Krypton Evening Post: Zhong Shanshan regains the title of "China's Richest Man" on the Forbes and Bloomberg Real-Time Billionaires List; Adidas' operating profit in the third quarter is 598 million euros; Goldman Sachs opens a new office in Riyadh, the capital of Saudi Arabia.
Big Companies:
36Kr has learned that Hive Technology, a company in the Xiaomi Ecological Chain, has reached a strategic cooperation with Baoshida Group. The two sides will carry out comprehensive cooperation around the in-depth integration of the omni-channel and the upgrade of the service experience. The self-owned brand product of Hive Technology, Jiehuan AI Audio Glasses, will be stationed in Baoshida's national stores and online channels in stages. The first batch of products will be launched first in 100 offline stores in Henan Province.
Adidas' Operating Profit in the Third Quarter is 598 Million Euros
Adidas announced on October 29 that its operating profit in the third quarter of 2024 was 598 million euros, compared with 409 million euros in the same period last year. The gross margin in the third quarter of 2024 was 51.3%.
Goldman Sachs Opens a New Office in Riyadh, the Capital of Saudi Arabia
The US investment bank Goldman Sachs Group has opened a new office in the financial district of Riyadh, the capital of Saudi Arabia, to further deepen its influence in the largest economy in the Middle East. Goldman Sachs has been operating in Saudi Arabia since 2008 and will move into the King Abdullah Financial District (KAFD) next year. The Paris-based Rothschild & Co. and many other top institutions have already opened offices in this 1.6 million square meter center.
Today, Oriental Securities internally released a public notice document, appointing Chief Information Officer Lu Dayin to temporarily take charge of the company's work and appointing Lu Dayin as Vice President. Currently, there are no personnel appointments or removals for the company's President Lu Weiming. Previously, it has been rumored in the Shanghai financial industry that Lu Weiming may have a job adjustment, and Li Wen, the Chairman of China Universal Asset Management, may also have an adjustment.
36Kr has learned that the Chinese Embassy in Singapore released the news that Ambassador Cao Zhongming attended the unveiling ceremony of the Asia-Pacific Office of Commercial Aircraft Corporation of China, Ltd. (COMAC) and delivered a speech. Ambassador Cao said in his speech that COMAC is an aviation equipment enterprise with important influence globally. The establishment of COMAC's Asia-Pacific Office in Singapore is an important step for domestic large aircraft to go global and is of landmark significance. It is hoped that COMAC will move steadily and far on the road of internationalization, and it is expected that the two sides will continuously deepen cooperation in the field of aviation equipment manufacturing and contribute to the improvement and upgrading of economic and trade cooperation between China and Singapore.
Zhong Shanshan Returns to the "Richest Person in China" on Forbes and Bloomberg Real-Time Rich Lists
36Kr has learned that Zhong Shanshan has quietly returned to the position of the "Richest Person in China" on the real-time rich lists of Forbes and Bloomberg. At 10 am on October 29, the Forbes Real-Time Rich List shows that Zhong Shanshan's current wealth is 50.3 billion US dollars (approximately 358.553 billion yuan). The highest-ranked in the Bloomberg Billionaires Index in China is also Zhong Shanshan, with a wealth of 50.7 billion US dollars (approximately 361.491 billion yuan).
JSW and POSCO Sign an Agreement to Build a 5-Million-Ton Steel Plant in India
It is reported that JSW and POSCO have signed an agreement to build a 5-million-ton steel plant in India.
The Export of iPhones Made in India Has Increased by One-Third in the Past Six Months
On October 29, it is reported that Apple's iPhone exports from India have increased by one-third in the six months ending in September. People familiar with the matter said that Apple exported nearly 6 billion US dollars worth of iPhones made in India, an increase of one-third in value compared with the same period last year. It is understood that Apple is expanding its manufacturing network in India.
36Kr has learned that according to the official Weibo of Xiaomi, on October 28, the Xiaomi SU7 Ultra prototype car competed in Nürburgring for the first time with a lap time of 6 minutes, 46 seconds and 874 milliseconds, making it the fastest four-door car in the world at Nürburgring.
