8:01 AM | WeChat is internally testing the function of "Checking and Deleting One-way Friends"; KFC is exposed to using genetically modified soybean oil; Xu Jiayin is urgently looking for a buyer for his luxury house in Hong Kong at a 40% discount.
TOP3 Big News
Multiple sources confirm: WeChat is internally testing the "Check and Delete One-way Friends" feature
Multiple sources confirm that WeChat is conducting an internal test of a new feature: It allows users to check the contacts/friends who have deleted them and selectively filter and delete. According to screenshots posted by several internal test users on various social networks recently, the new version of WeChat directly shows the "Recommended Deletions", through which users can check which friends have deleted them and delete them with one click. It also notes the simple reasons for recommended deletion in gray text, including "Whether the other party has deactivated WeChat", the time and method of adding friends, the last contact time, and no chat records on the current device. The above-mentioned news has also been indirectly confirmed and mentioned in the answers of WeChat's external intelligent customer service. (Finance World, IT Home)
KFC Exposed for Using Genetically Modified Soybean Oil, Multiple Stores in Tianjin Under Investigation
Recently, when the market supervision and law enforcement officers in Tianjin were inspecting a KFC, they found that there were two barrels of soybean oil in the store labeled as "Catering Raw Materials, Not for Retail". The person in charge of the store said: This soybean oil, which is made from genetically modified soybeans, is mainly used for the store's baked products. The oil is brushed on the baking tray to prevent the baked products from "sticking".
The law enforcement officers checked the ingredient list of the product and found that the product indicated that the processing raw material was genetically modified soybeans, but it did not explicitly inform consumers as required. The law enforcement officers immediately sealed and detained the edible oil and conducted a further investigation and handling of the store. Up to the time of publication, the reporter learned from the Tianjin market supervision department that several sub-bureaus have found that the "KFC" in their jurisdiction is using the genetically modified soybean oil of this brand, and none of them have explicitly informed consumers. Market law enforcement officers in multiple districts have also separately filed and investigated this suspected illegal act. (Tianjin Daily)
Xu Jiayin's Two Luxury Homes in Hong Kong Remain Unsold, Continuing to Be Marked Down Significantly
After being taken over by creditors for 11 months, two luxury homes related to Xu Jiayin, the founder of China Evergrande, continue to be marked down significantly for sale. On October 21, a source familiar with the matter said that the C and E units at 10 Belcher's Road are being sold for a combined price of HK$900 million (approximately US$116 million). The sales brochure of Savills, the real estate agent, shows that the current price of the C and E units at 10 Belcher's Road is HK$900 million, with the C unit priced at HK$470 million and an area of 5,433 square feet (approximately 504.7 square meters); the E unit is priced at HK$430 million and has an area of 4,933 square feet (approximately 458.2 square meters). However, Hong Kong media reported last November that the previous valuation of these properties exceeded HK$1.5 billion, equivalent to a 40% discount. (International Finance News Hub)
Big Companies/Big Events
Pacific Coffee Closes a Large Number of Stores, and the Person in Charge Claims that the Adjustment of Store Numbers is a Strategic Initiative
Since August 2023, in the 14 months up to October 15, the number of Pacific Coffee stores in the mainland has decreased by at least 114, with only 71 stores remaining in the mainland. A large number of Pacific Coffee stores in Guangdong have also closed. Recently, at least 10 stores in Zhuhai and Guangzhou will be closed. In response to the rumors of a large number of store closures, Pacific Coffee did not deny them. On October 16, a relevant person in charge of Pacific Coffee responded to reporters, saying, "In recent years, the coffee industry in the mainland has encountered significant market competition and challenges. The adjustment of the number of Pacific Coffee stores in the mainland is a strategic initiative. The existing stores will continue to deeply cultivate the market, improve the quality of operations, and continue to provide consumers with high-quality services and products." (Southern Metropolis Daily)
Zhang Yimou Says the Script of Black Myth: Wukong is Excellent: The Key is to Tell Chinese Stories Well
Xinhua News Agency recently released an interview in which Zhang Yimou talked about the movie "The Three-Body Problem" for the first time. In the program, Zhang Yimou said that a good script is very important for literary and artistic creation. "Whether it is a short video, a long video, an online drama, a movie, or even a game like Black Myth: Wukong, it needs a good script. You can see that the music, the lines, and the dialogues in it are very well written. It is a good script." (Sina Games)
China's First Homegrown Mobile Operating System Officially Launched
36Kr has learned that, according to Huawei Terminal, China's first homegrown mobile operating system - Huawei's native HarmonyOS has been officially released. It is also the world's third-largest mobile operating system after Apple's iOS and Android. It is introduced that the previously released HarmonyOS, because the system base still uses some AOSP open source code, has to be compatible with some Android applications. And the native HarmonyOS released this time has achieved all self-research of the system base, with significant improvements in the system's fluency, performance, and security features, as well as achieving the autonomy and controllability of the domestic operating system. It is understood that currently, more than 15,000 native HarmonyOS applications and meta-services have been launched, covering 18 industries, and general office applications cover more than 38 million enterprises nationwide.
