8:01 AM | The interest rate of large-denomination certificates of deposit enters the 1% range; BYD responds to the requirement for suppliers to lower prices; Liby Group responds to the manager's recruitment of a female as a lover.
Listing in Progress
Pony.ai
On November 27th Beijing time (November 27th Eastern Time in the US), the Chinese autonomous driving company Pony.ai officially listed on the Nasdaq with the stock code "PONY", becoming the first Robotaxi stock. After expanding the offering size, if the underwriters' overallotment option is fully exercised, Pony.ai will issue a total of 23 million American Depositary Shares (ADS, with each ADS corresponding to one ordinary share) at the upper limit of the offering range of $13 per share, with a financing amount of up to $299 million, making it the largest IPO in the autonomous driving field in the US stock market this year. In addition, through the concurrent private placement of ordinary shares worth approximately $153.4 million, Pony.ai's fundraising amount for this IPO can reach approximately $452 million (approximately 3.29 billion yuan). (Jiemian News)
Top 3 Big News
The interest rate of large-denomination certificates of deposit enters the "1" range
On October 21, the LPR yinglai experienced its third decline this year. The interest rates of the one-year and over five-year LPR were both lowered by 25 basis points, which is also the largest reduction in the LPR this year. As a benchmark product of the risk-free interest rate, the trend of deposit interest rates has also attracted much market attention. On November 27, the Rong360 Research Institute disclosed the "Bank Deposit Interest Rate Report for October 2024" and pointed out that the interest rates of various deposit products are declining, and the interest rate of the once "attractive tool for attracting deposits", the large-denomination certificate of deposit, has also entered the "1" range. Among them, the average interest rate of the bank's lump-sum deposit and withdrawal for a 3-month term is 1.268%, the average interest rate for a 6-month term is 1.471%, the average interest rate for a 1-year term is 1.588%, the average interest rate for a 2-year term is 1.701%, the average interest rate for a 3-year term is 2.061%, and the average interest rate for a 5-year term is 2.027%. (Caixin)
BYD Responds to Requesting Suppliers to Reduce Prices
Recently, an email about BYD Passenger Vehicles requesting suppliers to reduce prices has been circulating online. It is stated that the market competition in 2025 will be more intense, entering a "major decisive battle" and an "elimination round". To enhance the competitiveness of BYD Passenger Vehicles, BYD requires the entire supply chain to work together and continuously reduce costs. Therefore, BYD has made a request to the products supplied by suppliers, that is, to reduce the price by 10% from January 1, 2025. Just now, Li Yunfei, General Manager of BYD Brand and Public Relations Department, responded that the annual bargaining with suppliers is a common practice in the automotive industry. Based on large-scale and massive purchases, we put forward a price reduction target to suppliers, which is not a mandatory requirement, and everyone can negotiate and advance. (China Business Network)
Liby Group Responds to the Allegation of a Manager Recruiting a Female as a Lover
On November 26, a netizen reported that a regional manager of Liby Technology Group was using the pretext of recruitment to find a lover. Chat screenshots showed that the manager introduced that the position only required a nominal appointment without the need to come to work. "This position is under my management. I want to find a simple lover through this nominal appointment without interfering with each other's lives. Meeting about twice a month is fine." He introduced that the comprehensive salary of this position is around 13,000 yuan. After the manager finished the introduction, the person involved expressed that this might be reported, and the other party replied, "Everything is regular. It doesn't exist." "It's not the first time I've done this." The manager showed his work ID, indicating that he is a regional manager of the New Retail Business Division. On November 27, a reporter from Xiaoxiang Morning News called the company's customer service. The staff member said that they have received relevant feedback. After verification, the company does not have the employee reflected by the work ID. They strongly suspect that this person is using the company's name to commit illegal acts. They have reported to the platform, will continue the investigation, and reserve the right to pursue relevant legal responsibilities. (Xiaoxiang Morning News)
Big Companies/Big Events
Tingquan Zhenxuan-related company increases capital to 2 million, adds cultural relics sales business
36Kr learned that the Qichacha App shows that recently, Xuzhou Shengjiang Culture Media Co., Ltd., the affiliated company of "Tingquan Zhenxuan", has undergone industrial and commercial changes. The registered capital has increased from 100,000 Chinese yuan to 2 million Chinese yuan. At the same time, the business scope has added cultural relics sales, commercial performances, online cultural business and other businesses. Qichacha information shows that the company was established in July this year, with Lu Haitao as the legal representative, and is jointly held by Lu Haitao and Shang Shuangshuang. Risk information shows that recently, the company was included in the list of abnormal business operations by the Market Supervision and Administration Bureau of Gulou District, Xuzhou City, because it could not be contacted through the registered residence or business place.
