8:01 AM | Pangdonglai's revenue is expected to exceed 15 billion yuan this year; Zhong Shanshan regains the title of "China's Richest Man" on the real-time rich list; Meta admits that Instagram's image quality is linked to data traffic.
Listing in Progress
Luckin Coffee
According to the news, Luckin Coffee plans to go public in the United States as early as next year. (Sina Finance)
Guangdong Jinko Electronics Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Guangdong Jinko Electronics Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange, and the sole sponsor is CITIC Securities.
TOP3 Big News
Pangdonglai's Annual Revenue to Exceed 15 Billion This Year
On October 23, at the press conference of the Xuchang Special Session on the series of themes of "Promoting the Construction of Chinese Modernization in Henan Practice" held by the Propaganda Department of the Henan Provincial Party Committee, Zhang Qingyi, Deputy Secretary of the Xuchang Municipal Party Committee and Executive Vice Mayor, disclosed that, "Pangdonglai started as a small tobacco and alcohol store on the street more than 20 years ago and has now developed into the ceiling of the Chinese supermarket industry. Its sales revenue this year will exceed 15 billion, becoming a large-scale commercial and trade group." According to the "2023 China Chain TOP100" list released by the China Chain Store & Franchise Association, Pangdonglai, which made its debut on the list, ranked 46th with a sales volume of 10.7 billion yuan from 13 stores. Based on this calculation, Pangdonglai's sales revenue in 2024 has increased by 40.2% compared to the level in 2023.
In April this year, the video of Yu Donglai being distressed about making too much money continued to spread on social media. In the video, he said, "Pangdonglai originally planned to earn 20 million last year, but unexpectedly earned 140 million by the end of the year." This figure comes from only 13 stores that Pangdonglai has in Xuchang and Xinxiang - this means that its single-store profitability has exceeded that of all supermarket listed companies in the industry, and its net profit has also surpassed many leading peers. For example, Yonghui Supermarket's net profit attributable to the parent company in 2023 was -1.32 billion yuan, and RT-Mart's parent company, Sun Art Retail Group, had an operating income of 83.6 billion yuan in the fiscal year 2023, with a net profit of 109 million yuan. (Jiemian News)
Zhong Shanshan Returns to the Position of "China's Richest Person" on Forbes and Bloomberg Real-Time Billionaires Lists
36Kr has learned that Zhong Shanshan has quietly regained the position of "China's richest person" on the real-time billionaires lists of Forbes and Bloomberg. At 10 a.m. on October 29, the Forbes Real-Time Billionaires List shows that Zhong Shanshan's current wealth is $50.3 billion (approximately 358.553 billion yuan). On the Bloomberg Billionaires Index, the person with the highest ranking in China is also Zhong Shanshan, with a wealth of $50.7 billion (approximately 361.491 billion yuan).
Meta Executives Confirm Instagram Video Quality Linked to Traffic
According to the Sci-tech Innovation Board Daily, recently, a science popularization video blogger released a video, revealing the phenomenon that some platforms excessively compress videos to save traffic costs, and even dynamically adjust the video quality according to the number of views. This topic has sparked widespread discussions at home and abroad.
Meta executive Adam Mosseri publicly admitted that the company's social platform Instagram will dynamically adjust the video clarity according to the number of plays of the video. Mosseri said that because the number of plays is concentrated in the initial stage of the video release, Instagram will reduce the rendering quality of the video when it is not being watched; once the video regains attention, its clarity will increase accordingly.
Completely different from the strategies of some domestic video platforms, Instagram may provide a higher bitrate when the video has a low number of plays, but once the video becomes popular, the video quality will be reduced instead. Users are dissatisfied with this phenomenon, believing that the quality of unpopular videos is low. Mosseri explained that users' interaction is mainly based on the content, not the video quality itself. (Sci-tech Innovation Board Daily)
Big Companies / Major Events
Oriental Securities Will Undergo Major Personnel Changes, with Chief Information Officer Lu Dayin Temporarily Leading the Company's Operations
On October 29, Oriental Securities internally released a public notice document, stating that Chief Information Officer Lu Dayin will temporarily lead the company's operations, and Lu Dayin has been appointed as Vice President. Currently, there have been no personnel appointments or removals for the company's President Lu Weiming. Previously, in the Shanghai financial industry, it was rumored that Lu Weiming might have a job adjustment, and Li Wen, the Chairman of China Universal Asset Management, might also have an adjustment. (21 Finance and Economics)
XPeng Motors: Aim to Achieve Over 10,000 Self-Operated Charging Stations by 2026
On October 29, XPeng Motors disclosed that it has over 1,620 self-operated charging stations, with 80% of them in first-tier cities. By 2026, the goal is to achieve more than 10,000 self-operated charging stations, covering more than 420 cities, and 75% of the charging stations will be well-equipped in shopping malls, hotels, and office buildings. (Jiemian News)
Hive Technology, a company in the Xiaomi Ecosystem Chain, has reached a strategic cooperation with Baoshida Group
36Kr learned that Hive Technology, a company in the Xiaomi Ecosystem 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.