During the first 9 months of this year, medical insurance departments at all levels across the country have recovered a total of 16.06 billion yuan in medical insurance funds.
The 2024 Medical Insurance Fund Supervision Trend Exchange Conference and Blue Book Release Conference was held in Beijing on October 22, where the "China Medical Security Fund Supervision and Management Development Report (2023-2024)" was released. It was introduced at the conference that from January to September this year, medical insurance departments at all levels across the country have recovered 16.06 billion yuan in medical insurance funds, with a year-on-year increase of 38.7%. Up to now, medical institutions have voluntarily returned nearly 3.62 billion yuan through self-examination and self-correction. Currently, the supervision of medical insurance funds continues to be strengthened, but the situation remains complex. In the next step, the National Healthcare Security Administration will continue to exert efforts in promoting the expansion of unannounced inspections, implementing self-examination and self-correction, strengthening big data supervision, improving long-term mechanisms, and increasing exposure to resolutely safeguard the safety of medical insurance funds. (CCTV News)
Starbucks' preliminary same-store sales data for the fourth fiscal quarter fell short of expectations, and it will suspend the release of its fiscal 2025 earnings guidance
Starbucks' preliminary net revenue data for the fourth fiscal quarter is $9.1 billion, while analysts expected $9.36 billion; the preliminary same-store sales data for the fourth fiscal quarter decreased by 7%, while analysts expected a decrease of 3.48%; the preliminary same-store sales data in the United States for the fourth fiscal quarter decreased by 6%, while analysts expected a decrease of 2.81%; the preliminary adjusted earnings per share data for the fourth fiscal quarter is $0.80, while analysts expected $1.03; the company will suspend the release of its fiscal 2025 earnings guidance. (Cailian Press)
China Evergrande Group Changes Hong Kong's Main Business Location and Remains Suspended
36Kr has learned that China Evergrande Group announced that, starting from September 20, 2024, the main business location in Hong Kong will be changed to the 14th floor, St. George's Building, 2 Ice House Street, Central, Hong Kong. At the same time, the company's shares have been suspended from trading since January 29, 2024, and will remain suspended until further notice. Shareholders, investors, and potential investors are advised to exercise caution when trading the company's securities.
Disney to Announce CEO Successor in Early 2026
Disney said on Monday that the company has appointed James Gorman to succeed Mark Parker as the company's next chairman, effective from January 2025. Through the above personnel appointment, the media giant is laying the foundation for the appointment of the successor to CEO Bob Iger in early 2026. (Sina Finance)
Dolce & Gabbana CEO: May Consider IPO in the Future, Currently Need to Consolidate Business
Dolce & Gabbana CEO Alfonso Dolce said on October 21 that the company is not ready for an IPO yet, but is prepared to consider it in the future. "Before that, we hope to consolidate the business." (Jiemian News)
Ford Recalls 2,416 Vehicles in the US
The National Highway Traffic Safety Administration (NHTSA) disclosed that Ford is recalling some 2024 Ranger and 2024 - 2025 Bronco models, totaling 2,416 vehicles. The ball joint nuts of the front upper control arm of the vehicles may not be properly installed or tightened, which may cause the front upper control arm to separate from the steering knuckle assembly. (Jiemian News)
Cathay Pacific plans to invest over HK$100 billion in the next 7 years and receive the second batch of Airbus aircraft in 2026
Cathay Pacific Group and Airbus held a celebration ceremony for the order of 150 aircraft. When delivering a speech, Cathay Pacific Chief Executive Officer Ronald Lam said that the investment of over HK$100 billion in the next 7 years will be mostly used for the fleet construction. The second order of Airbus aircraft to be delivered in 2026 is for Cathay Pacific and Hong Kong Express; the aircraft to be delivered in 2027 will be used to strengthen the cargo capacity; the new A330 models will start to be delivered from 2028 and beyond. He mentioned that Cathay Pacific and Hong Kong Express will add 15 new destinations this year, and Hong Kong Express alone has added 9 new routes. He hopes that the group will further increase the number of destinations to 100 next year. (Jiemian News)
