At 9 a.m., Kr 36 Minute｜China imposes an additional 125% tariff on all imported goods from the United States; The tariffs will cost American families an average of $4,400; Xiaomi Auto responds to the accident in Zhanjiang.

Going Public in Progress

SHEIN

According to people familiar with the matter, cross - border fast - fashion e - commerce platform SHEIN has received approval from the UK's Financial Conduct Authority (FCA) and plans to conduct its initial public offering (IPO) in London. This approval marks a crucial step for SHEIN in advancing its listing process in London. As early as June 2024, the company secretly submitted its listing application documents to the UK regulatory authorities. (Tencent Technology)

Guotai Haitong Securities Co., Ltd.

On April 11th, the ceremony for the restructuring, renaming and listing of Guotai Haitong Securities Co., Ltd. was held at the Shanghai Stock Exchange. At the listing ceremony, the Shanghai Stock Exchange and Guotai Haitong signed the "Securities Listing Agreement". The A-share securities abbreviation of Guotai Haitong Securities Co., Ltd. was officially changed from "Guotai Junan" to "Guotai Haitong", while the A-share securities code remained unchanged. (China Securities Journal website)

Top 3 Big News

Tariff Commission of the State Council: Starting from April 12, the tariff rate on imported goods originating from the United States will be increased from 84% to 125%

36Kr learned that the Tariff Commission of the State Council announced an adjustment to the additional tariff rate stipulated in the "Announcement of the Tariff Commission of the State Council on Adjusting Measures for Imposing Additional Tariffs on Imported Goods Originating from the United States", increasing it from 84% to 125%. Given that at the current tariff level, there is no possibility of the US goods exported to China being accepted by the market, if the US side continues to impose additional tariffs on Chinese goods exported to the US in the future, China will ignore it.

Study shows: Tariffs will cost American households an average of $4,400

A study released on April 10 by the Budget Lab at Yale University in the United States shows that tariffs will cost American households an average of $4,400. The researchers said that the overall average effective tariff rate faced by American consumers is 25.3%, the highest level since 1909. The report shows that in the long run, the U.S. economy will continue to shrink by 0.6%, equivalent to a reduction of $160 billion per year. In addition, by the end of 2025, the unemployment rate will rise by 0.5 percentage points, and 700,000 jobs will be lost. (CCTV News)

Xiaomi's Response to the Zhanjiang Incident: Preliminary investigation reveals that the fire was caused by the severe compression and deformation of the lithium battery of the electric two-wheeler after the collision, which then ignited the accident vehicle.

36Kr learned that Xiaomi Auto's official Weibo account issued a response. On April 5, 2025, it was reported that in the early morning of that day, a standard version of Xiaomi SU7 was involved in a collision with an electric two-wheeler on Provincial Highway 376 in Qujie Town, Xuwen County, Zhanjiang City, while being manually driven by the driver (who was found not to be the owner). After the accident, the driver fled the scene. According to the latest police report, the driver has been arrested. Regarding the casualties caused by the accident, the on-site investigation has been completed, and the final conclusion will be based on the reports of relevant departments. According to preliminary understanding, the fire was caused by the severe compression and deformation of the lithium battery of the electric two-wheeler after the collision, which then ignited the accident vehicle.

Large Companies/ Major Events

Gold jewelry prices soar above 1,000 yuan per gram

As the international gold price hits the mark of $3,200 per ounce, domestic gold jewelry prices have also reached a record high. On April 11, the price of pure gold jewelry at Chow Sang Sang reached 991 yuan per gram. The prices of pure gold jewelry at Chow Tai Fook and 999 pure gold jewelry at Liulifoo were both 990 yuan per gram, while the price of 999.9 pure gold jewelry at Liulifoo reached 1,010 yuan per gram. (Jiemian News)

In March, the price of eggs in the United States reached a record high, with a dozen costing about 46 yuan

According to a report by The Hill on April 10, the price of eggs in the United States reached a record high in March. The price of a dozen eggs hit as high as $6.23 (about 46 yuan). (Overseas Network)

People familiar with the matter: The split of ByteDance's data platform is a false rumor

Recently, there were reports that ByteDance's data platform team would undergo significant changes, and the former person - in - charge, Luo Xuan, would leave the company. In response, people familiar with the matter said that Luo Xuan took a leave of absence for personal reasons six months ago, and the online rumor that "the data BP might be split into the business units" is false. Public information shows that ByteDance's data platform team supports most of ByteDance's internal business lines and provides data - intelligent products under the brand of Volcengine externally. Not long ago, it launched the enterprise - wide data intelligent agent, Data Agent. (Cailian Press)

US Movie Companies' Stock Prices Plummet After China's Film Bureau's Statement

On April 10 local time, according to Barron's, after China's National Film Administration said it would moderately cut the import of US movies, the stock prices of US-based Walt Disney and Warner Bros. Discovery tumbled. The report said that Disney's and Warner Bros.' stock prices dropped 6.79% and 12.53% respectively on that day. (CCTV World News)

Li Bin Denies Sale of NIO Battery Swap Stations: Don't Believe or Spread Rumors

On April 11th, recently, there were reports that CATL would acquire a controlling stake in NIO's battery swap stations. Screenshots of group chats shared by netizens showed that a NIO owner asked NIO Chairman Li Bin, "Is it true that the battery swap stations have been sold?" In response, Li Bin said, "Don't believe or spread rumors," but did not provide further explanations. Previously, some media quoted four people familiar with the matter as saying that CATL was in talks with NIO to acquire a controlling stake in NIO Energy, NIO's charging and battery swapping business.

