36氪_让一部分人先看到未来

MIXUE soared 43% on its first day of trading on the Hong Kong Stock Exchange.

Going public in progress

Mixue Ice & Tea Co., Ltd.

On March 3rd, Mixue Ice & Tea Co., Ltd. was listed on the main board of the Hong Kong Stock Exchange. On the first day of listing, its stock price opened more than 29% higher, at HK$262 per share, with a total market value of HK$98 billion. At 10:35 a.m. that day, its stock price once reached HK$270.6 per share, and the total market value reached HK$102 billion. As of the end of 2024, Mixue had 46,479 stores globally. In terms of the number of stores, Mixue surpassed Starbucks to become the world's largest ready - to - drink beverage enterprise. (Top News)

TOP3 Big News

Mixue Bingcheng Soars 43% on First Day of Hong Kong Stock Listing, with Total Market Value Exceeding HK$109.3 Billion

On March 3rd, Mixue Bingcheng was officially listed on the Hong Kong Stock Exchange, with the stock abbreviation "Mixue Group" (02097.HK). Mixue Group's issue price per share was HK$202.5, and the net proceeds from the fundraising were HK$3.291 billion. On the day of listing, its opening price was HK$262 per share, a 29.38% increase from the issue price. After that, it continued to rise. By the close of trading, it had risen 43.21%, and the total market value had increased to HK$109.35 billion. (Securities Times)

Apple Customer Service Responds to Multiple Users' Claims of Unauthorized Charges in Password - Free Payments

Many netizens claim that their iPhones with "password - free payment" enabled have suffered unauthorized charges. There have been multiple unexplained deductions from their WeChat or Alipay accounts, with the amounts ranging from several thousand yuan to over ten thousand yuan. From the bills shared by some netizens, it can be seen that most of the transferred money was recharged into mobile games through Apple accounts.

After consulting Apple's customer service, reporters learned that it may be due to the theft of users' Apple accounts. Criminals took advantage of Apple's password - free payment mechanism to transfer money from the payment methods bound to the accounts. If users apply for interception in a timely manner, there is hope of retrieving the money. It is reported that the money stolen from many victims was used to purchase in - game items or game currency. Apple's customer service also said that criminals may have exploited the password - free payment function to recharge customers who purchased "third - party top - up" services using the stolen accounts. (Red Star News)

Fresh graduates seeking employment in Shenzhen can receive a maximum subsidy of 100,000 yuan, and the entire process can be completed in as fast as 24 minutes

According to Chen Qing, a member of the Standing Committee of the Shenzhen Municipal Party Committee and a member of the leading Party members' group of the Shenzhen Municipal Government, the "One - Million Talents Gathering in South Guangdong" action plan is a major deployment made by the provincial Party committee to achieve high - quality development in Guangdong Province. Shenzhen will implement it from two aspects: introducing hardcore policies and optimizing employment services. Among them, fresh graduates who intend to seek employment and start businesses in Shenzhen can handle the whole process of introduction and household registration online, and it can be completed in as fast as 24 minutes. Eligible individuals can enjoy the household registration subsidy for newly introduced outstanding young talents, with 100,000 yuan per doctoral student, 50,000 yuan per master's student, and 30,000 yuan per undergraduate student. (Global Total Finance)

Large Companies/ Major Events

The Ocean Engine e - commerce marketing platform team will be merged into Douyin E - commerce, jointly taking on goals such as GMV and merchant ROI

36Kr has exclusively learned that the Ocean Engine e - commerce marketing platform will be wholly merged into Douyin E - commerce and become its secondary department, no longer under the commercialization department, Ocean Engine. Lu Zhonghao, the person in charge of the Ocean Engine e - commerce marketing platform, will now report to Wei Wenwen, the person in charge of Douyin E - commerce. Previously, he reported to Zhao Xiuying, the person in charge of commercial products and technology. Meanwhile, the two algorithm teams that previously served the Ocean Engine e - commerce marketing platform and Douyin E - commerce respectively will also be integrated. The merger of the Ocean Engine e - commerce marketing platform into Douyin E - commerce means that in the future, it will not only be responsible for the advertising revenue of e - commerce business, but also jointly be responsible for overall goals such as GMV, merchant and user experience, especially the merchant investment ROI, with departments such as e - commerce product and operation.