NetEase Cloud Music Completes Change of Stock Name of Listed Company
36Kr has learned that the online music platform NetEase Cloud Music has completed the process of changing the stock name of the listed company. Its Chinese stock name has been changed from the previous "Cloud Music" to "NetEase Cloud Music", and the English stock name has been changed from "CLOUD MUSIC" to "NETEASE MUSIC". The stock code remains unchanged at "9899". After the completion of the change, both the company name and the stock name are consistent with its iconic product, NetEase Cloud Music.
OPEC+ Is Reportedly Starting to Discuss Another Delay in Crude Oil Production Resumption
It is reported that representatives said that major OPEC+ countries have begun to discuss the postponement of the crude oil production resumption originally scheduled to start in January, and it may be delayed for several months. Representatives who requested anonymity due to the undisclosed negotiations of the discussions said that under the signs of global oversupply, these countries doubt whether they can continue to advance the plan to increase production in January, and it may also be necessary to postpone the further increase in production planned for the next few months. (Jiemian News)
Hesai Technology plans to halve the price of its main lidar products next year
It is reported that the CEO of Hesai Technology said that the company plans to halve the price of its main lidar products next year. Hesai's next-generation lidar product ATX for advanced driver assistance systems (ADAS) will be launched next year with a price of less than $200, which is only half the price of the current AT128 model. Li Yifan said that the price reduction can be achieved by using self-developed chips to operate lidar sensors and improving the factory operating rate. Hesai plans to more than double the output of its Hangzhou factory next year to an annual production capacity of 1.5 million units. Li Yifan also said that Hesai is "actively exploring" ways to build factories overseas. (Caixin News Agency)
Yonghui Supermarket Applies to Register the Trademark "Fat Yonghui"
36Kr learned that according to the intellectual property information on Tianyancha, recently, Yonghui Supermarket has applied to register a trademark "Fat Yonghui", with the international classification of musical instruments. Currently, the trademark status is awaiting substantive examination. According to media reports, starting from May this year, Zhang Xuansong, the chairman of Yonghui Supermarket, Li Songfeng, the CEO, and others led the team to visit Yu Donglai, the chairman of Pangdonglai, in Xuchang, Henan. Subsequently, in late June, the first store of Yonghui Supermarket that received assistance from Pangdonglai for store adjustment and renovation opened.
Pangdonglai's sales data exposed. The cumulative sales since the beginning of this year have reached 14.638 billion yuan.
The founder of Pangdonglai, Yu Donglai, disclosed the operating conditions of Pangdonglai this year on his Douyin account. The data shows that as of November 26, the cumulative sales of the Pangdonglai Group (in Xuchang and Xinxiang) since the beginning of this year have reached 14.638 billion yuan, and the cumulative sales this month (in Xuchang and Xinxiang) have reached 1.194 billion yuan. Yu Donglai also announced the operating conditions of each store (including industrial exports and online malls) as of November 26. Among them, the Pangdonglai Times Square store ranked first in sales, with cumulative sales of 3.869 billion yuan since the beginning of this year. (China Securities Journal)
The three major U.S. stock indexes closed lower collectively, and Pony.ai dropped by more than 7% on its first day of listing.
36Kr learned that as of the close on November 27, the three major U.S. stock indexes collectively declined. The Nasdaq dropped by 0.6%, the Dow Jones Industrial Average dropped by 0.31%, and the S&P 500 Index dropped by 0.38%. Most large technology stocks weakened. Tesla, Microsoft, NVIDIA, and Amazon dropped by more than 1%, while Meta and Apple declined slightly; Netflix and Google rose slightly. Popular Chinese concept stocks generally rose. iQIYI rose by more than 8%, Li Auto, Zhihu, and MINISO rose by more than 6%, JD.com rose by more than 5%, XPeng Motors and Bilibili rose by more than 4%, Alibaba, NIO, and Baidu rose by more than 1%; Pony.ai dropped by more than 7%.
