8:01 AM | Tongcheng Travel Responds to the "Book and Burn" of Hotel Orders; BMW's First Global 5S Store Closes Down; LV Says the Staff Member Involved in the Incident at Hefei Yintai Center Has Left.
Listing in Progress
SF Express
On October 27, sources familiar with the matter revealed that SF Express plans to conduct a secondary listing in Hong Kong at the end of next month. It is scheduled to be listed on November 27 and may raise approximately 1 billion US dollars (about 7.128 billion yuan). If the listing is successful, SF Express will become the second largest new share in Hong Kong this year after Midea Group. This listing will help enhance SF Express's position in the international capital market and provide financial support for its future development. As of the close of trading on October 25, the A-share price of SF Holding is 43.40 yuan per share, and the market value reaches 209.011 billion yuan. (IT Home)
TOP 3 Big News
Tongcheng Travel Responds to the "Hotel Order Burn After Booking": The Original Intention is to Protect Privacy and Will Consider Whether to Optimize the Feature
Recently, the topic "The Function of Burning Hotel Orders After Booking Causes Controversy" has become a trending search. It is understood that when booking a hotel through the Tongcheng Travel mini-program, there is an option of "Burn After Booking". Using this function can automatically delete the order after staying to protect the privacy from being leaked, which has sparked heated discussions among netizens. On October 26, Tongcheng Travel responded that the original intention of this feature is to protect the privacy of users; regarding the concerns of netizens, it will consider whether to optimize this feature. (Red Star News)
The First BMW 5S Store Worldwide Goes Bankrupt, Employees' Salaries Are Delayed for Two or Three Months, and Many Car Owners Have Unused Stored Value Amounts
Recently, the first BMW 5S store worldwide - Beijing Xingdebao Automobile Sales and Service Co., Ltd. (hereinafter referred to as "Beijing Xingdebao") posted a notice at the entrance, announcing the closure of the store. Beijing Xingdebao stated that due to the overall economic environment, it is currently facing severe financial pressure. The group is actively seeking a solution to the current predicament by seeking capital injection or other group trusteeship. The BMW brand authorization ended on October 20, 2024, and the company has temporarily suspended new car and after-sales related businesses. Previously, some old employees of Xingdebao said that the store had delayed their salaries for two or three months, and another salesperson revealed that the company stopped selling cars more than a month ago because it suffered too much loss from selling a car, but the after-sales service was still normal, and maintenance could be scheduled normally. Many consumers left messages on social media saying that they still have unused stored value amounts at Beijing Xingdebao and asking to be pulled into a rights protection group. (21 Finance and Economics)
LV Says the Employee Involved in the Incident at Hefei Yintai Center Has Resigned
Recently, an LV salesperson had an ambiguous relationship with a male customer, and the original partner found out and caused a commotion in the mall. LV responded that the employee involved at the Hefei Yintai Center store had resigned on October 25. On October 23, this emotional dispute spread online through a video, and keywords such as "LV salesperson" quickly became a trending topic. According to previous reports from multiple media outlets, on the second day after the incident, the staff of Yintai Center said, "The employee involved has not come to work, and the brand will verify her personally." (Red Star Capital Bureau)
Big Companies/Big Events
Hengda Automobile: The potential seller decides to stop discussions with the potential buyer on the possible equity transfer and applies for the resumption of trading from October 28
Hengda Automobile announced on October 25 that the company's board of directors announced that on October 25, 2024, it received a notice from the potential seller that they have decided to stop all discussions with the potential buyer regarding the potential share transfer and have decided not to proceed with the potential share transfer. No purchase and sale agreement has been entered into for the potential share transfer. Therefore, it is expected that a financing agreement will not be signed with the potential buyer (or another party designated by it), or any financing will be provided to the company in any other way. The company has applied to the Stock Exchange for the resumption of trading of shares from 9:00 a.m. on October 28, 2024. (Jiemian News)
Alibaba Pays $433.5 Million to Settle Lawsuit in the US, Lawyers Say Chinese Investors May Also Benefit
On October 25, US time, Alibaba Group reached a settlement agreement in a shareholder class action lawsuit. According to the agreement, Alibaba has agreed to pay $433.5 million (approximately 3.09 billion RMB) to resolve a class action lawsuit initiated by US investors. However, Alibaba denies any allegations of fault, liability, misconduct, or damage, stating that the settlement is only to avoid the costs and distractions of further litigation. At the same time, Alibaba stated in the announcement that the settlement is subject to many conditions, including court approval, and does not constitute an admission or determination that the claims raised in the lawsuit have any legal basis.