China Evergrande: Liquidators Have Achieved a Small Amount of Value Recovery, but a Restructuring Plan Has Not Yet Been Found
36Kr has learned that China Evergrande announced on the Hong Kong Stock Exchange that since the appointment of liquidators and the suspension of trading of its shares, the liquidators have focused on investigating the company's business and affairs, and have taken measures to maintain and realize the group's assets, with the aim of returning value to the group's creditors and other holders, including initiating the lawsuit disclosed in the August announcement and filing the liquidation petition disclosed in the September announcement. As of the date of this announcement, the lawsuit is ongoing, and the liquidators will make further announcements on the status of the lawsuit in a timely manner in accordance with the listing rules. Although the liquidators have achieved a small amount of value recovery from the company's assets, the company's liquidity and other internal resources are still limited. Considering the company's debt level and the challenges faced by the group's business and operations, in the absence of significant new investments in the company, the liquidators have not yet found a restructuring plan that can enable the company to meet the resumption guidelines and resume trading of its shares. The trading of the company's shares has been suspended since 10:18 am on January 29, 2024, and will continue to be suspended until further notice.
TSMC: The construction of the Kaohsiung plant is progressing well, and 2-nanometer chips will be mass-produced in 2025
It is reported that TSMC's first 2-nanometer plant in Kaohsiung will hold a machine installation ceremony on November 26 and start equipment installation from December 1. On October 29, TSMC did not respond positively. It only said that the construction of the Kaohsiung wafer fab is proceeding as planned and is progressing well, and 2-nanometer chips will be mass-produced as scheduled in 2025. (Jiemian News)
Estee Lauder Reportedly Selects Insider as New CEO
According to sources, informed individuals disclosed that Estee Lauder has chosen its executive Stephane de La Faverie as the CEO. The informed sources said that the company is expected to announce the CEO candidate as early as this week. (Jiemian News)
Volkswagen Group plans to lay off tens of thousands of employees in Germany and reduce the salary of all employees by 10%
According to CCTV News, on October 28 local time, Daniela Cavallo, the chairperson of the works council of Volkswagen Group in Germany, revealed that the group plans to close at least three factories in Germany and lay off tens of thousands of employees. According to Cavallo, the management of the group has made it clear that such layoff measures must be taken in Germany in order to continue operations, and it is expected that all Volkswagen factories in Germany will be affected by this plan.
It is reported that Volkswagen currently has about 650,000 employees worldwide, of which nearly 300,000 are in Germany. The German Metalworkers' Union strongly opposes Volkswagen's layoff plan, saying it is a "heavy blow" to Volkswagen employees.
Another report from Kuaikeji says that while Volkswagen is laying off employees, it will also reduce the salary of all employees by 10%. Volkswagen has 300,000 employees in Germany, and there will be two rounds of salary "freezes" in the future, so salaries will not be raised in 2025 and 2026. (CCTV News, Kuaikeji)
OpenAI CFO: The company's consumer business accounts for approximately 75% of the overall operation.
