8:01 AM | The standards for ordinary and non-ordinary housing in Beijing and Shanghai have been cancelled; Multiple sanitary napkins are exposed for falsely marking the length; The new product of Master Kong is accused of false promotion.

Listing in Progress

Shein

It is reported that Shein plans to conduct an IPO in the first quarter of 2025, but still needs to wait for the approval of the regulatory authorities. The company is preparing to hold an official investor roadshow in the coming weeks. The potential listing will make the business valuation of Shein reach £50.3 billion. (Cailian Press)

TOP 3 Big News

Beijing and Shanghai Cancel the Standards for Ordinary and Non-Ordinary Residences, Enhance Tax Preferences for Housing Transactions

36Kr has learned that the Beijing Municipal Commission of Housing and Urban-Rural Development, the Municipal Finance Bureau, and the Beijing Municipal Tax Service have jointly issued the "Notice on Matters Concerning the Cancellation of the Standards for Ordinary Residences". The "Notice" clearly states that the city cancels the standards for ordinary and non-ordinary residences. After the cancellation of the standards for ordinary and non-ordinary residences, according to the "Announcement", individuals who sell housing that they have purchased for more than 2 years (including 2 years) are exempt from value-added tax. Individuals who sell housing that they have purchased for less than 2 years shall pay value-added tax in full at a levy rate of 5%. According to the "Announcement", Beijing applies the unified national preferential policies for individual housing purchase deed tax. The "Notice" comes into effect on December 1, 2024.

On November 18, the Shanghai Municipal Commission of Housing and Urban-Rural Construction Management issued a notice: To better meet the rigid and improved housing needs of residents, the city cancels the standards for ordinary and non-ordinary residences. The relevant tax matters for individual housing transactions are notified as follows: First, for individuals who transfer housing without providing complete and accurate original value vouchers of the housing and cannot correctly calculate the original value and taxable amount of the housing, individual income tax assessment and taxation shall be implemented according to the regulations, and the taxable amount of individual income tax shall be determined at 1% of the transfer income. Second, for value-added tax involved in individual housing sales and deed tax involved in individual housing purchases, the relevant provisions of the "Announcement on Tax Policies Concerning the Stable and Healthy Development of the Real Estate Market" shall be implemented. This "Notice" comes into effect on December 1, 2024.

Several Sanitary Napkins Exposed for False Length Labeling

Recently, several sanitary napkins have been questioned by consumers for "cutting corners" due to the inconsistency between the actual length and the labeled length. Some netizens have measured and found that the actual length of several sanitary napkins is shorter than the length indicated on the outer packaging. If only the inner absorbent layer that can absorb liquid substances is considered, the length gap is even greater. The sanitary napkin brands involved include ABC, Sofy, Kotex, Whisper, Jieting, Space7 and other well-known brands. In response to consumers' doubts, the customer service of the ABC brand responded that a 1 - 2 centimeter error is within the normal range and stated, "If you think you can't accept it, you can choose not to buy it." Many netizens have accused it of "shirking responsibility" and having a "bad attitude".

Reporters entered the Tmall store recommendation page and found that the statement released by Guangdong Jingxing Health Care Industry Co., Ltd., the company to which the ABC brand belongs, almost filled the entire page. The statement shows: Recently, the inappropriate remarks of the ABC customer service that have been spread online have attracted widespread attention. We attach great importance to this and have quickly conducted self-examination and self-investigation. After verification, it was found that the customer service of the authorized distributor store of our company made inappropriate remarks, causing extremely adverse effects. (Shell Finance)

Master Kong's New Product Accused of False Promotion

Recently, Master Kong's new instant noodle product, "Chili Pepper Fish Fillet Soup Noodles", has raised doubts among some consumers, who claim that the product is suspected of false promotion. On October 15, Master Kong's new "Chili Pepper Fish Fillet Soup Noodles" was launched. The promotional image shows a bowl of instant noodles topped with a considerable amount of "Chili Pepper Fish Fillets", and the promotional slogan also claims that "Fish heads and stir-fried chili peppers are stewed together". However, the so-called "fish fillets" are only a few slices, and they seem to be mainly made of starch, just shaped like Q-version cartoon small fish.