The First Domestic ADC Drug Fully Approved for Marketing in China
On November 27, Sichuan Kelun-Biotech Biomedical Co., Ltd. announced that the company's first domestic antibody-drug conjugate (ADC) targeting TROP2, lukangsatuozhu单抗 (the Chinese name of the drug), for adult patients with unresectable locally advanced or metastatic triple-negative breast cancer who have received at least two previous systemic treatments, has been approved by the National Medical Products Administration (NMPA) for marketing in China. This is the first domestic TROP2 ADC to be approved for marketing in China, and also the first domestic ADC to obtain full approval for marketing in China. Boosted by this news, the stock price of Kelun-Biotech rose by more than 5.5%. (Yicai)
SAIC Motor Will Start Cooperation with Huawei? Company Response: Currently Unaware
Recently, the news that SAIC Motor is about to launch an important cooperation with Huawei has attracted market attention. In response, SAIC Motor said on November 27, "If there is, we will make a relevant response, but currently we are not aware of it." (China Securities Journal)
ByteDance Sues Former Intern for Altering Code to Attack Internal Model Training, Demanding 8 Million Yuan in Compensation
Nandu reporters have learned that ByteDance's lawsuit against former intern Tian XX for altering code to attack the company's internal model training has been officially accepted by the People's Court of Haidian District, Beijing. ByteDance requests the court to order Tian XX to compensate the company for 8 million yuan in infringement losses and 20,000 yuan in reasonable expenses, and to publicly apologize. According to Nandu reporters, in October 2024, some media reported that "ByteDance's large model training task was attacked by an intern", and there were online rumors that "more than 8,000 cards were involved and the loss was tens of millions of US dollars". Later, ByteDance issued a factual clarification through its official account, stating that a serious violation of discipline did occur by an intern, and the involved intern was dismissed by the company in August 2024. (Southern Metropolis Daily)
T3 Mobility Increases Its Registered Capital to 8.414 Billion Yuan
36Kr learned that according to Tianyancha App, recently, the business registration of Nanjing Lingxing Technology Co., Ltd., the affiliated company of T3 Mobility, has undergone changes. Liu Yigong stepped down as the legal representative and chairman, and Liao Xianzhi succeeded him. The registered capital increased from 5.28 billion yuan to approximately 8.414 billion yuan. At the same time, many key personnel have also changed.
Tencent and others invest in IMPACT Therapeutics, whose shareholders include Junshi Biosciences, etc.
36Kr has learned that Tianyancha App shows that recently, Nanjing IMPACT Therapeutics Co., Ltd. has undergone industrial and commercial changes. Guangxi Tencent Venture Capital Co., Ltd. and Shanghai Kangyun Enterprise Management Consulting Partnership (Limited Partnership) have been added as shareholders. At the same time, the registered capital has increased from approximately 224 million RMB to approximately 234 million RMB. Nanjing IMPACT Therapeutics Co., Ltd. was established in June 2009, with Sui Xiong Cai as the legal representative. Its business scope includes science and technology promotion and application services, medical research and experimental development, import and export of goods, import and export of technologies, etc. It is now jointly held by Suzhou Industrial Park Xinjianyuan Bio-Venture Capital Enterprise (Limited Partnership), Shanghai Lihan Biotechnology Partnership (Limited Partnership), Junshi Biosciences, and the above-mentioned newly added shareholders, etc.
Bosch China: This global layoff does not involve the China region
Bosch China responded to the global layoff issue, stating that the China region is not affected by this layoff. Previously, Bosch said it would lay off 5,500 people globally. (Jiemian News)
The box office of new films in the 2024 New Year's Eve film season has exceeded 300 million yuan, and the total box office of the year is approaching 40 billion yuan
According to data from Beacon, as of 17:00 on November 26, the total box office of the new film box office chart in the 2024 New Year's Eve film season (from November 22 to December 31) has reached 304 million yuan. Among them, "Good Stuff" leads the pack with a wide margin with 192 million yuan. Since the beginning of this year, the total box office has reached 39.963 billion yuan, and it is about to break through the 40 billion yuan mark. (Securities Daily)
China Evergrande and Xu Jiayin Have Been Subjected to Consumption Restriction Measures
36Kr has learned that China Evergrande issued an announcement on the evening of November 26. According to the court order issued by the Nansha District People's Court of Guangzhou City on November 14, due to the company's failure to fulfill the relevant payment obligations in accordance with the enforcement notice issued by the Guangzhou Court, the Guangzhou Court has taken consumption restriction measures against the company and Xu Jiayin, restricting their non-essential consumption behaviors for life or work in the high-consumption field. The trading of the company's shares has been suspended since 10:18 am on Monday, January 29, 2024, and will continue to be suspended until further notice.