The OpenAI CFO stated that the company's consumer business is experiencing significant growth, accounting for approximately 75% of the overall operation. Although the enterprise department is still relatively young, it has generated a considerable annual income; the company is actively discussing how to strike a balance between the value required by customers and the operating costs of OpenAI, especially in terms of calculating fees; the company discussed the possibility of reaching a potential transaction with Oracle as a starting point to maximize computing power and enhance consumer influence; in order to effectively compete for top research talents in a highly competitive market, the company has implemented a liquidity plan inspired by the strategies of industry leaders such as SpaceX. (Caixin)
The EU decides to impose a final anti-subsidy duty on Chinese electric vehicles for a period of five years
On October 29 local time, the European Commission released the news that it has ended the anti-subsidy investigation and decided to impose a final anti-subsidy duty for a period of five years on electric vehicles (BEV) imported from China. The relevant decision is expected to be published in the Official Journal of the European Union on local time 30, and the anti-subsidy duty will be officially implemented from 31. The sampled Chinese export producers will be subject to the following anti-subsidy duties: BYD: 17.0%; Geely: 18.8%; SAIC Motor: 35.3%. Other cooperating companies will be subject to a 20.7% tariff. After filing an individual review request, Tesla will be subject to a 7.8% tariff. All other non-cooperating companies will be subject to a 35.3% tariff. The provisional tariff imposed on electric vehicles imported from China on July 4, 2024, will not be collected. (CCTV News)
Three Tesla Directors Plan to Sell Stocks Worth Approximately $300 Million
It is reported that three Tesla board members have initiated a plan to sell stocks worth more than $300 million, including the company's chairman Robyn Denholm, director Kathleen Wilson-Thompson, and Elon Musk's brother Kimbal Musk. According to the 10-Q filing that Tesla submitted to the U.S. Securities and Exchange Commission (SEC), these three directors have submitted applications to sell a total of 1.13 million shares under the 10b5-1 trading plan. Based on Tesla's stock price of approximately $262.5 at the close on October 28, the sale amount in this plan will reach approximately $300 million. (Sina Finance)
Intel to Lay Off Staff at Its R&D Center in Poland
On October 29, according to the documents submitted by Intel to the local labor office, the company plans to lay off hundreds of people at its R&D center in Gdańsk, Poland. An Intel spokesperson in Poland responded by saying, "In line with the extensive cost-saving plan announced in August, we are making difficult but necessary decisions to reduce the workforce," but did not specify the exact number of layoffs. The spokesperson said, "This is the most difficult decision we have ever faced. The purpose of the change is to establish a simpler, more adaptable, and optimized organization, which is also part of Intel's long-term sustainable development strategy." Intel has approximately 2,500 employees and 1,500 subcontractor employees at the R&D park in Gdańsk. (Jiemian News)
The three major U.S. stock indexes closed with mixed results, and most popular Chinese concept stocks declined.
36Kr learned that as of the close on October 29, the three major U.S. stock indexes closed with mixed results. The Nasdaq rose by 0.78%, the S&P 500 index rose by 0.16%, and the Dow Jones Industrial Average fell by 0.36%. Most large technology stocks rose. Meta rose by more than 2%, Google, Netflix, Amazon, and Microsoft rose by more than 1%, Nvidia and Apple rose slightly, and Tesla fell by more than 1%. Most popular Chinese concept stocks declined. XPeng Motors and Tiger Brokers fell by more than 4%, NIO and Weibo fell by more than 3%, iQIYI, Li Auto, and Tencent Music fell by more than 2%, and JD.com fell by more than 1%; NetEase and Futu Holdings rose by more than 1%.
Elon Musk claims that brain-computer interface technology has the potential to treat Alzheimer's disease, but only in the early stages
American tech tycoon Elon Musk hinted that his brain-computer interface company, Neuralink, might develop an implant to treat early-stage Alzheimer's disease. Musk shared a video of his speech at the 2024 Congress of Neurological Surgeons last month on the X platform on October 29 and said: "I increasingly believe that Neuralink should prioritize creating an implant that can eliminate back and neck pain. It will significantly improve people's well-being when they are awake and also improve the quality of sleep." (Sina Finance)
Ross Stores Appoints Next Chief Executive Officer
Ross Stores announced on October 28 that James G. Conroy has been appointed as the next Chief Executive Officer, effective from February 2, 2025. (Jiemian News)
Japanese smart prosthetics enterprise BionicM enters the US market
According to the Nikkei News, the start-up enterprise BionicM, which is engaged in the smart prosthetics business, will enter the US market. The company will set up a network in Washington, D.C., to sell prosthetics equipped with motors. BionicM has raised 3 million US dollars from overseas investors, and the cumulative financing amount has reached 1.9 billion yen. (Jiemian News)
The Forefront of AI
Citigroup will migrate multiple workloads and applications to Google Cloud
Citigroup has reached an agreement with Google Cloud. Citigroup will migrate multiple workloads and applications to Google Cloud and will use Google Cloud's Vertex AI to enhance generative artificial intelligence capabilities. (Caixin)
Big Company Financial Reports
China Nuclear Power: The net profit attributable to the parent company in the first three quarters is 8.934 billion yuan, down 4.22% year-on-year
36Kr learned that China Nuclear Power released its third-quarter financial report. The financial report shows that the operating income in the first three quarters was 56.986 billion yuan, an increase of 1.60% year-on-year, mainly due to the increase in the company's power generation compared with the same period last year; the net profit attributable to the parent company was 8.934 billion yuan, a decrease of 4.22% year-on-year, mainly due to the reduction of the market-oriented electricity price, and the increase in income is lower than the increase in cost; the basic earnings per share is 0.472 yuan.