According to "Consumer Reports", when the anchor in the live-streaming room of the "Delicious Master Kong" store introduced this product, they once said, "The product is not fish fillets; it is fish meatballs". The customer service of Master Kong's official flagship store explained that the "Q-version cartoon small fish" is actually just in the shape of fish fillets, but the customer service did not directly disclose the ingredients. Instead, they provided the product's ingredient list and suggested that consumers check it themselves.

Wu Shengwei, a lawyer from Beijing Weiheng (Shanghai) Law Firm, said that the picture content of the product that claims to contain "fish fillets" has a substantive impact on consumers' purchasing behavior, and it is easy to cause consumers to misunderstand and mislead consumers, belonging to a "false advertisement". (Jiemian News)

Big Companies/Big Events

China's express delivery annual business volume exceeds 150 billion pieces for the first time, setting a new historical record

At 16:29 p.m. on November 17, on the large screen of the China Express Delivery Big Data Platform of the Postal Industry Safety Center of the State Post Bureau, the constantly rolling numbers popped up the super-long character of "150000000000", marking the first time that China's express delivery annual business volume has exceeded the 150-billion-piece mark. (CCTV News)

Beijing: The sales area of new commercial housing in the city from January to October was 8.473 million square meters, a year-on-year decrease of 1.8%

36Kr learned that the Beijing Municipal Bureau of Statistics released data showing that from January to October, the sales area of new commercial housing in the city was 8.473 million square meters, with a year-on-year decrease of 1.8%. Among them, the sales area of residential housing was 5.982 million square meters, a decrease of 5.7%; the office building was 0.601 million square meters, an increase of 5.2%; and the commercial business space was 0.483 million square meters, an increase of 14.2%.

Cathay Group: Chairman Xiong Xuqing Resigns

On November 18, Cathay Group announced that due to changes in work arrangements by the superior organization, Xiong Xuqing applied to resign as the chairman and director of the sixth board of directors of the company. At the same time, he resigned from the relevant positions of the board's special committees. After resigning, he will not hold any other positions in the company.

In accordance with relevant regulations, before the election of a new chairman, the vice chairman and general manager of the company, Hong Yuhe, will perform the duties of the chairman and legal representative as stipulated in the "Company Charter" on behalf of the company until the board of directors elects a new chairman. The company will complete the supplementary election of the company's chairman and the adjustment of the members of the relevant special committees as soon as possible in accordance with relevant regulations.

As of the date of the announcement, Xiong Xuqing holds 1.96 million shares of the company. (Jiemian News)

Shi Yuzhu and Giant Investment Become the Persons Subject to Enforcement

Recently, Shi Yuzhu, Mo Lijun, and Qu Jinghui have a new piece of information as the persons subject to enforcement, with the enforcement target of more than 350 million yuan. The enforcement court is Beijing Financial Court. In addition, Giant Investment Co., Ltd. and Shanghai Giant Investment Management Co., Ltd. have two new pieces of information as the persons subject to enforcement, with the total enforcement target of more than 870 million yuan. The enforcement court is also Beijing Financial Court.

Giant Investment Co., Ltd. was established in April 2001. Its legal representative is Shi Yuzhu, with a registered capital of approximately 117 million yuan. It is jointly held by Shi Yuzhu and Niu Jinhua. (Sina Technology)

SF Holding: Intends to globally offer 170 million H shares through Hong Kong IPO

36Kr has learned that SF Holding has issued an announcement, intending to globally offer 170 million H shares through the Hong Kong IPO. The price range for this H share issuance has been initially determined to be between HK$32.30 and HK$36.30. The public offering of the company's H shares in Hong Kong will commence on November 19, 2024, and is expected to end on November 22, 2024. It is anticipated that the H shares will be listed and commence trading on the Hong Kong Stock Exchange on November 27.

