At 8 a.m., here are the latest news: Haidilao apologized and offered compensation for the "urinating in the soup base" incident; Yang Mingyu Braised Chicken Rice responded to the chaos in the back kitchen of its franchised stores; Dong Mingzhu responded to the progress of Gree's foray into the automotive industry, saying that it won't make household cars.
Going public in progress
SkyeChip
36Kr learned that it is reported that the chip design company SkyeChip is planning to conduct an IPO in Malaysia this year.
Top 3 Big News
Haidilao Apologizes and Compensates for "Urinating in the Soup Base" Incident
On March 12th, Haidilao Hot Pot issued another statement. In the statement, Haidilao said that it would fully refund the meal fees of the 4,109 orders of customers who dined in at the Shanghai Bund store of Haidilao from 00:00 on February 24th to 24:00 on March 8th, and additionally provide a cash compensation of 10 times the order payment amount.
In addition, regarding the two men involved in the case, Haidilao filed a civil lawsuit application with the Shanghai Huangpu District Court on March 10th, firmly holding them accountable according to the law. At the same time, Haidilao stated that the troubles brought to customers by this incident cannot be fully compensated by any form of compensation, and it is willing to do its best to take responsibility. (JRJ.com)
Yang Mingyu Braised Chicken Responds to Chaos in Franchise Store Kitchens
On March 12th, the media exposed that many franchise stores of Yang Mingyu Braised Chicken Rice had numerous food safety issues: using spoiled ingredients that had been stored for several days, recycling and re - processing leftovers from customers for resale, and adding pigments to overnight blackened beef to pass it off as fresh beef. Subsequently, Yang Mingyu's official Weibo account issued a response: Regarding the recent food safety issues that occurred in the involved franchise stores under Yang Mingyu, we extend our deepest apologies to all consumers. This incident has revealed major loopholes in the company's franchise management and supervision implementation of the involved franchise stores, and we take full responsibility.
The Qichacha APP shows that many Yang Mingyu Braised Chicken Rice restaurants have been fined in the past. The illegal facts include the processing area not being kept clean, storing kitchen waste in other garbage collection containers, and the sampling inspection results of reusable tableware being unqualified. According to the information, the affiliated brand company of Yang Mingyu Braised Chicken is Jinan Yang Mingyu Catering Management Co., Ltd., which was established in December 2011. (Contemporary Life Newspaper)
Dong Mingzhu Responds to Gree's Progress in Car Manufacturing: No Plans to Make Family Cars
Recently, Dong Mingzhu, the chairperson and president of Gree Electric Appliances, responded to the progress of Gree's car - making during an interview. Dong Mingzhu said that Gree would not manufacture family cars. "We won't make sedans, but we've started the race in various engineering vehicles such as sanitation vehicles, heavy - duty trucks, and buses." When asked by a reporter "Why give up on family cars", she stated, "This is not giving up but a strategic choice. If you want electric vehicles, I can provide them." (Sichuan Observation)
Big Companies/Big Events
Brake failure occurred while a Xiaomi SU7 owner was driving, and the staff said a connector was wrongly plugged in
It is reported that on March 10th, a Xiaomi SU7 owner posted on a social platform, saying that during yesterday's drive, the vehicle suddenly encountered a suspected brake failure. Subsequently, multiple abnormal messages appeared on the screen, such as "Braking performance is limited, please drive carefully", "Forward collision avoidance assist is limited, please drive carefully", "Automatic parking performance is limited", and "Hill - start assist function is abnormal". After the accident, the vehicle was towed away. The owner said that in the evening, Xiaomi staff responded, saying, "The problem with this car was caused by a wrongly plugged - in connector when it left the factory. Now it has been fixed by simply reconnecting it."
