9:01 AM | The founder of Metersbonwe responds to starting a Taobao live stream to become an internet celebrity; Paper train tickets will become history as of November 1; ChatGPT launches search function.
TOP3 Big News
The Founder of Metersbonwe Responds to Opening a Taobao Live Stream to Become an Internet Celebrity
Recently, Zhou Chengjian, the founder of Metersbonwe, criticized live-streaming hosts with traffic but started his own live stream, which aroused doubts from netizens. In response, Zhou Chengjian said that starting his own live stream is a new attempt to promote domestic products, and domestic products should strive to be stronger. Zhou Chengjian stated that Metersbonwe once became popular nationwide with the hit of "Let's Go Watch Meteor Shower", but that era is over. We should recognize the gap with overseas big brands and catch up. The established domestic brand Metersbonwe was once the king of offline fast fashion and is the youthful memory of the post-80s and post-90s generations. However, currently, the brand recognition of the mainstream consumers for it is not high. Industry insiders analyze that domestic brands like Metersbonwe still have a lot of growth space in the field of outdoor sports, but they need to face up to the gap with international big brands and strive to catch up. (Tech from Caijing.com.cn)
Paper train tickets will become history as of November 1st
Recently, the State Taxation Administration, the Ministry of Finance, and the China State Railway Group jointly issued an announcement, clarifying that starting from November 1st, fully digital electronic invoices - electronic invoices (railway electronic tickets) will be promoted and used in the field of railway passenger transportation in China. It is understood that in order to facilitate passengers and units, a transition period has been set for the implementation and use of fully digital electronic invoices in railway passenger transportation, and the transition period ends on September 30, 2025. During the transition period, "paper and electronic tickets are used simultaneously". Passengers can still use railway tickets (paper reimbursement vouchers) for reimbursement, and units can also use railway tickets (paper reimbursement vouchers) for accounting and calculate and deduct the input VAT amount in accordance with the regulations. (Beijing Youth Daily)
ChatGPT Launches Search Function
On October 31 local time, OpenAI announced on its official website that it has launched a search function in ChatGPT. Users can ask questions in a more natural and conversational way. ChatGPT can choose to use information from the web to respond and can conduct more in-depth discussions later. OpenAI said, "We are collaborating with news and data providers to add the latest information and a new visual design for categories such as weather, stocks, sports, news, and maps." ChatGPT Search can also be based on our question history and preferences. Currently, this feature is only accessible to paying ChatGPT Plus and Team users, as well as users on the SearchGPT waitlist. Analysts say that OpenAI's launch of the search function means that the company will compete with search engines such as Google, (Microsoft's) Bing, and Plexity. (Daily Economic News)
Big Companies/Big Events
Citigroup China President Lu Xuan is reportedly set to resign, having served for less than a year
It is reported that Lu Xuan, the President of Citigroup China, is about to resign for personal reasons. He has held the position for less than a year. The bank has begun the search for his successor. During this period, executive Howard Yang will serve as the acting president of Citibank (China) Co., Ltd. Aveline San, the CEO and Head of Banking for Hong Kong and Macau, will serve as the acting head and Head of Banking for the China region. (Jiemian News)
Alte et al. Establish New Energy Technology Company with a Registered Capital of 50 Million Yuan
36Kr learned that the Aiqicha App shows that recently, Beijing Alte Yazaki New Energy Technology Co., Ltd. was established, with Lin Ling as the legal representative and a registered capital of 50 million Chinese yuan. The company's business scope includes the research and development of automotive parts, the manufacturing of automotive parts and accessories, the processing of mechanical parts and components, the sales of mechanical parts and components, the import and export of goods, etc. The equity penetration map shows that the company is held by Alte Automotive Technology Co., Ltd. and Yazaki (China) Investment Co., Ltd. with 60% and 40% respectively.
