8:01 AM | The CEO of Jiyue: The company is not bankrupt, and the shareholders will be responsible for the compensation for the employees' resignation; The personal pension system is extended to the whole country; The iPhone 17 may adopt a bar-shaped horizontally placed camera module.
Listing in Progress
Seres
Insiders said that Seres is considering listing in Hong Kong. It has been discussing the possibility of selling stocks with advisors, which may help the company raise more than $1 billion. Seres may be listed in Hong Kong as early as next year. Since the beginning of this year, Seres' A-share has accumulated a rise of 80%, and its market value has reached $28.5 billion. Insiders added that the relevant discussions are still ongoing, and details such as the issuance scale may change. (Sina Finance)
Excellent Ruixin Digital
36Kr learned that on December 12, Shanghai Excellent Ruixin Digital Technology Co., Ltd. once again submitted an application for listing on the Main Board of the Hong Kong Stock Exchange, with ABC International as the sole sponsor. This is the company's second attempt after its first submission on May 3 this year.
Dongyangguang Pharmaceutical
36Kr learned that on December 11, Dongyangguang Pharmaceutical, the controlling shareholder of Dongyangguang Changjiang Pharmaceutical, submitted a prospectus to the Hong Kong Stock Exchange, planning to be listed in Hong Kong by way of introduction, with China International Capital Corporation as the sole sponsor.
TOP3 Big News
Jiyue CEO: The company is not bankrupt, and shareholders will bear the compensation for employee resignations
On the afternoon of December 11, Xia Yiping, the CEO of Jiyue, issued an internal letter indicating that the company is currently encountering difficulties and needs to make immediate adjustments. On December 12, Xia Yiping, the CEO of Jiyue, stated in an internal meeting that the company's account has been frozen at present. He is not the primary responsible person of the enterprise, but he will do his best to resolve the social security issues of Beijing employees before 1:00 a.m. on December 13. The social security payment issue for Shanghai employees will be resolved before the 27th. The specific operation methods still need to be discussed with the board of directors. Shareholders are willing to bear the compensation for the employees' resignations, but the specific plan still needs to be discussed with the shareholders and the HR department. He is still actively seeking financing, the company has not shut down or gone bankrupt, and the vehicle's quality guarantee and software services will not be interrupted.
On the evening of December 12, representatives of Jiyue employees, Xia Yiping, the CEO of Jiyue, and the two major shareholders, Geely and Baidu, held a closed-door meeting. After several rounds of communication, the internal transfer processes of Baidu and Geely are underway to pay the overdue social security for November for the employees. Up to now, Xia Yiping is still in the Shanghai office; the emergency response teams established by the shareholders of Geely and Baidu are participating remotely. Issues such as the December salary and social security for employees, and the N + 1 resignation compensation that employees are concerned about, are still under negotiation.
Many people familiar with the Jiyue collapse incident believe that the main reason is the withdrawal of shareholders. An insider from Baidu said that the company sent a financial team to Jiyue in October 2024 for due diligence to prepare for the subsequent 3 billion yuan investment: "It was found that Jiyue has a messy account with a financial hole of up to 7 billion yuan, and it was decided not to continue the investment." (Jiemian News, Caixin)
The Personal Pension System Is Implemented Nationwide
Recently, the Ministry of Human Resources and Social Security, the Ministry of Finance, the State Taxation Administration, the Financial Regulatory Administration, and the China Securities Regulatory Commission issued the "Notice on the Comprehensive Implementation of the Personal Pension System". The "Notice" clarifies that starting from December 15, 2024, workers who participate in the basic endowment insurance for urban employees or the basic endowment insurance for urban and rural residents within the territory of China can participate in the personal pension system. The scope of the implementation of the tax preferential policy has been simultaneously expanded from 36 pilot cities (regions) to the whole country.
