc.
"Xiushi Bioengineering" Receives Nearly 100 Million Yuan Investment
36Kr has learned that recently, Xiushi Biomedical (Nantong) Co., Ltd. announced that it has completed a nearly 100 million yuan Pre-A round of financing. This round of financing is led by Chuangjing Capital, with Huatai Zijin, Jinyumaowu and Xiaofanzhuo Ventures participating. This round of financing is exclusively financially advised by Gelo Capital. The funds from this round of financing will mainly be used to continuously increase the construction of the company's unique innovative polypeptide biosynthesis technology platform and the research and development of a diverse pipeline, complete and expand the construction of a compliant polypeptide drug production line, and accelerate the pace of the commercialization of the company's advantageous technologies and products at home and abroad.
Cool Products
WeChat HarmonyOS Native Version Starts Internal Testing Invitation
36Kr learned that the WeChat HarmonyOS Native Version has officially started the invitation for internal testing. Users who have upgraded to the native HarmonyOS NEXT operating system can experience it after receiving the invitation. This "trial version" of WeChat already supports some basic functions, including social communication, audio and video calls, Moments, and QR code payment and receipt for WeChat Pay, etc.
Organized by |Hao Yuqi