2025 Manned Flight Missions Announced: Two Manned Flight Missions and One Cargo Spaceship Resupply Mission

According to the China Manned Space Engineering Office, in 2025, China's manned space engineering will steadily advance two major tasks: the application and development of the space station and manned lunar exploration, making greater contributions to the construction of a science - and - technology powerhouse and a space powerhouse. In 2025, the engineering plan includes two manned flight missions and one cargo spaceship resupply mission. The astronaut crews for the two manned flight missions have been selected and are currently undergoing relevant training. Meanwhile, aiming at the goal of achieving the first Chinese landing on the moon before 2030, all research, development and construction work for the lunar landing phase of the manned lunar exploration project is progressing steadily as planned. (CCTV News)

International Gold Price Drops to the Lowest Point in Nearly Three Weeks

Recently, when the international gold price was just one step away from $3,000 per ounce, it suddenly turned downward and dropped to the lowest point in the past three weeks.

On February 25th, the international gold price dropped significantly, with a decline of 1.5%. Subsequently, the gold price continued to fall. On February 27th, the gold price dropped by more than 1% again, breaking below the $2,900 per ounce mark. On February 28th, the international gold price closed at $2,848.50 per ounce, with a decline of 1.64%.

Some analysts pointed out that the fluctuations in the international gold price are mainly due to the easing of geopolitical risks in regions such as Russia and Ukraine at this stage, coupled with the uncertainty of the US tariff policy and investors' profit - taking at high levels. (China National Radio)

Yang Niuhua's Response on Whether She Will Quit the Internet After Yu Huaying's Execution: She Has Never Thought About Quitting the Internet

On February 28, 2025, the Intermediate People's Court of Guiyang City, Guizhou Province, executed the death penalty on Yu Huaying in accordance with legal procedures. After learning the news, Yang Niuhua, who still had work to do, immediately returned to her hometown in Guizhou to console her parents. Regarding the question of whether Yang Niuhua would quit the Internet after Yu Huaying's execution, she responded, "I've never thought about it." Tianyancha's intellectual property information shows that Yang Niuhua (formerly known as Li Suyan) applied to register one "Yang Niuhua" trademark in December 2023. The international classification is advertising and sales, and the trademark was successfully registered in June last year. In addition, in November last year, an operation and management company in Lankao County applied to register three "Yang Niuhua" trademarks. The international classifications involve education and entertainment, social law, etc. Currently, the trademarks are waiting for substantive review. (Xiaoxiang Morning Post)

The overseas price of Xiaomi 15 Ultra exceeds that of the iPhone

Xiaomi held the global launch event for the Xiaomi 15 series in Barcelona, Spain. The Xiaomi 15 Ultra will be released globally simultaneously, with a starting price of 1,499 euros in Europe, exceeding that of Apple's most expensive model, the iPhone 16 Pro Max. (The Paper)

Nestle to Make Another Move After 13 Years, Plans to Fully Acquire Confectionery Giant Hsu Fu Chi

After many years, food giant Nestle has once again initiated a merger and acquisition in the Chinese market. This time, the target is its "old friend" - Hsu Fu Chi. As early as 2011, Nestle acquired 60% of Hsu Fu Chi's equity for $1.7 billion. And today (March 3rd), Nestle officially announced that it will acquire the remaining 40% of the equity to achieve full control of Hsu Fu Chi. (Daily Economic News)

"Ne Zha: Rebirth of the Demon Child" Tops the Box Office Chart of Mainland Movies in the Hong Kong and Macau Markets

Since the animated film "Ne Zha: Rebirth of the Demon Child" was released in Hong Kong and Macau on February 22nd, it has frequently broken box office records. As of March 2nd, the box office in the Hong Kong and Macau regions has exceeded HK$32 million, topping the box office chart of mainland movies in the Hong Kong and Macau markets. (Xinhua News Agency)

41 Pieces of Lost Cultural Relics and Artworks Return to China from the United States

Early on the morning of March 4th Beijing time, the National Cultural Heritage Administration received 41 cultural relics and artworks returned to China at the office of the Manhattan District Attorney in New York, the United States. They include bronze money - tree and pottery base, plain pottery li tripods, plain bronze fang vessels with lids, pottery figurines of rappers, etc. The categories cover pottery, jadeware, bronzes, Buddhist statues, portrait bricks, and Tibetan Buddhist cultural relics. After preliminary picture identification and legal assessment by experts, the time - span of this batch of cultural relics and artworks ranges from the Neolithic Age to the Qing Dynasty. They are rich in variety and exquisite in craftsmanship, with certain historical, artistic, and scientific values. They are Chinese cultural relics and artworks that were illegally taken out of the country. (CCTV News)