The first batch of shortlisted securities companies for the Cross-border Wealth Management Connect 2.0 are gradually expanding, and many securities companies have carried out investor education activities
Many industry insiders said that the first batch of securities companies' pilot for the Cross-border Wealth Management Connect 2.0 is about to start, and it is expected that about 14 securities companies will participate. It is learned from multiple sources that since the detailed rules for the pilot of the Cross-border Wealth Management Connect for securities companies were released in February this year, the first batch of pilot lists has been discussed by the regulatory authorities many times, and there have also been many adjustments. A person from a shortlisted pilot securities company said that the business department is intensively training on the Cross-border Wealth Management Connect business, and the relevant training has been going on for some time. At the same time, the company conducts intensive due diligence on the listed products and conducts internal publicity. A person from the banking industry said that the relevant securities companies have gradually cooperated with banks to build service channels and carry out business scenario tests. (21st Century Business Herald)
Hong Kong Optimizes the Top Talent Pass Scheme and the Quality Migrant Admission Scheme
The new policy address of Hong Kong announces that it will reform the various mechanisms for importing talents. Starting from November 1, the Hong Kong Special Administrative Region Government has launched three measures to optimize the Top Talent Pass Scheme (TTPS) and the Quality Migrant Admission Scheme (QMAS). Firstly, it expands the list of eligible universities for the TTPS. Secondly, it extends the first visa period for Category A applications of the TTPS to three years. Thirdly, it optimizes the evaluation criteria and arrangements of the "Comprehensive Scoring System" of the QMAS. (Voice of the Greater Bay Area)
Zeng Yuqun, Chairman of CATL, Spends Over HK$30 Million to Purchase a Property in Hong Kong
It is reported that after the relaxation of property market regulations in Hong Kong, mainland buyers have become one of the important driving forces in the property market. The newly developed luxury properties in the Kai Tak area have attracted a large number of mainland tycoons to enter the market. For example, Zeng Yuqun, the Chairman of CATL, earlier purchased a sea-view unit in The Long for HK$33.45 million. According to the Land Registry, as of the end of October, The Long in Kai Tak has temporarily recorded 62 transaction registrations, with an average transaction price of HK$36,472 per square foot. Among them, the high-rise B room in Block 2 of The Long, with a practical area of 1,000 square feet, featuring a three-bedroom layout and a view of the open Victoria Harbour, was sold earlier for HK$33.45 million, with a price of HK$33,383 per square foot. The registered buyer is Zeng Yuqun, the Chairman of CATL, who entered the market in his personal capacity. (Caixin)
SAIC-GM-Wuling's global sales in October reached 179,000 units
36Kr learned that according to SAIC-GM-Wuling, the global sales in October reached 179,000 units, achieving a new high in monthly sales within the year, with a year-on-year growth of 42.1%: Hongguang MINIEV sold 42,165 units, Wuling Bingo sold 34,306 units, Wuling Xingguang sold 5,586 units, Wuling Xingguang S sold 7,900 units, and Baojun Automobile sold 6,646 units.
China Merchants Bank Peng Jiawen: It is expected that the business of stock repurchase, shareholding increase and re-lending will have a large growth space
China Merchants Bank held the 2024 third-quarter performance exchange meeting. Peng Jiawen, vice president of China Merchants Bank, said that after the central bank created the stock repurchase, shareholding increase and re-lending, China Merchants Bank has provided corresponding financial support to 6 listed companies. He said, "China Merchants Bank responded quickly, and the landing demand at that time was as high as tens of billions of yuan. Currently, the business is progressing smoothly, and it is expected that the subsequent business of stock repurchase, shareholding increase and re-lending will have a large growth space." (Shanghai Securities News)
A group of former Citibank bankers is reportedly urging the board to cancel the bonuses of hundreds of people
It is reported that a group of former Citigroup bankers urged the company's board to cancel the bonuses of hundreds of managers and cut consultant expenditures. According to a copy of a five-page letter that this group sent to the board this month, they asked the board to recall and stop awarding bonuses to various Citigroup managers that are linked to reforming the system and reshaping the business lines. According to people familiar with the matter, the Citigroup board has received the letter, and the group hopes to have a conversation with the chairman of the compensation committee. (Jiemian News)
Foxconn Invests in Establishing a New Energy Battery Company with a Registered Capital of 600 Million Yuan
36Kr learned that the Qichacha App shows that recently, Foxconn New Energy Battery (Zhengzhou) Co., Ltd. was established. The legal representative is Cui Zhicheng, with a registered capital of 600 million yuan. The business scope includes: battery manufacturing; battery sales; automotive parts research and development; automotive parts and accessories manufacturing, etc. The equity penetration of Qichacha shows that the company is wholly owned by Foxconn New Business Development Group Co., Ltd.