Regarding the owner's request for a vehicle return, the staff said, "The vehicle does not meet the conditions for a return, so it cannot be returned." According to the user's description, the vehicle was purchased in August 2024, with the original paint all over and no bumps or modifications. The owner said that they cannot accept the solution currently offered by Xiaomi. (Jiemian News)
Elon Musk Continues to Appeal to Restore His $56 Billion Pay Package
On March 11 local time, Tesla CEO Elon Musk filed an appeal in an attempt to restore his sky - high $56 billion pay package, claiming that a lower - court judge made multiple legal errors when revoking this record - setting compensation. Musk argued that the 2018 pay package brought astonishing growth to the electric - vehicle manufacturer, but it was ruled unfair to shareholders by the lower court, even though shareholders voted in favor of the plan twice. (Sina Finance)
A TikTok influencer with 5 million followers permanently banned, platform tightens control over top streamers
On March 12, Gu Qianqian, a streamer with nearly 5 million followers who previously sparked controversy by revealing that she "earns over 300,000 yuan a day," had her TikTok account officially and permanently banned. Since 2025, TikTok has significantly tightened its control over top streamers. From Zhang Lan and Wang Xiaofei to Gu Qianqian this time, the platform has ultimately taken the most severe measure of permanent banning.
Official data shows that TikTok e - commerce achieved a GMV of approximately 3.5 trillion yuan in 2024. Among them, live - streaming by top influencers with over one million followers only contributed 9% to the overall performance, and the GMV generated by store live - streaming has exceeded that of influencer live - streaming for two consecutive years. (Yicai Global)
To support Elon Musk, Trump spent $80,000 on a red Tesla outside the White House
It is reported that on March 11 local time, US President Trump purchased a brand - new red Tesla Model S electric car outside the White House to show his support for Musk's electric vehicle company. The report said that as the Government Efficiency Department led by Musk is significantly cutting federal spending and streamlining federal government agencies, Tesla is facing a lot of criticism and opposition in the United States.
The report said that a variety of Tesla electric vehicles, including the Model S, Cybertruck, and Model Y, arrived outside the White House at noon that day. Finally, Trump chose the Model S. "I like that one and want the same color. I'll write a check. I don't want a discount," he said. (Global Times)
The three major U.S. stock indexes closed mixed, with most large technology stocks rising
36Kr learned that at the close on March 12, the three major U.S. stock indexes closed mixed. The Dow fell 0.2%, the Nasdaq rose 1.22%, and the S&P 500 index rose 0.49%. Most large technology stocks rose. Tesla rose more than 7%, NVIDIA rose more than 6%, Intel rose more than 4%, Meta and Netflix rose more than 2%, Google and Amazon rose more than 1%, Microsoft rose 0.74%, and Apple fell more than 1%. Popular Chinese concept stocks closed mixed. Miniso rose more than 5%, Tiger Brokers rose more than 3%, Pony.ai and Futu Holdings rose more than 1%, and Li Auto rose nearly 1%; Bilibili and XPeng Motors fell more than 6%, iQiyi fell more than 3%, NIO and Baidu fell more than 2%, and Alibaba fell more than 1%.
Intel Appoints Industry Veteran Lip-Bu Tan as New CEO, Stock Price Rises Over 11% After Hours
Intel has appointed Lip-Bu Tan as its next chief executive officer, entrusting one of the toughest jobs in the chip industry to this former director and semiconductor veteran. The company said in a statement on March 12 that the 65-year-old Lip-Bu Tan will take office on March 18. He will rejoin the board after leaving in August 2024. Affected by this news, Intel's stock price rose more than 11% after hours and closed up 4.6% during the regular trading session on March 12. (Sina Finance)
iOS 18.3.2 Official Version Released
On March 12th, Apple pushed the iOS 18.3.2 update (internal version number: 22D82 | 22D8082) to iPhone users. This update came 29 days after the last official version release.
Apple officially stated that this update provides important bug fixes and security updates, and resolves the issue that might cause some streaming content to fail to play. (IT Home)
Xiaomi Denies Rumor That "SU7 Pro Delivery Will Take 11 Months"
On March 12th, some users posted on Weibo, saying, "The delivery time for the SU7 Pro has reached an astonishing 11 months. If you place an order now, you'll probably get the car around the Spring Festival next year." In response, Wang Hua, the general manager of Xiaomi Group's Public Relations Department, replied, "No, we'll try our best to increase production capacity to ensure the smooth achievement of the annual delivery target of 300,000 units!" (Caixin)
Lotus Cars Announces Personnel Adjustments: Veteran Geely Executive Qin Peiji to Head Lotus China, Mao Jingbo Transferred to CSO of Lotus Technology
Lotus Cars announced personnel adjustments on March 12. Qin Peiji officially joined Lotus Cars and assumed the position of President of Lotus Technology in the Chinese region, reporting to Feng Qingfeng, the CEO of the Lotus Group. Mao Jingbo, the former President of Lotus Technology in China, has been transferred to the position of CSO (Chief Sales Officer) of Lotus Technology, responsible for global production and sales coordination management, integrating and allocating marketing resources globally, and empowering Lotus Cars' regional markets worldwide. Public information shows that Qin Peiji has served in the Geely system for more than 15 years and has taken on management responsibilities at several international brands such as Volvo, Geely, and Polestar. (Sina Tech)
Faraday Future Appoints Chen Wensheng to Oversee Factory Operations and Quality Management
On March 12th, Faraday Future announced the appointment of Mr. Chen Wensheng to be in charge of the factory operations and manufacturing quality management at FF ieFactory California. Mr. Chen will be fully responsible for FF's production and manufacturing operations and quality management, including the large - scale mass production of the FF 91 2.0 and future FX models. (Jiemian News)
Report: Is Avita Technology about to list in Hong Kong? Changan Automobile responds: No relevant information has been received. There has been a plan for independent listing since its establishment.