The "Notice" stipulates that on the basis of the existing wealth management products, savings deposits, commercial endowment insurance, and publicly offered fund products, national bonds, specific endowment savings, and index funds are included in the scope of personal pension products. The "Notice" points out that the scope of commercial banks that are prudently determined to operate personal pension business should be determined, and commercial banks are encouraged and supported to sell all types of personal pension products. The "Notice" clarifies that on the basis of reaching the age to receive the basic pension, completely losing the ability to work, going abroad (leaving the country) to settle, and other circumstances, participants who suffer from major diseases, receive unemployment insurance benefits to meet certain conditions, or are receiving the minimum living guarantee can apply for the early withdrawal of personal pensions. Specific measures will be formulated separately. (CCTV News)
The back of Apple iPhone 17 series may adopt a bar-shaped horizontally placed camera module
According to IT Home, the blogger "Digital Chat Station" posted on December 12 that the supply chain materials show that the iPhone 17 series phones will indeed be changed to a horizontal triple-camera layout. Currently, the details of the lens arrangement are temporarily unknown, and the module adopts a "strip-shaped runway" design. It is worth mentioning that in late November, The Information released the news that Apple iPhone 17 Pro and iPhone 17 Pro Max will usher in a "major design change". (IT Home)
Big Companies/Big Events
NIO's Intelligent Safety Assistance System will add the Automatic Emergency Steering Avoidance (AES) function
36Kr has learned that NIO has announced the latest progress of its intelligent safety assistance system based on the large model architecture. Recently, NIO's intelligent safety assistance system will add the Automatic Emergency Steering Avoidance (AES) function. NIO's AES has the industry's only "anti-pinch" scene capability. When there is an obstacle vehicle in front and a vehicle that has not maintained a safe following distance is driving at high speed from behind, an emergency avoidance can be triggered to reduce the risk of multiple vehicle rear-end collisions. In addition, NIO will also upgrade the General Obstacle Warning and Assistance (GOA). The large model empowers GOA, expanding the response scenarios and maintaining a high accuracy rate. Compared with the traditional algorithm, the recognition and response coverage of GOA is increased by 2.94 times.
The train tickets for the first day of the Spring Festival travel rush will be on sale from December 31st of this month.
According to the China State Railway Group, the 2025 Spring Festival travel rush will start on January 14th next year. The train tickets for the first day of the Spring Festival travel rush will be on sale from December 31st of this month. For students' reservation and purchase of tickets during the Spring Festival travel rush, the new function of Railway 12306 was launched on December 12th. (CCTV News)
Philipp von Witzendorff will become Vice President and Chief Operating Officer of Porsche China
Porsche announces that Philipp von Witzendorff will officially assume the position of Vice President and Chief Operating Officer of Porsche China as of January 1, 2025. It is understood that in the past two years, Philipp von Witzendorff served as President and Chief Executive Officer of Porsche Japan. (Jiemian News)
The three major U.S. stock indexes closed lower collectively, and large technology stocks had mixed performances
36Kr learned that as of the close on December 12, the three major U.S. stock indexes closed lower collectively. The Dow Jones Industrial Average fell by 0.53%, the Nasdaq Composite Index fell by 0.66%, and the S&P 500 Index fell by 0.54%. Large technology stocks had mixed performances. Arm rose by more than 3%, and Apple and Microsoft rose slightly; Tesla, Google, and NVIDIA fell by more than 1%, and Amazon and Meta fell slightly. Popular Chinese concept stocks had mixed performances. Tencent Music rose by more than 2%, Pinduoduo and Baidu rose by more than 1%, and Alibaba and Bilibili rose slightly; iQIYI fell by more than 2%, NIO fell by more than 1%, and JD.com and NetEase fell slightly.
"Black Myth: Wukong" and "Puzzle & Chill" Nominated for IGN Game of the Year, Becoming the Only Two Chinese Games Nominated
36Kr learned that on December 11, the well-known game organization IGN announced the list of nominees for the 2024 IGN Game of the Year. Among them, "Black Myth: Wukong" and "Puzzle & Chill" were both nominated for the Game of the Year. It is worth noting that since IGN established this award, "Black Myth: Wukong" and "Puzzle & Chill" are the only two non-mobile Chinese games to receive this prestigious nomination.