SF Holding: The net profit attributable to shareholders of listed companies in the first three quarters is 7.617 billion yuan, with a year-on-year growth of 21.59%.
36Kr learned that SF Holding released the third-quarter financial report. The financial report shows that the net profit attributable to shareholders of listed companies in the first three quarters is 7.617 billion yuan, with a year-on-year growth of 21.59%. The net profit in the third quarter is 2.810 billion yuan, with a year-on-year growth of 34.59%.
HSBC Holdings: Revenue of $54.3 billion in the first three quarters, up 2% year-on-year
36Kr learned that HSBC Holdings released its third-quarter financial report. The financial report shows that the pre-tax profit in the third quarter was $8.48 billion, with an estimate of $7.6 billion; the revenue was $17.00 billion, with an estimate of $16.03 billion. The revenue in the first three quarters was $54.3 billion, up 2% year-on-year; the pre-tax profit was $30.0 billion. HSBC announced a share buyback of up to $3.0 billion.
Tsingtao Beer: Net profit in the first three quarters is 4.99 billion yuan, with a year-on-year increase of 1.67%
36Kr learned that Tsingtao Beer released its third-quarter financial report. The financial report shows that in the first three quarters, the company achieved operating income of 28.96 billion yuan, with a year-on-year decrease of 6.52%; the net profit is 4.99 billion yuan, with a year-on-year increase of 1.67%. Among them, in the third quarter, the operating income was 8.891 billion yuan, with a year-on-year decrease of 5.28%; the net profit was 1.348 billion yuan, with a year-on-year decrease of 9.03%.
Adidas' operating profit in the third quarter was 598 million euros
Data released by Adidas on October 29 shows that the 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%. (Jiemian News)
Investment and Financing
"Index Technology" Completes Angel Round Financing of Several Ten Million Yuan
36Kr 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. 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.
Elon Musk's xAI is reportedly conducting a new round of financing with a valuation of $40 billion.
According to sources, insiders revealed that Elon Musk's xAI company is in talks with investors for a round of financing, and the valuation is expected to reach around $40 billion. Just a few months ago, the valuation of this startup in the previous round was $24 billion, when it raised $6 billion in the spring. Insiders said that xAI hopes to raise billions of dollars in the new round of financing, and the raised cash will be included in the $40 billion valuation. The financing discussions are still in the early stages, which means that the terms may change and the negotiations may break down. (Jiemian News)
Cool Products
The prototype of Xiaomi SU7 Ultra made its debut at Nürburgring with a lap time of 6 minutes, 46 seconds and 874 milliseconds.
36Kr has learned that according to the official Weibo of Xiaomi, on October 28, the prototype of Xiaomi SU7 Ultra made its first appearance at Nürburgring, with a lap time of 6 minutes, 46 seconds and 874 milliseconds, making it the fastest four-door vehicle in the world at Nürburgring.
Apple Launches New Mac mini: Starting with 16GB Memory, Starting Price at 4499 Yuan
On October 29, Apple officially released the new Mac mini, equipped with M4 and the latest M4 Pro chips. Apple said that the new Mac mini is specially designed for Apple intelligence. This personal intelligent system will completely change the way users handle work, communicate, and express themselves, while properly protecting user privacy. The new Mac mini is configured with a starting memory of 16GB, with a starting price as low as 4499 yuan. It will be available for pre-order from October 31 and officially go on sale from November 8. (Jiemian News)
The Pricing of Xiaomi 15 Pro Series Phones Announced: Starting from 5299 Yuan
36Kr has learned that at the Xiaomi 15 Series and Xiaomi Surge OS 2 New Product Launch Event, Lu Weibing, Partner and President of Xiaomi Group, announced the pricing of the Xiaomi 15 Pro series, starting from 5299 Yuan. This model is equipped with a 2K screen and a 6100mAh battery.
Industry sources say Apple has embarked on the development of the next-generation M5 chip, which will be manufactured using TSMC's 3nm process.
According to industry sources, Apple has actively engaged in the development of the next-generation M5 chip and continues to use TSMC's 3nm process for production. It is expected to be released as early 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 have a close cooperative relationship. The self-developed chips required for Apple's various product lines cannot do without the wafer foundry services of TSMC. The industry expects that the AI performance and computing power of the upcoming M5 chip from Apple will be stronger, triggering a new wave of device replacement. (Cailian Press)
Big Events in the Business World
The "Big Events in the Business World" short-video column vividly interprets major events in the business world. With 245 small goals and an 8-year pursuit, has Wanda's overseas expansion ultimately failed?
Organized by | Hao Yuqi