It is reported that Avita Technology, an electric vehicle company under Changan Automobile, is considering listing in Hong Kong. It may submit a listing application to the Hong Kong Stock Exchange as soon as the second half of this year, with a plan to raise about $1 billion. In response, a relevant person from Changan Automobile said, "Avita Technology has had a plan for independent listing since its establishment, but there is no specific implementation plan yet. If there is a definite schedule, an announcement will definitely be made. At present, we have not received such information." (21st Century Business Herald)
Huayi Brothers Clears Its Stake in HERO GAMES, and HERO GAMES Responds
Huayi Brothers announced in the evening of March 11 that the company had signed an agreement with Qijing Times to transfer 74.18 million shares of HERO GAMES it held. Qijing Times subscribed for the above - mentioned shares at 336 million yuan. After the completion of the transaction, Huayi Brothers no longer holds any equity in HERO GAMES. In response, a staff member from the securities department of HERO GAMES said that they were not yet clear about the specific situation and that communication could be made with Huayi. As of press time, calls to Huayi Brothers went unanswered. (21st Century Business Herald)
The U.S. stock market suffers a "Waterloo", and cross - border ETFs are no longer appealing
Recently, a "Waterloo" in the U.S. stock market has become the focus of attention in the global financial market. The major U.S. stock indexes have experienced panic - driven declines, and the stock prices of some well - known companies have generally fallen by more than 10%. The continuous correction in the U.S. stock market has had a significant impact on domestic public - offering fund products that track U.S. stocks, disrupting investors' previous optimistic expectations. The once - high investment enthusiasm has quickly cooled down, the premium of cross - border ETFs has quickly disappeared, and some ETFs have even rarely shown a discount. Although some market participants believe that the U.S. Nasdaq index has only corrected by about 12% from its peak and there is no need to worry, many investors, especially those who bought relevant overseas market funds at high prices, are worried about the continuous decline of U.S. stocks. (Securities Times)
Porsche Plans to Lay Off 3,900 Employees
Porsche issued a statement on March 12, planning to cut approximately 3,900 positions. This job reduction will be completed by 2029. Among them, about 1,900 positions will be cut through natural attrition, recruitment restrictions, and voluntary agreements. (Caixin)
Google Plans to Acquire Eye-Tracking Technology Manufacturer Aiming at Smart Glasses
Google plans to acquire Canadian eye-tracking technology manufacturer AdHawk Microsystems for $115 million (approximately RMB 832 million). The two parties are in the final stage of negotiations. This is a step for Google to re-enter the field of head-mounted devices and smart glasses. The deal is expected to be completed this week, but it has not been finally signed and there is a possibility of it falling through. The transaction includes a future payment of $15 million, which can only be obtained if AdHawk meets certain performance targets. People familiar with the matter said that AdHawk's employees will join the Android XR team under Google's Platforms organization after the transaction is completed. (Sina Finance)
Australian Prime Minister Albanese: Will Not Impose Reciprocal Tariffs on the United States
Australian Prime Minister Albanese said at a press conference on March 12 that the Trump administration's decision on steel and aluminum tariffs was unreasonable. Australia will continue to engage with the United States on the tariff issue and will not impose reciprocal tariffs on the United States. (Jiemian News)
US official claims Japan imposes 700% tariff on its rice, Japan: This is inaccurate
On March 12 local time, in response to the statement of the White House spokesperson that "Japan imposes a 700% tariff on imported rice", Japanese Chief Cabinet Secretary Hayashi Masahiko said at a press conference on the same day that the "minimum import volume" part of rice imported through national trade in Japan is subject to zero tariff, and for imported rice other than that, a tariff of 341 yen per kilogram is imposed. He said that he would conduct further communication with the US side on this matter. It is understood that Japan exempts about 770,000 tons of imported rice as the "minimum import volume" from tariffs every year. According to Japanese media reports, when listing the Japanese rice tariff, the White House spokesperson did not take the zero - tariff situation into account, and the tariff rate was also stated according to the old data standard from 10 years ago. (CCTV News)