The Legal Representative of Three Sheep Media Company Has Been Changed
36Kr learned that the Aiqicha App shows that recently, Hefei Three Sheep Culture Media Co., Ltd. has undergone industrial and commercial changes. Ba Shuai has stepped down as the legal representative, executive director, and general manager, and Zhang Yong has been appointed as the legal representative, director, and manager. The company was established in May 2022 with a registered capital of 1 million yuan. Its business scope includes the production and operation of radio and television programs, performance brokerage, advertising release, organizing cultural and artistic exchange activities, conference and exhibition services, etc. It is wholly owned by Hefei Three Sheep Network Technology Co., Ltd.
NVIDIA China: The Rumor of Supply Cutoff is Untrue, China is an Important Market
On December 12, the official Weibo account of NVIDIA China released a statement, saying that the recent rumor on social media that NVIDIA has cut off supplies to China is untrue. The company stated that China is an important market for NVIDIA, and it will continue to provide high-quality services to Chinese customers in the future. (Jiemian News)
iFLYTEK and others establish a robot technology company with a registered capital of 30 million yuan
36Kr learned that the Tianyancha App shows that recently, Anhui Lingdong General Robot Technology Co., Ltd. was established. The legal representative is Hu Guoping, with a registered capital of 30 million yuan. The business scope includes the manufacturing of industrial robots, the sales of industrial robots, the research and development of intelligent robots, the sales of electrical equipment, the retail of computer software and hardware and auxiliary equipment, the integration services of information systems, the sales of intelligent robots, the leasing of mechanical equipment, etc.
Institution: Foldable smartphone shipments are expected to continue to decline in 2025
36Kr learned that on December 12, a Counterpoint Research report pointed out that the year-on-year shipments of foldable smartphone displays declined for the first time in the third quarter of 2024, and shipments are expected to continue to decline in 2025. The institution expects Apple to enter this market in the second half of 2026. In addition, more multi-foldable products are expected to be launched in 2026, and the first slidable laptop is expected to come out in 2025.
New Oriental acquires Tai Mei International Travel Agency in Beijing
36Kr has learned that the Aiqicha App shows that recently, Tai Mei (Beijing) International Travel Agency Co., Ltd. has undergone industrial and commercial changes. The original sole shareholder, Tianjin Vision Contemporary Technology Co., Ltd., has withdrawn, and Beijing New Oriental Walkorld International Education Travel Co., Ltd. has been added as a shareholder with 100% ownership. At the same time, the legal representative and several key personnel have also changed. Tai Mei (Beijing) International Travel Agency Co., Ltd. was established in May 2016, with Long Hua as the legal representative, a registered capital of 5 million yuan, and its business scope includes domestic tourism business, inbound tourism business, outbound tourism business, undertaking exhibition and display activities, conference services, ticket agency, and air ticket sales agency.
Recently, Dong Yuhui Established Three New Companies
Tianyancha App shows that recently, Zisansheng (Beijing) Technology Co., Ltd. was established, with Dong Yuhui as the legal representative and a registered capital of 10 million Chinese yuan. Its business scope includes Internet information services, the first type of value-added telecommunications services, online cultural business, film screening, alcohol business, and the production and operation of radio and television programs. Shareholder information shows that the company is jointly held by Zhongnan Yuantiao (Xi'an) Technology Co., Ltd., Dong Yuhui, and Changge Youhe (Beijing) Technology Partnership (Limited Partnership). It is worth mentioning that Zhongnan Yuantiao (Xi'an) Technology Co., Ltd. and Changge Youhe (Beijing) Technology Partnership (Limited Partnership) were both established recently, with registered capitals of 10 million Chinese yuan and 1 million Chinese yuan respectively. (Sina Technology)
Blackstone to Acquire Tokyo Commercial Complex for $2.6 Billion, Marking the Largest Foreign Real Estate Acquisition in Japan's History
Blackstone Group will acquire a multifunctional complex property in Tokyo from Seibu Holdings. This will be the largest real estate acquisition by foreign capital in Japan's history. According to the announcement on December 12, the world's largest alternative asset management company will acquire Tokyo Garden Terrace Kioicho for approximately 400 billion yen ($2.6 billion). This transaction is the largest deal that Blackstone has made in Japan to date. (Caixin)
Former Arc'teryx Marketing Vice President Aurora Liu Confirmed to Join Alo Yoga