The settlement documents show that this is the 21st largest securities class action settlement in the region since the PSLRA (Private Securities Litigation Reform Act) was enacted nearly three decades ago, and it is one of the top 50 securities class action settlements in the United States. Lawyers say Chinese investors may also be eligible for this settlement amount. (China Business News)
The three major U.S. stock indexes closed with mixed results, and Tesla rose by more than 3%.
36Kr learned that as of the close on October 25, the three major U.S. stock indexes had mixed performances. The Dow Jones Industrial Average fell by 0.61%, the Nasdaq Composite Index rose by 0.56%, and the S&P 500 Index fell by 0.03%. Large technology stocks generally rose. Tesla rose by more than 3%, Google and Intel rose by more than 1%, and Meta, Microsoft, NVIDIA, Amazon, Apple, and Netflix rose slightly. Most popular Chinese concept stocks rose. Zeekr rose by more than 24%, XPeng Motors rose by more than 6%, NIO, Li Auto, and Futu Holdings rose by more than 5%, and JD.com, Alibaba, and NetEase rose by more than 1%. Miniso fell by more than 3%, and Huya fell by more than 1%.
The transaction volume of second-hand houses has increased significantly, and the property market in first-tier cities is expected to welcome a "warm winter"
It is nearly a month since the package of new property market policies was introduced at the end of September. How effective are the policies? According to the statistics from institutions, as of October 26, the online signed transaction volume of second-hand residential houses in Beijing in October has reached 12,979 units, with a month-on-month increase of 21.24% and a year-on-year increase of 53.09%. The transaction volume of second-hand houses in Shenzhen exceeded 4,800 units, setting a new high. In the first 20 days of October, the transaction volume of second-hand houses in Shanghai was 14,385 units, with a month-on-month increase of 50% and a year-on-year increase of 70%. Industry insiders predict that the property market in first-tier cities is expected to welcome a "warm winter" this year. (Securities Times)
The price of domestic gold jewelry rises to 813 yuan per gram
Caixin News Agency, October 26th. The price of domestic gold jewelry has risen again and remains at a high level. Many gold stores such as Chow Tai Fook and Lao Feng Xiang quote the price of gold jewelry at 813 yuan per gram, which is 7 yuan per gram higher than that on October 25th. (Caixin News Agency)
It is strictly prohibited to "remove speed limit". Beijing Municipal Market Supervision Administration interviews the production and sales units of electric bicycles such as Yadea, Aima, NIU, Ninebot, etc.
On October 27, according to the WeChat official account "Beijing Market Supervision", on the afternoon of October 26, the Beijing Municipal Market Supervision Administration organized a warning and interview meeting for the production and sales units of electric bicycles. The heads of electric bicycle production enterprises such as Yadea, Aima, NIU, Ninebot, and Zeekr and their sales agent enterprises in Beijing attended. The Municipal Market Supervision Administration stated that it will firmly resist the operational modification behaviors such as "removing speed limit" of electric bicycles. It is strictly prohibited to put into use and operate in Beijing the electric bicycle products that do not meet the mandatory national standards, have not obtained 3C certification or have not been included in the "Product Catalog of Electric Bicycles in Beijing". (ITHome)
Many places issue a new round of consumer vouchers, covering multiple fields such as catering, accommodation, movies, etc.
Since entering October, many places across the country have issued a new round of consumer vouchers. In Shanghai, consumer vouchers covering multiple fields such as catering, accommodation, movies and sports have been issued in batches. While in Hubei, the focus is on the young consumer group, and 50 million yuan worth of consumer vouchers for 3C digital products have been launched, covering 6 categories such as mobile phones and digital cameras, with a maximum discount of 1,000 yuan. (CCTV News)
The on-site negotiation and bidding for the 2024 Medical Insurance Catalog officially begins, and the results are planned to be announced in November.
At 8:30 a.m. on October 27, the on-site negotiation and bidding for the 2024 Medical Insurance Catalog officially started in Beijing. According to the previously announced information, during the four days from October 27 to 30, 162 drugs will participate in the on-site negotiation and bidding. This year, as before, 25 negotiation experts from the medical insurance departments selected from all over the country are divided into 5 groups to negotiate the medical insurance payment price, which officially kicks off the on-site negotiation and bidding of the medical insurance. It is reported that in terms of dynamic adjustment, this year is the seventh consecutive year since the establishment of the National Healthcare Security Administration to adjust the medical insurance drug catalog, maintaining the "annual adjustment" status, and timely adding new drugs that meet the conditions into the medical insurance catalog. The final results of the negotiation are planned to be announced in November and will be implemented on January 1 next year, which will benefit more patients at that time. (Securities Times)
Shenzhen's new home sales in October exceeded 10,000 units in advance, reaching a new high in recent years
After Shenzhen issued the "Notice on Further Optimizing Policy Measures for the Stable and Healthy Development of the Real Estate Market" on September 29, it greatly boosted market confidence. Sales centers of major real estate projects have been thriving with strong buying and selling activities, and the transaction volume of second-hand houses has increased significantly. Market activity has been significantly enhanced, and the real estate market has shown a clear trend of stabilizing after a decline. According to statistics, from October 1 to 26, the online signing and subscription of new commercial residential houses in the city reached 10,030 units, totaling 1,029,300 square meters. The average daily subscription volume is about 390 units and nearly 40,000 square meters of houses. This will be a new high in the transaction volume of Shenzhen's new housing market in recent years. (Shenzhen Special Zone Daily)
The flight plan for the 2024 winter-spring aviation season is implemented from today, with some ticket prices dropping by 7% year-on-year.