Beijing Simplifies Company Registration Procedures for Visa - Exempt Foreign Natural Persons Entering the Country

36Kr learned that according to the Beijing Municipal Administration for Market Regulation, with the continuous expansion of China's visa - exemption policy scope, the willingness and demand of foreign natural persons to invest in China have been continuously increasing. To effectively promote the facilitation of foreign investment and optimize the business environment, the Beijing Municipal Administration for Market Regulation has timely adjusted the registration policy and simplified the verification process of identity certification materials for visa - exempt persons entering the country. Now, natural persons from visa - exempt countries only need to hold a valid passport and can quickly complete identity verification by using the "e - Window Pass" WeChat mini - program for Beijing's enterprise services or by verifying the original passport on - site. It is understood that the policy for visa - exempt persons entering the country to obtain business licenses has reduced the notarization procedure, shortening the time for foreign - funded enterprises to be established from the previous 2 to 3 months to as fast as 1 day.

The winning results of the centralized procurement of cochlear implants will be implemented starting this month, with the price dropping from 200,000 yuan to 50,000 yuan

Starting this month, the winning results of the centralized procurement of cochlear implants will be successively implemented across the country. The price of a single set of cochlear implant consumables has dropped from an average of over 200,000 yuan to about 50,000 yuan. In December last year, the state organized a centralized procurement of cochlear implant medical consumables with a total procurement volume of 11,000 sets. All three foreign - invested enterprises and two domestic enterprises participating in the centralized procurement were selected. In addition to commonly used clinical products, a new - generation cochlear implant that can support (3.0T) magnetic resonance imaging was also selected. (CCTV News)

Japan's top foreign exchange official: Exchange - rate movements are a concern factor affecting real wages

It is reported that Japan's top foreign exchange official, Atsushi Mimura, said that Japan needs to be cautious about exchange - rate fluctuations because they will have a negative impact on achieving real wage growth. Atsushi Mimura said at a panel discussion in Tokyo that there are good signs of wage growth in the ongoing wage negotiations between small and medium - sized enterprises and large companies. The Japanese government has implemented a series of wage - increase policies and measures and will continue to make efforts. The negative impact of the Bank of Japan's interest - rate hike is the increase in future government bond interest payments. (Caixin)

Buffett Rarely Speaks Out: Tariffs Are an "Act of War" and Will Harm Consumers' Interests

Buffett made a rare comment on Trump's tariff issue, stating that punitive tariffs may trigger inflation and harm consumers' interests. "In fact, we have had a lot of experience with tariffs. To some extent, tariffs are an act of war. In the long run, tariffs are a tax on goods." (Jiemian News)

Xiaomi Car: The Xiaomi SU7 Ultra will start a time - limited configuration change on March 5th

36Kr learned that Xiaomi Car announced that the Xiaomi SU7 Ultra will start a 24 - hour time - limited configuration change at 10 a.m. on March 5th. Users who have placed an order for a non - in - stock Ultra model and locked the order can change their configuration options on the Xiaomi Car APP. The configuration change activity will last for only one day. After the configuration change is successful, the production plan will be rearranged and the estimated delivery time will be recalculated.

NPC deputy suggests that localities set an upper - limit standard for betrothal gifts: no more than twice the local per - capita annual income

Recently, Shi Bingqi, a deputy to the National People's Congress and the Party branch secretary of Dazhuang Village, Xingcun Town, Hejian City, Hebei Province, said in an exclusive interview that he would submit a proposal on continuously promoting the change of social customs during this year's two sessions of the National People's Congress. Shi Bingqi said that bad habits such as "sky - high betrothal gifts", extravagant weddings and funerals, and blind comparison are relatively prominent in rural areas. The phenomena of "falling into poverty due to marriage" and "returning to poverty due to marriage" occur from time to time, bringing a heavy burden to the masses. The people's demand for addressing these issues is extremely urgent. Regarding "sky - high betrothal gifts", Shi Bingqi suggested that localities set an upper - limit standard for betrothal gifts, which should not exceed twice the local per - capita annual income. In addition, a three - dimensional organizational system should be established to guide and strengthen the construction of rural self - governance organizations. Rural areas should be promoted to establish and improve organizations such as red - and - white councils and villagers' consultative assemblies, and incorporate the content of changing social customs into village regulations. Moreover, relevant ministries and commissions should guide county - level (city - level, district - level) governments to make good plans, design regulations for different levels, regions, and ethnic groups, and maintain public order and good customs through village regulations. (China National Radio Network)

There are only 5 Hema X Membership Stores left, and the company is focusing on its two core business formats: Hema Fresh and Hema NB

On March 3rd, three Hema X Membership Stores in Shanghai announced that they would cease operations on April 1st. The three stores to be closed are the Dachang Store, Gaoqing Store, and Donghongqiao Store. It is understood that after the closure of the above three stores, there will be only 5 Hema X Membership Stores left nationwide. Among them, there are still two stores in Shanghai, namely the Senlan Store and the Qibao Store, and one store each in Beijing, Nanjing, and Suzhou.