On December 11, some self-media reported that former Arc'teryx Marketing Vice President Aurora Liu has joined the American yoga brand Alo Yoga and serves as the head of Alo in China; Alo will officially enter the Chinese market in 2025 and open its first offline store in China. It is learned from Aurora Liu that she has indeed joined Alo Yoga and is currently working in Los Angeles, but she denies that Alo will enter China immediately. (Jiemian News)
Citigroup slightly lowers South Korea's GDP growth forecast for next year to 1.5%, expecting the Bank of Korea to cut interest rates next month
Citigroup released a report stating that considering the deterioration of South Korea's economic sentiment this month is more severe than expected, it slightly lowers South Korea's GDP forecast for this year and next year by 0.1 percentage point each to 2.1% and 1.5% respectively. The bank slightly lowers South Korea's GDP growth forecast for the last quarter of this year by 0.1 percentage point to a quarterly increase of 0.3%, while raising the GDP growth forecast for the first quarter of next year by 0.1 percentage point to a quarterly increase of 0.6%. Looking forward to the first quarter of next year, the bank expects South Korea to adopt an expansionary policy combination, including the Bank of Korea is expected to cut interest rates to 2.75% in mid-January, and the government is expected to propose an additional budget of 30 trillion won (equivalent to about 1.1% of next year's GDP). The bank expects the Bank of Korea to cut interest rates by 25 basis points in January, April, July and October next year, and the terminal interest rate is expected to be 2%. (Caixin)
It is reported that iPhone 18 Pro further adopts TSMC's 2nm process, and the chip price increases by up to 70%
It is said that in 2026, the A20 Pro processor of the iPhone 18 Pro will be the first to be produced using TSMC's 2-nanometer process. The chip price will rise from the current $50 to $85, with an increase of up to 70%. With the high cost, the price of the iPhone 18 Pro mobile phone may be adjusted upward. (Jiemian News)
The parent company of the Japanese sake brand "Dassai," Asahi Shuzo, will challenge to brew sake in space
It is reported that the parent company of the Japanese sake brand "Dassai," Asahi Shuzo, announced on December 11 that it will challenge to brew sake in space. The brewery envisions that humans will still need sake after moving to the moon and strives to achieve the fermentation of sake rice and others in the International Space Station. If successful, Asahi Shuzo will sell a limited quantity of one bottle for 100 million yen (approximately 4.76 million yuan in RMB) and then donate the full amount to the space development business in Japan. Asahi Shuzo introduced that Mitsubishi Heavy Industries proposed the suggestion of brewing sake in space in 2022. (Jiemian News)
Korean Air Announces Integration of Asiana Airlines as a Subsidiary
Korean Air, the largest airline in South Korea, stated on December 12 that the company has successfully integrated the smaller competitor Asiana Airlines as a subsidiary, thus ending an acquisition process that lasted for several years. Korean Air said in a statement that it has invested 1.5 trillion Korean won (approximately $1.04 billion) to purchase 131.57 million shares issued by Asiana Airlines, accounting for 63.88% of Asiana Airlines' shares. Korean Air has recently obtained all the necessary approvals from the antitrust regulatory agencies of 14 countries and regions, including the European Union, and completed the acquisition process on December 11. (Sina Finance)
The Forefront of AI
Zhongguancun Kejin Releases Dezhu Large Model Platform 2.0
36Kr has learned that Zhongguancun Kejin has officially released the "Three-level Engine Strategy" in the era of large models, launched the Dezhu Large Model Platform 2.0, and a series of large model applications. It is introduced that based on the Dezhu Large Model Platform 2.0, Zhongguancun Kejin has built more than 200 applications covering the four core scenarios of intelligent marketing, intelligent customer service, intelligent operation, and knowledge management together with partners from various industries.
Giant Network Releases "Qianying" Audio Game Large Model, Increasing Bets on the "Game + AI" Track
36Kr learned that Giant Network released the "Qianying QianYing" audio game generation large model at the 2024 China Game Industry Annual Conference, increasing its bets on the "Game + AI" track. "Qianying QianYing" includes the game video generation large model YingGame and the video dubbing large model YingSound, achieving a new breakthrough in the generation of audible and interactive game videos. At the same time, Giant Network launched the "Qianying Co-creation Plan". Based on the large model base technology, it opens up cooperation and co-creation, application implementation, and talent recruitment in aspects such as model technology, model application, and original game projects to the outside world.