Infinity May Stop Domestic Production

Some media reports say that the Infinity brand may withdraw from domestic production, and Dongfeng Nissan will no longer produce Infinity brand models. In the Chinese market, Dongfeng Nissan's choice is to increase its focus on electrification. At the Guangzhou Auto Show, Dongfeng Nissan launched its first pure electric model under the new energy architecture - N7. Kuaniguchi Isao, Vice President of Dongfeng Motor Co., Ltd. and General Manager of Dongfeng Nissan Passenger Vehicle Company, said that in the next three years, Dongfeng Nissan will invest more than 10 billion yuan in the NEV sector for R & D, and the technical center will expand to 4,000 people. (21 Finance and Economics)

Country Garden Submits Overseas Debt Restructuring Plan, Official Response: Further Negotiating Terms, Relevant Details Cannot Be Disclosed

According to market news, Country Garden submitted an overseas debt restructuring plan to its creditors last month. In response, the official of Country Garden stated that the company recently sent the initial draft of the company's restructuring plan terms to the main creditor groups. The company is further negotiating the terms of the restructuring plan with the Syndicated Loan Coordination Committee and the Ad Hoc Group of US Dollar Bondholders. Due to confidentiality reasons, the relevant details of the restructuring plan cannot be disclosed to the outside world. The company thanks the overseas creditors for their patience and support during the company's restructuring period, and the company hopes to reach an agreement on the restructuring plan with the main creditor groups as soon as possible. (Sina Finance)

Changan Automobile: Plans to Invest Over 50 Billion in the Next Five Years to Layout Three-Dimensional Transportation Solutions for Land, Sea and Air and the Field of Humanoid Robots

36Kr learned that Changan Automobile stated on the interactive platform that at the 2024 Guangzhou International Automobile Exhibition, the company shared the latest intelligent landing achievements and plans, including technical layouts and future plans such as Changan Intelligent Driving, Tianshu Large Model, Flying Cars and Humanoid Robots. The company plans to invest over 50 billion in the next five years to layout three-dimensional transportation solutions for land, sea and air and the field of humanoid robots. In the field of robots, it will carry out related industrial layouts such as humanoid robots and automotive ecological robots, and release humanoid robot products before 2027 to accelerate the transformation into an intelligent and low-carbon travel technology company.

New Policy Proposed for Household Registration in Guangzhou: One Can Settle in Guangzhou by Purchasing a House and Paying Social Insurance for 1 Year

The Guangzhou Development and Reform Commission announced the "Regulations on the Administration of Household Registration Migration in Guangzhou (Revised Draft)" (referred to as the "Regulations (Revised Draft)") on November 18, comprehensively relaxing the conditions and thresholds for household registration. The "Regulations (Revised Draft)" intends to add two new types of household registration categories and clarify the corresponding conditions: Settling and Working Happily Household Registration. That is, in the seven administrative districts of Baiyun District, Huangpu District, Huadu District, Panyu District, Nansha District, Conghua District, and Zengcheng District, those who own a legally-owned residential property and have continuously paid social insurance in Guangzhou for 1 year can apply for household registration. Investment and Tax Payment Household Registration. That is, those who have actually paid a cumulative personal income tax of more than 200,000 yuan in Guangzhou in the recent consecutive 36 months can apply for household registration. (Guangzhou Daily)

The first batch of prescriptions for the weight loss version of Semaglutide were issued in Shanghai nationwide

It is learned that Novo Nordisk's Ozempic, the world's first glucagon-like peptide-1 receptor agonist (GLP-1) weekly injection for long-term weight management, has been prescribed for the first time in China at Zhongshan Hospital Affiliated to Fudan University in Shanghai. On June 25 this year, the National Medical Products Administration (NMPA) approved the marketing application of Ozempic in China. On November 17, Novo Nordisk announced the official commercial launch of the weight loss version of Semaglutide in China, which can achieve an average weight reduction of 17%. (The Paper)

The three major U.S. stock indexes closed with mixed results, and most large technology stocks rose

36Kr learned that as of the close on November 18, the three major U.S. stock indexes closed with mixed results. The Nasdaq rose by 0.6%, the S&P 500 index rose by 0.39%, and the Dow Jones Industrial Average fell by 0.13%. Most large technology stocks rose. Tesla rose by more than 5%, Netflix rose by more than 2%, Google and Apple rose by more than 1%, Microsoft and Meta rose slightly; Nvidia fell by more than 1%, and Amazon declined slightly. Most popular Chinese concept stocks rose. Bilibili and NIO rose by more than 4%, Tencent Music, Futu Holdings, and NetEase rose by more than 3%, Pinduoduo, Miniso, and XPeng Motors rose by more than 2%, and Li Auto rose by more than 1%; Douyu fell by more than 3%, and iQIYI fell by more than 2%.