From October 27, the civil aviation industry across the country begins to implement the flight plan for the 2024/25 winter-spring aviation season. The new aviation season will last until March 29, 2025, totaling 154 days. A total of 194 domestic and foreign airlines plan to arrange 118,000 passenger and cargo flights per week, an increase of 1.2% compared with the same period last year. Reporters have also learned from several online travel booking platforms that with the adjustment of the flight plan for the new aviation season, in the fourth quarter of this year, ticket prices to popular destinations have dropped by 7% year-on-year. Statistics show that after the season change, ticket prices to the Northeast, Xinjiang, and Hainan have decreased by 10% year-on-year; the ticket price to Singapore has decreased by 10% year-on-year. (CCTV News)
The 1 millionth Tesla Model Y rolls off the assembly line at the Fremont Factory
On October 27, Tesla announced that its Fremont Factory has produced the 1 millionth Model Y. This milestone comes just a few days after Tesla announced that it has cumulatively produced 7 million vehicles globally. The Fremont Factory is Tesla's first production plant and was originally a traditional automotive manufacturing plant. Unlike the Texas Gigafactory, which was built specifically to produce the Model Y and Cybertruck, the Fremont Factory requires more strategies and innovations to mass-produce the Model Y and Model 3, including the use of a flexible structure to accommodate additional Model 3 assembly lines. (IT Home)
Indonesia Strictly Controls the Sale of iPhone 16
The Indonesian Ministry of Industry stated that travelers to Indonesia can bring the iPhone 16 into the country, but the sale of the phones is not allowed. The iPhone 16, released by the US tech giant Apple (AAPL.O) in September, cannot be sold in Indonesia because the company has not met the local investment targets in Indonesia. However, it is reported that if these phones are for personal use or are shipped through courier services, they can be brought into Indonesia. A spokesperson for the Ministry of Industry said in a statement on October 26: "The iPhone 16 devices carried by passengers and subject to tax are personal items and cannot be sold. They are only for the personal use of the passengers." During the period from August to October, approximately 9,000 iPhone 16s entered Indonesia as personal luggage and have been taxed. But if these phones are sold in Indonesia, they will be considered illegal. (Sina Finance)
Taiwan Semiconductor Manufacturing Company (TSMC) increases special bonus, with each grassroots employee eligible to receive NT$20,000.
At the 2024 TSMC Sports Day held on October 26, following the usual practice of previous years, TSMC issued a special bonus as a big red envelope. Chairman Wei Zhejia announced that the amount has been increased from NT$16,000 last year to NT$20,000 (IT Home Note: Currently approximately CNY 4,442). If calculated based on the approximately 60,000 grassroots employees in Taiwan of TSMC, the total amount of this year's special bonus is estimated to exceed NT$1.2 billion (currently approximately CNY 267 million). (IT Home)
Boeing in Financial Distress, Considers Selling Space Business to Save Itself
It was reported on the 25th local time that the US-based Boeing Company is considering selling some of its space businesses to improve the company's tight financial situation. Insiders disclosed to The Wall Street Journal that the businesses that Boeing may sell include the operations related to the Starliner spacecraft and the support work for the International Space Station, but it does not involve the department responsible for building the Space Launch System. When responding to relevant inquiries, Boeing said it does not comment on market rumors or speculations. (CCTV News)
An astronaut participating in SpaceX's manned space mission has a "medical issue" and is hospitalized
On October 26 local time, officials from the National Aeronautics and Space Administration (NASA) said that an astronaut had a "medical issue" after participating in SpaceX's "Crew-8" mission and was hospitalized. The astronaut is currently in a stable condition. SpaceX's Dragon spacecraft returned to Earth on the morning of the 25th and landed in the Gulf of Mexico off the coast of Florida, USA. The four crew members of "Crew-8" completed a 235-day International Space Station mission and were taken to a local medical facility for evaluation. After the medical evaluation, three of the crew members left the medical facility and arrived at the Johnson Space Center in Houston, Texas. NASA officials did not indicate in the message which specific astronaut had the "medical issue". (CCTV News)
The Forefront of AI
It is reported that ByteDance is recruiting talents and planning to set up an AI research and development center in Europe