Big Company Financial Reports
Adobe's fiscal year 2024 revenue reached 21.51 billion US dollars, with a year-on-year growth of 11%
On December 11 local time, Adobe released its fourth-quarter and fiscal year 2024 results as of November 29, 2024. The company's fourth-quarter revenue was 5.61 billion US dollars, with a year-on-year growth of 11%; GAAP net profit was 1.68 billion US dollars. In fiscal year 2024, the revenue was 21.51 billion US dollars, with a year-on-year growth of 11%; GAAP net profit was 5.56 billion US dollars. In addition, the company issued its fiscal year 2025 performance guidance, expecting fiscal year 2025 revenue to be between 23.30 billion and 23.55 billion US dollars. (Jiemian News)
Broadcom's revenue in the fourth fiscal quarter was $14.05 billion, with a year-on-year growth of 51%
On December 13, Broadcom announced its fourth-quarter results for the fiscal year 2024. The revenue in the fourth fiscal quarter was $14.054 billion, an increase of 51% compared to the same period last year; the adjusted earnings per share was $1.42, compared to the expected $1.39. The annual revenue was $51.6 billion, with a year-on-year growth of 44%. The company expects its first-quarter revenue for the fiscal year 2025 to be approximately $14.6 billion, with a year-on-year growth of 22% (Jiemian News)
Investment and Financing
LambdaTest Secures $38 Million in Funding with Qualcomm Ventures as an Investor
The cloud-based unified testing platform LambdaTest announced that the company has received $38 million in funding led by Avataar Ventures and with Qualcomm Ventures as an investor, bringing the total funding to $108 million. LambdaTest was founded in 2017 and has raised nearly $70 million from investors in previous rounds of financing, including Premji Invest, Sequoia Capital India, Titanium Ventures, Leo Capital Holdings, and Blume Ventures. (Jiemian News)
"Nuojia Technology" Secures 12 Million in Series A Financing
36Kr has learned that "Nuojia Technology" has completed a 12 million Series A financing. This round of financing is invested by Shenzhen Tianhao Industrial Investment Holding Co., Ltd. This financing will help Nuojia Group in technological innovation and market expansion in the fields of smart healthcare, health management, and pharmaceutical supply chain management.
"Dream Dimension" Completes Multi-Million Yuan Series A Financing
36Kr has learned that, according to Gaorong Ventures, "Dream Dimension" has recently completed a Series A financing of tens of millions of RMB. This round of financing is led by Jinqiu Fund, with Gaorong Ventures, Ming Shi Ventures, SenseTime and others participating in the investment.
"StarLink Future" Completes Angel Round Financing of Ten Million Yuan
36Kr learned that "StarLink Future" has completed an angel round financing of ten million yuan, led by Future Cone Frontier Technology Fund and Zero2IPO Ventures, with LinGe Ventures following the investment. This round of financing will be mainly used for product research and development, team expansion, and market promotion.
"UnisGuard Technology" Completes Tens of Millions of B1 Round Financing
36Kr has learned that recently, "UnisGuard Technology" has completed tens of millions of B1 round financing, jointly invested by Guangzhou Baiyun Financial Holdings Group Co., Ltd. and Hongfeng Beijing Private Equity Fund Management Co., Ltd. The funds from this round of financing will be used for the iterative application of AI + network security products, breakthroughs in landing scenarios in key industries, and the construction of market channels, etc.
Cool Products
Google and Samsung collaborate to develop head-mounted display devices, and the first product is expected to be launched next year
On December 12, Eastern Time in the US, Google released a new version of the Android XR operating system, aiming to provide multiple natural interaction methods for head-mounted display devices and smart glasses, and enhance the user experience in the virtual reality (VR) and augmented reality (AR) fields. It is understood that Android XR is a new operating system specifically built for the next generation of computing, jointly developed by Google and Samsung. It will allow users to achieve interaction between VR applications and the real world through voice, motion control, and eye tracking. (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 in two minutes per episode. The TGA Game Awards will kick off. Can Black Myth: Wukong win the Game of the Year?
Compiled by | Yu Mo