India fines Meta $25.4 million and eyes other tech giants

The Competition Commission of India (CCI), the country's antitrust watchdog, has fined Meta Platforms 21.3 billion rupees ($25.4 million), citing that the 2021 privacy policy update of its WhatsApp violated India's antitrust laws. Meta is not the only large tech company that has caught the attention of the Indian authorities. The CCI has been investigating Google, Amazon, and Walmart-owned Flipkart, as well as Indian food tech companies Swiggy and Zomato for other alleged antitrust violations. (Sina Finance)

General Motors in the US Announces Nearly 1,000 More Layoffs

It is reported that General Motors in the US has announced that it will lay off nearly 1,000 people globally to simplify its operations. It is understood that in August and September this year, General Motors has already laid off 1,000 people in its software department and 1,700 people in its factory in Kansas, respectively. The company's goal this year is to cut about $2 billion in fixed costs. It is reported that Trump plans to cancel the tax credit for electric vehicles, and traditional car companies such as General Motors will be impacted. (CCTV Finance)

Due to data leakage, Amazon's Twitch is fined 2 million liras by Turkey

The Turkish Personal Data Protection Commission (KVKK) has fined the game platform Twitch, owned by Amazon, 2 million liras (approximately $58,000) for the data leakage incident. The KVKK launched an investigation after a 125GB data leakage. The investigation found that Twitch did not take sufficient security measures in advance and only solved the problem after the fact. This data leakage incident affected 35,274 people in Turkey. (Jiemian News)

The startup under India's richest man enters the humanoid robot market

A startup controlled by Asia's richest man, Mukesh Ambani, is entering the humanoid robot market to compete with American and Chinese companies that are leading in this emerging field. Sanjeet Kumar, the co-founder and CEO of Addverb Technologies Ltd., which is backed by Ambani's Reliance Group, said in an interview that the company will launch its first humanoid robot in 2025. He said these humanoid robots will be able to perform tasks in industries such as fashion, retail, and energy, but he did not give specific examples or prices. (Sina Finance)

Yin Shiming Joins Google Cloud as President of Greater China Region

Google Cloud (Google Cloud) announced that Yin Shiming has joined Google Cloud as President of the Greater China Region. Before joining Google Cloud, he served as the Chief Operating Officer of Weimob, Vice President of Baidu Group, and other positions. His career also includes holding leadership positions at Apple and SAP. (Jiemian News)

Boeing has issued layoff notices to more than 400 employees, and the layoffs are expected to take effect officially in mid-January next year.

It is reported that the latest progress has been made in the layoff plan announced by the US-based Boeing in October. The company has successively issued layoff notices to more than 400 of its employees who belong to the Aerospace Professional Engineering Employees Association of the United States. It is understood that Boeing has announced the layoff of 438 people, including 220 technical department employees, as well as 218 professional employees such as engineers and scientific researchers. The company hopes to improve the current deteriorating financial situation through this. The layoff decision is expected to take effect officially in mid-January next year, and the affected employees will receive a severance payment and medical welfare subsidies. (Caixin)

The Forefront of AI

The invitation test of Tian Gong Da Model 4.0 O1 version will be launched on November 27.

Kunlun Wanwei announced that the series model "Tian Gong Da Model 4.0 O1 version" (Skywork O1) with complex thinking and reasoning capabilities will officially start the invitation test on November 27, 2024. It is understood that Tian Gong Da Model 4.0 O1 version (Skywork O1) is the first o1 model in China with Chinese logical reasoning capabilities. Different from the existing work of replicating the OpenAI o1 model, Tian Gong Da Model 4.0 O1 version (Skywork O1) not only endogenously has the capabilities of thinking, planning, and reflection in the model output, but also, on the standard evaluation set, the reasoning ability of this open-source model has significantly increased compared to the base model, truly enabling the model to have an essential improvement in the reasoning ability brought by thinking and reflection.