Philips Lowers Annual Sales Target
Philips announced its results on October 28. The sales revenue in the third quarter of 2024 was 4.38 billion euros (approximately 4.73 billion US dollars), compared with 4.47 billion euros in the same period last year. The net profit in the third quarter increased from 90 million euros in the same period last year to 181 million euros. Philips has lowered its expected growth in comparable sales for the full year to 0.5% - 1.5%.
According to the Taiwan Economic Daily, industry sources say that Apple has actively invested in the development of the next-generation M5 chip and continues to use TSMC's 3nm process for production. It is expected to be available as soon as the second half of next year to the end of the year. Institutional analysis shows that Apple is a heavyweight customer of TSMC, and the two sides have a close cooperative relationship. The self-developed chips required for Apple's various product lines cannot lack the wafer foundry service support of TSMC. The industry expects that the AI performance and computing power of the upcoming M5 chip will be stronger, triggering a new wave of phone replacement.
New Products:
Hema Launches 500-Calorie Light Food Series
36Kr has learned that on October 29, Hema announced the launch of the "500-Calorie" light food series of new products. It is understood that the first batch launched four "warm salads" with Chinese characteristics, including Yunnan Black Three Minced, Yanbian Kimchi, Dai Flavor Nine-Layer Pagoda, and Guizhou Red Sour.
Investment and Financing:
Advanced Biomed's IPO Size Reduced by 92%, Now Plans to Raise $9 Million
The Taiwanese biotech company Advanced Biomed has downsized the proposed transaction in its upcoming IPO and replaced the exclusive bookrunner. The company originally planned to issue 25 million shares at a price range of $4 to $5, but after considering a 5-for-1 reverse stock split, it now plans to issue 1.9 million shares at a price range of $4 to $6 to raise $9 million, a 92% reduction from the previous expectation.
"Index Technology" Completes Angel Round Financing of Several Ten Million Yuan
36Kr has learned that "Index Technology" has recently completed an angel round financing of several ten million yuan. The investors are Qifu Capital, Huagai Capital, Houlang Capital and a leading PCB manufacturer, and Houlang Capital serves as the long-term strategic financial advisor. Index Technology was established in 2023 and is a company focused on the application of artificial intelligence technology in the field of electronic design solutions and manufacturing.
Today's Views:
The American tech tycoon Elon Musk hinted that his brain-computer interface company Neuralink may develop an implant to treat early-stage Alzheimer's disease. Musk shared a video of his speech at the 2024 Congress of Neurological Surgeons on the X platform on Tuesday and said: "I am increasingly convinced that Neuralink should prioritize making an implant that can eliminate back and neck pain. It will greatly improve people's well-being when they are awake and at the same time improve the quality of sleep."
European Central Bank Vice President Guindos: Inflation Outlook Faces Significant Risks
Luis de Guindos, Vice President of the European Central Bank, said that the European Central Bank has made significant progress in reducing inflation, but it cannot declare victory yet. "The upcoming information shows that the inflation reduction process is now progressing smoothly," he said in Madrid on Monday. "However, the outlook also faces significant risks." Guindos said at a conference that geopolitical conflicts could push up energy and freight costs, extreme weather and the stickiness of wage growth could keep price pressures high for a longer period of time. At the same time, past interest rate hikes may suppress demand and inflation more severely than expected, and the weak global economic growth will increase downside risks.
Other News Worth Noting:
36Kr has learned that according to the latest data from Jiuqian Zhongtai, the outburst coefficient of the outdoor category during Double 11 is as high as 401%, of which Taobao Tmall (Taotian) contributes nearly 60% of the market share. In 2024, the outdoor brands on Tmall Double 11 have experienced explosive growth, and the trend of branding and scaling in the outdoor category is obvious.
On October 29, Foreign Ministry Spokesperson Lin Jian presided over a regular press conference. A reporter asked, the Biden administration has finally determined to restrict US individuals and companies from investing in China's advanced technologies, including semiconductors, artificial intelligence, etc. What is the spokesperson's comment? Lin Jian said that China expresses strong dissatisfaction and firm opposition to the US' release of rules restricting investment in China. China has lodged representations with the US and will take all necessary measures to firmly safeguard its own legitimate rights and interests.