According to informed sources, this store closure is an active business adjustment made by Hema. Yan Xiaolei, the CEO of Hema, revealed in an internal letter at the end of 2024 that the company is focusing on its two core business formats: Hema Fresh and Hema NB. (Beijing Business Daily)

BYD Company Limited: Placing of New H Shares Pursuant to the General Mandate, with the Total Proceeds from the Placing Expected to be Approximately HK$43.509 billion

36Kr learned that BYD Company Limited announced that the Company and the placing agents entered into a placing agreement on March 3, 2025 (after the close of trading). The placing shares will be allotted and issued pursuant to the general mandate. Assuming that all the placing shares are placed, the total proceeds from the placing are expected to be approximately HK$43.509 billion. After deducting the commission and estimated expenses, the net proceeds from the placing are expected to be approximately HK$43.383 billion. The net proceeds from the placing are intended to be used for the Group's R & D investment, overseas business development, working capital replenishment and general corporate purposes. The placing shares represent approximately 11.82% of the existing 1,098,000,000 issued H shares and approximately 4.46% of the total number of issued shares as of the date of this announcement.

TCL Technology: Plans to Acquire 21.5311% Stake in Shenzhen Huaxing Semiconductor for 11.562 Billion Yuan

TCL Technology announced on March 3 that the company plans to acquire a 21.5311% stake (corresponding to registered capital of 9 billion yuan) in Shenzhen Huaxing Semiconductor held by the major industrial fund through the issuance of shares and cash payment, and raise supporting funds with a total amount of no more than 4.359 billion yuan. The transaction price for the 21.5311% stake in the target company is 11.562 billion yuan. (Jiemian News)

The Cutting - Edge of AI

ByteDance Releases Domestic Version of AI Programming Tool Trae

On March 3rd, ByteDance released the domestic version of the AI programming tool Trae. The model is equipped with doubao - 1.5 - pro and supports switching to the full - power version of DeepSeek R1 & V3. It is understood that this is the first AI - native integrated development environment tool (AI IDE) in China. It can fully unleash the potential of AI, help developers at all stages collaborate smoothly with AI, complete programming tasks faster and with higher quality, and improve development efficiency. Users can download and experience it through the official website of Trae in China.

Alibaba Wanxiang Large Model Ranks First in Global Open - Source List

36Kr learned that the latest list of the open - source community Hugging Face shows that the Alibaba Wanxiang large model, which has been open - sourced for only 6 days, has topped both the model popularity list and the model space list, becoming the most popular large model in the global open - source community recently. According to the latest data, the total download volume of Wanxiang 2.1 (Wan2.1) on Hugging Face and ModelScope has exceeded one million, and the number of Stars on Github has exceeded 6k. In the past few days, the Alibaba Wanxiang team has further expanded ecological compatibility and newly added support for mainstream frameworks such as ComfyUI and Diffusers. The Wanxiang team said that more experience forms will be opened to users in the future.

Investment and Financing

Zhipu Completes a Strategic Financing of Over 1 Billion Yuan, with Hangzhou State - owned Capital Participating

Zhipu, one of the "Six Little Tigers" of domestic large AI models, recently completed a strategic financing of over 1 billion yuan. The participating investors include Hangzhou Urban Construction Investment Industry Fund, Shangcheng Capital, etc. It is understood that this round of financing aims to promote the technological innovation and ecological development of Zhipu's domestic base GLM large model. (Securities Times)

Cool Products

iPhone 17 Air Sacrifices Features for Slimness

The iPhone 17 series adds an Air model and drops the Plus. The newly added iPhone 17 Air features an ultra-thin design and is the thinnest phone in Apple's history.

To achieve the ultra-thin design, Apple had to sacrifice some basic features. According to leaks, the iPhone 17 Air drops the bottom speaker, ultra-wide-angle camera, and physical SIM card slot. Reports indicate that the iPhone 17 Air has only one speaker located at the top earpiece position, and the opening at the bottom is a microphone. (Kuaikeji)

Compiled | Guo Zihe