Where to Go: Young People Join the "Migratory Bird" Trend, Hotel Long-Term Rental Orders for 25-30-Year-Old Travelers Increase by 2.5 Times
36Kr has learned that the data from the Qunar platform shows that this winter, the number of orders for hotels in the south with a stay of more than one month has doubled year-on-year. It is worth noting that in addition to the elderly travelers in previous years, many young people have also joined the "migratory bird" ranks this year. The data shows that among the hotel orders booked for check-in between November this year and the end of January next year, with a stay of more than one month, the order increase for users aged between 25 and 30 is the highest, increasing by 2.5 times compared to 2019.
Intel: Panther Lake Processor to Be Launched in 2H 2025, Over 70% Silicon Area to Be Internally Manufactured
Intel CEO Pat Gelsinger stated in the company's Q3 2024 earnings conference call that the next-generation client processor Panther Lake, which follows Arrow Lake, will be launched in the second half of 2025, and more than 70% of its silicon area will be internally manufactured. (IT Home)
Wang Jianlin Continues to Sell Overseas Assets, Selling UK Yacht Manufacturer for £160 Million
After divesting his stake in Legendary Entertainment in the United States, Wang Jianlin continues to sell Wanda's overseas assets. It is understood that Dalian Wanda Group has sold the luxury yacht manufacturer Sunseeker International Ltd. to Lionheart Capital and Orienta Capital Partners for £160 million. Reports say that the transaction has received regulatory approval, but specific terms have not been disclosed. As of the time of publication, Wanda has not responded to this. (The Paper)
South Korea's SK Innovation's consolidated corporation is officially established and will become the largest private comprehensive energy enterprise in the Asia-Pacific region
36Kr learned that according to SK China, the consolidated corporation of SK Innovation and SK E&S was officially established on November 1. Since the merger was announced in July this year, the preparation work that lasted for more than three months has been successfully completed. Based on the asset evaluation in the first half of 2024, the asset scale of the company after this merger reaches 105 trillion won, and SK Innovation will become the largest private comprehensive energy enterprise in the Asia-Pacific region. On the same day, SK Innovation completed the merger with SK E&S, as well as the merger procedures of its subsidiaries SK On and SK Trading International. It is expected that the merger of SK On and SK Enterm will also be completed on February 1 next year.
The US plans to invest $825 million in a semiconductor R&D institution in New York.