IBM Announces Collaboration with AMD

On November 18, IBM and AMD announced a collaboration to deploy AMD Instinct MI300X accelerator services on the IBM Cloud. This service is expected to be launched in the first half of 2025 and is designed to improve the performance and energy efficiency of Gen AI models for enterprise customers. (Jiemian News)

Big Company Financial Reports

Niu Technologies: Revenue of 1.02 billion yuan in the third quarter, with a year-on-year growth of 10.5%

Niu Technologies released its financial report for the third quarter of 2024 as of September 30 on November 18. The financial report shows that the company's revenue in this quarter was 1.02 billion yuan, with a year-on-year growth of 10.5%; the net loss was 40.9 million yuan, compared with a net loss of 79.4 million yuan in the same period of the previous year; it is expected that the revenue in the fourth quarter will be 622 million yuan - 718 million yuan. (Jiemian News)

Xiaomi Group: Revenue in the third quarter was 92.51 billion yuan, with a year-on-year growth of 30.5%

36Kr learned that Xiaomi Group released its financial report for the third quarter of 2024. The financial report shows that in this quarter, Xiaomi Group achieved a record high revenue of 92.51 billion yuan, with a year-on-year growth of 30.5%, exceeding the market expectation of 90.28 billion yuan. In terms of business segments, in the third quarter of 2024, the revenue of the Mobile Phone × AIoT segment was 82.8 billion yuan, with a year-on-year growth of 16.8%, and the revenue of the innovative business segments such as smart electric vehicles was 9.7 billion yuan. Xiaomi's cash reserve continues to increase instead of decreasing. As of September 30, 2024, the cash reserve reached 151.6 billion yuan, setting a new record.

Investment and Financing

"Geyuan Technology" Secures $46 Million in Series B Funding

36Kr has learned that recently, "Geyuan Technology" completed a $46 million Series B financing round. This round of financing is led by UP Partners, and the funds raised will be mainly used to expand the market and increase technological research and development.

"Aerospace Feipeng" Completes Hundreds of Millions of Yuan in Pre-B Round Financing

36Kr has learned that recently, "Aerospace Feipeng" has completed hundreds of millions of yuan in Pre-B round financing. This round of financing is led by Suzhou Port and Shipping Group, with the founding shareholder Guyu Capital continuously increasing its investment, and Shenzhen Kunpeng Capital and Suzhou Guofa Venture Capital participating as co-investors. After the completion of this round of financing, Aerospace Feipeng will accelerate the airworthiness certification of large-tonnage fixed-wing unmanned aircraft and vertical take-off and landing unmanned aircraft.

Cool Products

Huawei Mate 70 Series Opens for Reservation, and the Number of Reservations for Three Products Has Exceeded One Million

On November 18, the topic "Huawei Mate 70 is Coming" rushed to the hot search on Weibo. On November 18, Huawei Terminal announced that the Huawei Mate Brand Gala will be held at 14:30 on November 26. At the same time, the appearance of the Huawei Mate 70 series products was also publicly unveiled for the first time, and reservations were opened at 12:08 on the same day. Up to the time of submission, the reporter noted that the number of reservations for the three products of the Huawei Mate 70 series, Mate 70, Mate 70 Pro, and Mate 70 Pro+, on the Huawei Mall has exceeded one million. (China Business News)

Avita 11 Dual-Power Pre-sale Starts at Guangzhou Auto Show, Starting from 299,900 Yuan

36Kr has learned that at the Guangzhou Auto Show, Avita Technology announced that the Avita 11 Dual-Power made its debut at the Guangzhou Auto Show and officially launched the pre-sale, with the pre-sale price starting from 299,900 Yuan. It is introduced that the Avita 11 Extended-Range is equipped with technologies such as the leading-generation Kunlun Extended-Range, CATL's Xiaoyao Super Hybrid Battery, and is equipped with Huawei's three lasers and Qiankun Intelligent Driving ADS3.0, and comes standard with Huawei DriveONE 800V Silicon Carbide Platform.

Edited by | Hao Yuqi