Google Announces the Removal of Site Link Search Boxes from Search Results
On October 22, Google announced that it will remove site link search boxes from search results starting from November 21, 2024. The site link search box is a quick search method that allows users to conduct precise searches within a specific website. It is understood that this decision is based on Google's observation of the declining user usage rate over the years. (Global Network)
The producers of "Blade Runner 2049" sue Tesla and Musk, claiming that the Cybercab marketing image infringes copyright
On October 21 local time, the producers of the sci-fi movie "Blade Runner 2049", Alcon Entertainment, sued Musk and Tesla in California, USA, for copyright infringement, claiming that Tesla improperly used an image from the movie to promote its driverless taxi prototype. Alcon stated that Tesla had requested authorization to use a still image from the movie to promote its driverless taxi Cybercab. The lawsuit claims that Alcon rejected all authorization requests and firmly opposed the defendant's suggestion that the film has any connection with Tesla or Musk. The lawsuit claims that Tesla apparently input a still image from "Blade Runner 2049" into an AI image synthesis tool and made a slightly artistic treatment of the still image for the demonstration of its self-driving taxi. (Jiemian News)
Hyundai Motor India's Lackluster Debut on the First Day of Listing
After completing the largest initial public offering (IPO) in India's history, Hyundai Motor India had a lackluster trading performance on its first day. This indicates that in a lively stock market, investors are becoming more selective about new shares. The Indian subsidiary of the South Korean automotive giant opened 1.5% lower at Rs 1,931 (about $22.97) per share on the Bombay Stock Exchange on Tuesday. The stock then dropped 4.6%. Hyundai Motor India's IPO was priced at Rs 1,960 per share, raising $3.3 billion, surpassing the approximately $2.5 billion listing size of Life Insurance Corporation of India in 2022. (Sina Finance)
Sam's Club Executive Reportedly Resigns Due to Relocation Policy
It is reported that sources familiar with the matter have revealed that an executive of Sam's Club, a subsidiary of Walmart, will leave the company. The reason is a policy that requires thousands of company employees to relocate to the headquarters in Arkansas. Sources said that due to personal reasons, Cheryl Ainoa, the Chief Technology Officer of Sam's Club, refused to move to Arkansas. (Jiemian News)
TSMC: Power Distribution Work in Hsinchu Campus Office Building Has Been Suspended to Fully Cooperate with the Investigation into the Worker's Death
TSMC stated in a statement on October 22 that the power distribution work in the office building of the Hsinchu campus is currently suspended, pending the investigation into the death of a worker on the afternoon of October 18. TSMC said it is fully cooperating with the investigation. A work safety accident occurred recently at TSMC's 2-nanometer chip factory in Hsinchu, where a worker was suspected to have been electrocuted to death during construction. The Hsinchu Science Park Administration stated on the 22nd that this accident occurred on the 18th, and it has ordered a work stoppage and required the suspension of indoor power distribution work in the TSMC area, and requested a improvement plan; after TSMC submits the improvement plan, it will conduct inspections one by one according to the plan, and only after the re-inspection is completed will the resumption of work be approved. (Jiemian News)
The Forefront of AI
X Changes Service Terms to Allow AI Training on Everyone's Posts
When the social media X, owned by Musk, announced the latest service terms that will take effect on November 15, users quickly noticed a change. "By submitting, posting, or displaying Content on or through the Service, you grant us a worldwide, non-exclusive, royalty-free license to make your Content available to the rest of the world," the service terms state, including the right to analyze any content, "for example, including to use and train with our machine learning and artificial intelligence models, whether generated or otherwise." Basically, by continuing to use the platform, users will agree that X can use their data to train its artificial intelligence models. (Sina Finance)
Nokia and Lenovo Collaborate to Develop AI Data Center Solutions
36Kr learned that, it is reported that Nokia and Lenovo collaborate to develop AI data center solutions.
AI chip company Kneron is reportedly seeking pre-IPO financing at a valuation of $1 billion.