Hyundai Motor to Launch Electric Vehicle Charging Service in Indonesia
Hyundai Motor Company of South Korea said on Wednesday that it will launch an electric vehicle charging service for Hyundai vehicle users in Indonesia this week. Starting from Thursday, 518 charging piles will be provided at 288 charging stations operated by Hyundai Motor and its electric vehicle partner companies across Indonesia. Starting from January next year, Hyundai Motor plans to expand its electric vehicle charging service to other electric vehicle brands. (Sina Finance)
South Korea Plans to Invest 4 Trillion Won to Build a National Artificial Intelligence Computing Center
The South Korean government officials said on Wednesday that South Korea will invest 4 trillion won (approximately 2.86 billion US dollars) to establish a national artificial intelligence (AI) computing center to enhance the country's competitiveness in this rapidly developing technology field. According to officials from the Ministry of Science and ICT of South Korea, this decision was made at a high-level meeting related to the economy to improve the global competitiveness of local industries. This move aims to ensure the availability of advanced graphics processing units (GPUs) that play a key role in artificial intelligence to assist local enterprises and researchers. (Sina Finance)
Australian Mining Company Reaches $400 Million Equipment Purchase Agreement with XCMG
The Australian mining company Fortescue Metals Group announced that it has reached an agreement with the Chinese heavy machinery manufacturer XCMG to purchase more than 100 zero-emission heavy mobile equipment from the latter. The potential value of this contract exceeds $400 million. (Jiemian News)
Adani Group Claims Gautam Adani Has Not Been Accused by the US of Violating the Foreign Corrupt Practices Act
According to Bloomberg, an entity of the Adani Group stated that Indian billionaire Gautam Adani and his aides have not been charged under the US Foreign Corrupt Practices Act, attempting to clarify some reports. Adani Green Energy Limited said in a filing on Wednesday that the indictment by the US Department of Justice does not mention Gautam Adani, Sagar Adani, or Vneet Jaain in any counts of conspiracy to violate the Foreign Corrupt Practices Act. The company said that Gautam, Sagar, and Vneet are only accused of conspiracy to commit securities fraud, conspiracy to commit wire fraud, and securities fraud. Overall, the penalties for such charges are not as severe as those for bribery. The company said that Gautam and Sagar also face civil lawsuits for allegedly violating the US Securities Act and for aiding and abetting Adani Green Energy in violating the act. (Jiemian News)
Shuhei Yoshida, a veteran of Sony Interactive Entertainment, will leave the company in January next year. He once served as the president of SIE Worldwide Studios.
Shuhei Yoshida, the former president of Sony Interactive Entertainment (SIE) Worldwide Studios and the current head of SIE's indie game division, announced on November 27 that he will leave SIE on January 15 next year. Shuhei Yoshida joined Sony in 1986. In 1993, Shuhei Yoshida joined the predecessor of SIE, Sony Computer Entertainment, as one of the initial members, and became the president of Sony Computer Entertainment Worldwide Studios in 2008. In 2019, Sony announced that Shuhei Yoshida resigned as the president of SIE Worldwide Studios and transferred to be the head of the independent project. (Jiemian News)
Samsung Electronics Replaces Some Chip Business Leaders
According to an email statement, Samsung Electronics has replaced some chip business leaders in the annual president-level personnel changes. Jinman Han will lead the foundry business. Jun Young-hyun, the head of the Device Solutions, will become the co-CEO. The memory business led by Lee Jung-bae will be directly under the management of Jun. (Sina Finance)
Apple Proposed to Increase $100 Million Investment to Lift Sales Ban, but Was Rejected by the Indonesian Government
The Indonesian government announced in October this year to ban the sale of the iPhone 16 series in Indonesia because Apple failed to meet the requirement that smartphones sold in Indonesia should use at least 40% locally manufactured components. The Indonesian Ministry of Industry said that Apple promised to invest 1.7 trillion Indonesian rupiah (approximately $109 million) in Indonesia last year, but the actual amount fulfilled was only 1.48 trillion Indonesian rupiah. After the ban was issued, Apple proposed to increase its investment by $100 million in Indonesia in exchange for the Indonesian government to resume the sales of new phones. However, Indonesian Industry Minister Agus Gumiwang Kartasasmita said that the investment plan proposed by Apple did not meet the requirements of the Indonesian government, especially compared to the investment scale of this technology giant in other countries. (Cailian Press)
Subway's Global CEO Chidsey to Retire by the End of This Year
On November 26, the restaurant brand Subway announced that its global CEO, John Chidsey, will retire before the end of this year after serving for five years. Carrie Walsh, the current President of Subway in Europe, the Middle East, and Africa and the former Global Chief Marketing Officer, will serve as the interim CEO. (Jiemian News)
Citigroup Appoints Kate Moore as Chief Investment Officer for Wealth Business
Citigroup announced on November 26 that it will appoint Kate Moore as the Chief Investment Officer of the new wealth division. It is expected that she will join Citigroup from BlackRock in February next year. (Jiemian News)
The Cutting Edge of AI
AI Recruitment Platform Bossjob Launches "AI Translation"
36Kr has learned that the AI recruitment platform Bossjob has officially launched the AI translation function. It is introduced that Bossjob AI Translation can provide real-time and accurate translation services for recruitment, avoiding delays and misunderstandings in information transmission, and assisting the recruitment process. The platform can automatically display the translation of the recruitment job content corresponding to the country selected by the user, and also supports clicking "Show original text" to display the original text. In the future, based on the global recruitment demand scenarios, Bossjob will gradually realize more functions such as AI simulated interviews.