On October 27, it is reported that ByteDance is preparing to set up an AI research and development center in Europe. Insiders revealed that ByteDance has already started to look for technical experts in LLM (Large Language Model) and AI in Europe, and is actively recruiting talents. At the beginning of September this year, it was reported that ByteDance's board of directors added a new European director, Xavier Niel, the founder and chairman of Iliad, a French wealthy businessman and French Internet service provider and mobile operator. The intention to expand the European market is obvious. (IT Home)
OpenAI Unveils New AI Text-to-Image Generation Scheme "sCM", Claiming 50 Times Higher Efficiency than Traditional Diffusion Models
OpenAI has announced a new AI text-to-image generation scheme called sCM (Continuous-Time Consistency Model). Compared with traditional diffusion models, sCM can generate high-quality samples in just two steps. It is claimed that it can improve the efficiency of text-to-image generation by approximately 50 times, and the quality of the generated samples can be comparable to "the stronger diffusion models in the industry", providing a new solution for AI text-to-image generation. (IT Home)
Google will develop artificial intelligence that can control computers
It is reported that the code name of this project is "Project Jarvis", aiming to take over the user's browser to help consumers complete various daily tasks such as collecting research, purchasing products or booking flights. Insiders revealed that in December, Google will also release its next-generation flagship Gemini large language model. (Sina Finance)
Investment and Financing
"Hansitong" Completes Multi-Million Yuan Series A+ Financing
36Kr learned that on October 25, "Hansitong" announced the completion of a multi-million yuan Series A+ financing round. This round of financing was exclusively invested by Geely Houtong Capital. The funds raised will be used to increase investment in innovative research and development, expand production capacity, and accelerate product delivery, thereby significantly enhancing Hansitong's competitiveness and market share in the AR-HUD market.
"Jingneng Microelectronics" Completes RMB 500 Million Series B Financing
36Kr learned that, according to Gaorong Ventures, "Jingneng Microelectronics" has completed a RMB 500 million Series B financing, which is invested by Xiuzhou Linghang Fund. This is the fourth round of financing completed by the company. Jingneng Microelectronics is a power semiconductor company under Geely Group, focusing on the development of high-reliability power semiconductor products.
"Fengwu Technology" Completes Multi-Million Yuan Series A+ Financing
36Kr has learned that recently, "Fengwu Technology" announced the completion of a multi-million yuan Series A+ financing, introducing the domestic equity investment institution Yuanhe Chenkun Jingu Capital. This round of financing will be used for the product technology research and development and delivery operation of Zhuhai Hengqin Qingyue Siyuan Technology Co., Ltd. under Fengwu Technology to further develop the AI intelligent property management system capabilities. It is introduced that Fengwu Technology is committed to providing the full life cycle of technology empowerment and intelligent operation services for the Chinese real estate industry.
Cool Products
Apple Intelligence to Be Officially Launched Next Week
Apple recently announced that its highly anticipated Apple Intelligence feature will be officially launched next week, specifically on the release date of iOS 18.1, which is October 28. The latest report from renowned tech journalist Mark Gurman further confirms this news. In iOS 18.1, Apple Intelligence will introduce a series of advanced artificial intelligence features. These features include: 1. A writing tool suite for text proofreading and rewriting: Helps users optimize text input and improve writing quality. 2. Photo cleaning: Automatically recognizes and organizes photos in the phone to optimize storage space. 3. Notification summary: Intelligently organizes notifications to allow users to obtain important information more quickly. 4. Siri enhancement: Improves the interactive experience of the voice assistant and provides more accurate information and suggestions. (techweb)
The First AI Supercomputer Gefion in Denmark Launched, Powered by 1528 NVIDIA H100 GPUs
On October 27, it is reported that Denmark has launched the country's first AI supercomputer, named after the goddess Gefion in Danish mythology, aiming to achieve breakthroughs in fields such as quantum computing, clean energy, and biotechnology. NVIDIA CEO Jensen Huang and the King of Denmark attended the unveiling ceremony together. Gefion is an NVIDIA DGX SuperPOD supercomputer powered by 1528 NVIDIA H100 Tensor Core GPUs and interconnected using the NVIDIA Quantum-2 InfiniBand network. The Gefion AI supercomputer is located in Copenhagen and serves the industrial sector, startups, and the academic community. (IT Home)
Compiled by | Da'an