Insiders revealed that the AI chip startup Kneron is in discussions to raise $300 million in the latest round of financing, with a valuation of approximately $1 billion for the company. Documents show that Kneron hopes to use the funds for product innovation and expansion, including opening a regional office in Saudi Arabia. Insiders say Kneron hopes to eventually establish a R & D laboratory in Saudi Arabia. According to the presentation documents, this is expected to be the last round of financing before Kneron's IPO, and its listing time is tentatively set for 2025. The negotiations are still ongoing, and the financing may still fall through or fail to reach the target. (Jiemian News)
Dow Jones and The New York Post Sue AI Startup Perplexity for Infringement
On October 21 local time, Dow Jones, the parent company of The Wall Street Journal, and The New York Post filed an infringement lawsuit against the AI startup Perplexity, accusing the latter of plagiarizing copyrighted news content and using it to generate responses to user questions, thereby diverting traffic that would otherwise have gone to the websites of these two publishers. In July this year, the publishers under the above two news groups sent a letter to Perplexity to negotiate about the issue of its "unauthorized use" of copyrighted works and proposed to discuss a potential licensing agreement. The complaint alleges that Perplexity ignored it. (Jiemian News)
Big Company Financial Reports
China Telecom: Net profit in the third quarter is 7.49 billion yuan, with a year-on-year growth of 7.8%
36Kr learned that China Telecom released its third-quarter financial report. The report shows that the revenue in the third quarter is 125.995 billion yuan, with a year-on-year growth of 2.9%; the net profit is 7.487 billion yuan, with a year-on-year growth of 7.8%. The revenue in the first three quarters is 391.968 billion yuan, with a year-on-year growth of 2.9%; the net profit is 29.299 billion yuan, with a year-on-year growth of 8.1%.
Pop Mart: Overall Revenue in the Third Quarter Increased by 120% - 125% Year-on-Year
36Kr learned that Pop Mart announced on the Hong Kong Stock Exchange on October 22 that the overall revenue in the third quarter increased by 120% - 125% year-on-year. Among them, the revenue in mainland China increased by 55% - 60% year-on-year, and the revenue in Hong Kong, Macao, Taiwan and overseas increased by 440% - 445% year-on-year.
Zheshang Securities: The net profit attributable to the parent company in the first three quarters is 1.265 billion yuan, a year-on-year decrease of 4.92%
36Kr learned that Zheshang Securities announced that in the first three quarters, it achieved an operating income of 11.896 billion yuan, a year-on-year decrease of 5.75%; the net profit attributable to the parent company is 1.265 billion yuan, a year-on-year decrease of 4.92%; and the basic earnings per share is 0.33 yuan. At the end of September 2024, the company's total assets decreased by 0.05% compared with the end of the previous year, the owner's equity attributable to shareholders of the listed company increased by 3.51% compared with the end of the previous year, and the net assets per share attributable to ordinary shareholders of the listed company increased by 3.85% compared with the end of the previous year.
Cofco Sugar: The net profit attributable to the parent company in the first three quarters is 1.162 billion yuan, a year-on-year decrease of 19.33%
36Kr learned that Cofco Sugar announced that in the first three quarters, it achieved an operating income of 22.713 billion yuan, a year-on-year decrease of 4.86%; the net profit attributable to the parent company is 1.162 billion yuan, a year-on-year decrease of 19.33%; the basic earnings per share is 0.5434 yuan. Among them, the operating income in the third quarter is 7.757 billion yuan, a year-on-year decrease of 30.41%; the net profit attributable to the parent company is 300 million yuan, a year-on-year decrease of 55.41%.
China Resources Group's operating income in the first three quarters was 609 billion yuan, with a year-on-year growth of 1.9%.
On October 21, China Resources Group held the work conference for the third quarter of 2024. It was introduced at the meeting that in the first three quarters, the group achieved an operating income of 609 billion yuan, with a year-on-year growth of 1.9%, and a total profit of 63.1 billion yuan, with a year-on-year growth of 1.3%. (Jiemian News)
Investment and Financing
"Didi Autonomous Driving" Completes $298 Million Series C Financing
Didi Autonomous Driving announced that it has completed a $298 million Series C financing round. This round of financing is led by GAC Group, with Didi's participation. The financing funds will be used to increase investment in the research and development of autonomous driving technology and accelerate the launch of the first mass-produced Robotaxi (autonomous taxi). (Beijing Business Today)
"Aipuyang Laser" Completes Multi-Million Yuan Pre-A Round Financing
Recently, Shenzhen Aipuyang Laser Technology Co., Ltd. announced the completion of a multi-million yuan Pre-A round of financing, with sole investment from Tongchuang Weiye. This round of financing will be used for the research and development and expansion of production of advanced pan-semiconductor laser application equipment. (Jiemian News)
Cool Products
TDK in Japan Launches New Capacitor to Shorten Wireless Charging Time for Pure Electric Vehicles
On October 22, it is reported that TDK Corporation in Japan has developed a multilayer ceramic capacitor (MLCC) for wireless charging of pure electric vehicles. This capacitor is used to control the current and can withstand a high voltage of up to 1250 volts, which is about 1.2 times that of traditional products. TDK believes that this will help shorten the charging time of pure electric vehicles and plans to start mass production at the west site of the Honjo Factory in Japan in December. To achieve wireless charging, it is expected that each vehicle will be equipped with hundreds of MLCCs. In addition, TDK also expects demand in fields such as industrial robots and will produce 1 million per month. (Jiemian News)
Organized by｜He Yuting