On October 31 local time, the US Department of Commerce and Natcast, the operating agency of the National Semiconductor Technology Center, announced the expected location of the "CHIPS for America" program's R&D flagship facility. This facility is expected to operate in the Albany NanoTech Complex in New York State, and the proposed federal investment is approximately $825 million. (Jiemian News)
Institution: The initial sales of Apple iPhone 16 series in the US have slightly declined compared to the same period last year
According to a report by market research institution Counterpoint Research, as the release of "Apple Intelligence" approaches, the cumulative sales of Apple's iPhone 16 series in the US within four weeks of its launch are slightly 1% lower than the previous generation of iPhone. Wireless carriers report that as of the third quarter of 2024, the upgrade rate remains weak, but it is expected that smartphone sales will experience a seasonal increase in the fourth quarter. (Jiemian News)
Boeing Union Supports Company's Latest Proposal, Seven-Week Strike Expected to End
Boeing and union leaders representing 33,000 striking workers have reached a tentative agreement to end the protracted labor dispute. This dispute has impacted the production of Boeing commercial aircraft. The regional union of the International Association of Machinists and Aerospace Workers, which represents Boeing employees, said in a statement on the 31st that Boeing's latest proposal will guarantee a 38% wage increase over four years and provide a $12,000 signing bonus upon approval. The union plans to vote on the plan on November 4. (Sina Finance)
The judge in Delaware, USA, plans to make a ruling on Musk's $56 billion salary by the end of the year
The judge in Delaware, USA, Kathryn McCormick, wrote to Musk's lawyer stating that she plans to make a final ruling on Musk's $56 billion Tesla compensation plan by the end of this year. The plan was first proposed in 2018, when Musk received a large number of stock options and was considered the largest compensation plan in the history of American enterprises. In her ruling in January this year, Judge McCormick determined that the plan was unfair to Tesla shareholders and that it was reached when the board was "extremely grateful" to Musk. (Jiemian News)
Amazon Expects Strong Revenue and Profit in Holiday Shopping Season
Based on the optimistic expectations for a strong holiday shopping season, Amazon's outlook for profits and revenue in this quarter is higher than analysts' expectations. The company said in an announcement on the 31st that in the quarter ending in December, operating profit will reach between $16 billion and $20 billion. Bloomberg-compiled data shows that the average analyst expectation is $17.5 billion. Fourth-quarter sales could reach up to $188.5 billion, while the average expectation is $186.4 billion. "As we enter the holiday season, we are excited about what we have prepared for customers," Chief Executive Officer Andy Jassy said in the announcement. (Sina Finance)
The Forefront of AI
Bank of England Deputy Governor: Banks' Use of AI May Be Included in Stress Tests
It is reported that Sarah Breeden, Deputy Governor of the Bank of England, said on October 31 that the use of generative artificial intelligence by lenders is expanding rapidly, which brings new risks to the financial system. Therefore, it can be included in the annual stress tests to check the risk-resistance ability of the financial industry. Breeden said: "The power and use of AI are growing rapidly, and we must not take it lightly." She said that although the Bank of England is concerned about this, it is not ready to change the regulatory approach to generative AI. (Jiemian News)
Investment and Financing
"Sinofler Medical" Completes 128 Million Yuan Series B+ Financing
Exclusive to 36Kr, "Sinofler Medical", an enterprise in the field of precision medicine, has recently completed a 128 million yuan Series B+ financing round. This round of financing is led by Hui Mei Capital, with Kai Feng Ventures and Nanwan Bai'ao as co-investors. The funds raised will be mainly used for the marketing promotion of digital PCR products, the development of related reagent product lines, and the large-scale expansion of overseas markets.
"Guanglun Intelligence" Completes Pre-A+ Round Financing of Tens of Millions
36Kr learned that recently, "Guanglun Intelligence" has completed a Pre-A+ round financing of tens of millions of RMB, led by the Beijing Artificial Intelligence Industry Investment Fund, with shareholder Matrix Partners China continuing to follow the investment. This round of financing will be used for the R & D and upgrade of autonomous driving and embodied intelligence on the end-to-end technical route, further business expansion, and acceleration of global business expansion. Guanglun Intelligence was established in 2023 and is committed to providing enterprises with data and data-centric end-to-end solutions.
Cool Products
Ming-Chi Kuo: Apple to Update MacBook Pro Design in 2026, Introducing OLED Panels
Famous analyst Ming-Chi Kuo posted that Apple plans to reshape the MacBook Pro design in 2026, bringing OLED panels to the series of notebooks. Compared with the current MacBook Pro models equipped with Mini LED screens, the benefits brought by OLED technology mainly include the improvement of the brightness and contrast of the panel itself, and the improvement of the battery life of the notebook computer. (Cailian Press)
Renault Plans to Introduce Generative AI Technology into the Next-Generation In-Car Voice Assistant Reno
Cerence announced that it will deepen its cooperation with Renault to introduce generative AI-driven functions and human-like interactions into Renault's next-generation multimodal virtual in-car companion Reno. Renault's intelligent voice assistant Reno made its debut in the Renault 5 E-Tech pure electric version in September 2024 and is planned to be applied in the Renault 4 E-Tech electric vehicle in 2025. (Jiemian News)