The forefront of AI
Manus AI: 2 million people are waiting to use Manus
On the evening of March 12th, Chinese AI agent enterprise Manus AI announced that the waiting list for Manus usage applications had increased to 2 million people in 7 days. (Jiemian News)
Douyin Search App Launches In - depth Thinking Feature
Recently, Douyin Search has launched an in - depth thinking feature. A relevant person in charge of Douyin replied to Blue Whale Media that Douyin's AI search has launched an "in - depth thinking model" to help users obtain higher - quality answers. This feature is technically supported by the Doubao large - language model. (Cailian Press)
ByteDance's AI Expert Joins Shenshu Technology as CEO
Luo Yihang, the former head of AI application products at Volcengine under ByteDance, has officially joined Shenshu Technology as CEO. Shenshu Technology has confirmed this news to reporters. In addition, Tang Jiayu, the former co-founder and CEO of Shenshu, currently serves as the company's president, responsible for core functional areas such as corporate strategic development, brand, human resources and administration, finance, legal affairs, and intellectual property. Previously, Shenshu released "China's Sora" Vidu, which is the first long - duration, highly consistent, and highly dynamic large - scale video model in China. (Yicai Global)
Ant Healthcare Large Model Wins "Double" Championship in MedBench Evaluation
36Kr learned that recently, MedBench, a leading domestic evaluation platform for healthcare large models, updated its leaderboard on its official website. Multiple healthcare AI products and research teams were included in the list. Among them, the Ant Healthcare Large Model developed by Ant's AI Health Assistant team won the double championship again with high scores of 97.5 in the evaluation list and 98.2 in the self - assessment list. It is understood that Ant's healthcare team recently completed the research and development of a new - generation healthcare reasoning model based on reinforcement learning. After the upgrade of the AI engine, this large model in the vertical industry not only has the reasoning ability of "medical thinking" but also can complete multi - modal interactions such as "images, texts, audios, and videos".
Investment and Financing
"Gudu Wai Chinese-style Burger" Completes Series A Financing of Over 50 Million Yuan
36Kr learned that recently, Hunan Gudu Wai Catering Management Co., Ltd. announced that its "Gudu Wai Chinese-style Burger" has received over 50 million yuan in Series A financing led by Source Code Capital. The funds from this round of financing will be used for product R & D and supply chain upgrading, and the company plans to open 1,000 stores in core cities across the country in the next three years.
"Zhicaiyun Technology" Completes Hundreds of Millions of Yuan in Series A Financing
36Kr learned that recently, "Zhicaiyun Technology" announced the completion of hundreds of millions of yuan in Series A financing. This round of financing was jointly invested by multiple funds, including Caixing Fund and Zhengjin Western Venture Capital Fund. The funds raised in this round by Zhicaiyun will be used to continue to increase investment in the R & D of its industrial products platform and market development. Zhicaiyun's valuation in this round is 550 million RMB.
Under the new tariffs, should enterprises take a “detour” when going global?
In 2025, global trade rules are undergoing a new round of changes. Why is the overseas warehouse business booming? Is it a must - have option for going global? What risks will Chinese enterprises face when “taking a detour” through Mexico? How should various industries respond under such a changing situation? How can they develop resiliently in the face of uncertainties?
At 19:00 on March 13th (this Thursday), the “CEO's Strategy” Global Expansion Season invites Gong Lefan, a partner at Zhong Lun Law Firm, and Yang Fei, the co - founder of Ocean Stone, to discuss: Under the new tariffs, should enterprises take a “detour” when going global? Come and make an appointment to watch!
Compiled | Wang Xinyi