Zhipu AI Applies to Register the AutoGLM Trademark
36Kr learned that according to the intellectual property information on Tianyancha, recently, Beijing Zhipu Huazhang Technology Co., Ltd., the affiliated company of Zhipu AI, has applied to register a trademark "AutoGLM" with an international classification of social services. Currently, the trademark status is awaiting substantive examination. Zhipu AI officially launched the new function of AutoGLM on October 25. Through simple text or voice commands, this autonomous agent AutoGLM can simulate human operations on mobile phones.
Big Company Financial Reports
Joyy Inc.: Operating Profit of $34.9 Million in Q3 2024, with a 16.4% Quarter-on-Quarter Growth
36Kr learned that Joyy Inc. released its financial report for the third quarter of 2024. In the third quarter, the group's revenue was $558.7 million. Under non-US GAAP, the group's operating profit was $34.9 million, with a 16.4% quarter-on-quarter growth. The net profit reached $61.2 million, and the net profit margin was 10.9%. In the third quarter, Joyy Inc. continued to newly repurchase 3.43 million ADS shares, equivalent to approximately $117.8 million.
Dell: Q3 Revenue of 2025 Fiscal Year Reaches $24.4 Billion, with a 10% Year-on-Year Growth
Dell Technologies Group (DELL) has released the performance report for the third quarter of the 2025 fiscal year. The revenue is $24.4 billion, with a 10% year-on-year growth. The operating profit is $1.7 billion, and the non-GAAP operating profit is $2.2 billion, both with a 12% year-on-year growth. The diluted earnings per share is $1.58, with a 16% year-on-year growth. (Sina Technology)
Investment and Financing
Huidian Zhichong Secures 30 Million Angel Round Financing
36Kr learned that the Aiqicha APP shows that Shanghai Huidian Zhichong has successfully obtained 30 million angel round financing. Shanghai Huidian Zhichong was established in 2023 and is an operator of electric vehicle charging piles. Its products are applied in various public places, residential communities, commercial areas and other scenarios.
Cool Products
Kunlun Wanwei's "Tian Gong Da Model 4.0" o1 Version (Skywork o1) Officially Launches Invitation for Testing
36Kr has learned that on November 27, Kunlun Wanwei officially launched a series of models with complex thinking and reasoning capabilities - "Tian Gong Da Model 4.0" o1 Version (Skywork o1). According to the introduction, Skywork o1 is a series of models with slow thinking and reasoning capabilities released by Kunlun Wanwei Group. It is the first o1 model with Chinese logical reasoning capabilities in China. Skywork o1 not only inherently has capabilities such as 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 ordinary model. The Skywork o1 released this time includes three models, including an open version that contributes to the open-source community and a dedicated version with stronger capabilities.
Intel Announces Mass Production of Intel 18A in 2025
36Kr has learned that on November 26, at the Intel New Quality Productivity Technology Ecosystem Conference, Wang Rui, Senior Vice President of Intel and Chairman of Intel China, stated that Intel's advanced process chip Intel 18A will be mass-produced in 2025. Products based on Intel 18A - the next-generation AI PC processor Panther Lake and the next-generation data center processor Clearwater Forest - will also be released next year.
Compiled by | Cheng Jiahui