In response, CATL told reporters that it currently "has no more information." At noon on April 9th, Yu Xiwei, the person in charge of NIO Energy's industrial cooperation, replied to users on the NIO APP regarding the above acquisition rumors, saying, "This question is beyond my scope of authority. But I think NIO's efforts over the past decade have been widely recognized by all sectors of society. While attracting talents, it has also attracted the attention of many excellent enterprises. The fact that some people appreciate us is also the driving force for our continuous efforts." (Jiupai News)

US Judge Blocks Trump Administration from Revoking Temporary Legal Status of Hundreds of Thousands of Immigrants, but All Illegal Immigrants Must Register

On April 10 local time, US District Judge Indira Talwani ruled to block the Trump administration from revoking the temporary legal status of hundreds of thousands of Cuban, Haitian, Nicaraguan, and Venezuelan citizens in the United States. Previously, hundreds of thousands of immigrants from countries such as Cuba, Haiti, Nicaragua, and Venezuela entered the United States by flight under "parole" status after obtaining economic guarantees. The Trump administration announced on March 21 that it would revoke the temporary legal status of 530,000 Cubans, Haitians, Nicaraguans, and Venezuelans in the United States, effective April 24.

On the same day, US Federal Judge Trevor Neil McFadden ruled that the Trump administration could proceed with a regulation requiring all illegal immigrants to register with the federal government. Previously, the Trump administration had announced that it would require undocumented immigrants to register. On March 7, the US Department of Homeland Security issued a new regulation explaining how the registration system would work. It is reported that this new regulation will take effect on April 11 local time. (CCTV News)

WeChat PC version updated: Post on Moments and receive one-on-one transfers

36Kr learned that WeChat officially announced an update for the PC version. Users of Windows and Mac versions can now post on Moments and set posts as sticky, view friends' Moments photo albums, and receive transfer messages in one-on-one chats. Users can go to the official WeChat website to download version 4.0.3 for the experience.

Multiple Banks Lower Deposit Interest Rates, Some Banks Raise Minimum Deposit Amount

Recently, after visiting multiple banks in the Beijing area, it was learned that many banking institutions, including Ping An Bank, China Everbright Bank, and Nanjing Bank, have recently lowered their fixed - deposit interest rates, and some banks have also raised the minimum deposit amount. "The current interest rate for the 3 - year fixed deposit is 1.65%, which was just adjusted some time ago." On April 11th, at a branch of Ping An Bank in Fengtai District, Beijing, a reporter learned that compared with the previous interest rate of 2.05%, the 3 - year fixed - deposit interest rate of Ping An Bank has been lowered by 40 basis points in this round. A wealth management manager of China Everbright Bank in the Beijing area said that the maximum interest rate of the 3 - year deposit product remains unchanged, but the minimum deposit amount has been adjusted. (China Securities Journal)

Google Lays Off Hundreds of Employees in Android and Pixel Divisions

According to a report by The Information on Friday, citing a person familiar with the matter, Google, a subsidiary of Alphabet, laid off hundreds of employees on Thursday in its Platforms and Devices division, which is responsible for the Android software, Pixel phones, and Chrome browser. (Sina Finance)

ByteDance's Net Profit Growth Drops Significantly

On the evening of April 10th, it was reported that ByteDance's net profit in 2024 was $33 billion, with a year - on - year increase of only 6%. The growth rate dropped significantly compared to 2023. According to people familiar with the matter, when disclosing the 2024 performance, ByteDance executives told some investors that the company's profit margin had reached its peak as the company plans to increase investment in artificial intelligence in the next few years. ByteDance's net profit margin has dropped from 26% in 2023 to 21% in 2024.

These figures reflect a sharp slowdown in ByteDance's growth. The slowdown in both net profit growth and profit margin reflects the increased spending in the field of artificial intelligence and the e - commerce business in the United States. However, at the same time, the revenue of ByteDance's overseas business (mainly TikTok) increased by 63% in 2024, reaching $39 billion. As the growth of the company's business in China slowed down, overseas revenue accounted for a quarter of ByteDance's total revenue in 2024, the highest proportion ever. (Securities Times)

Trump Responds to the Death of the President of Siemens Subsidiary's Family in a Plane Crash: Terrible Accident

A sightseeing helicopter crashed into the Hudson River west of Manhattan Island in New York City, the United States, on April 10 local time. All one pilot and five passengers on board were killed. A law enforcement source said that Agustín Escobar, the president and CEO of the Spanish subsidiary of technology company Siemens, his wife, and their three children died in the crash.

Reports said that a group of photos on the website of the crashed helicopter operator "New York Helicopter Tours" showed that the Escobar family took a group photo in front of the helicopter before the accident. US President Trump posted on social media that a "terrible" accident had occurred on the Hudson River, and the US Department of Transportation was investigating the accident. (Modern Express, Global Times)

French Boycott of American Goods: From Coke to McDonald's

France's 20 Minutes reported on the 9th that as the Trump administration's tariff policies continue to escalate, the wave of "boycotting American goods" in France is intensifying. The local brand "Bretz Cola" from the Brittany region of France is expected to become the third - largest brand after Coca - Cola and Pepsi.

According to reports, although the market share of this brand of cola in France is significantly lower compared to giants like Coca - Cola and Pepsi, it is becoming increasingly popular under the trends of "boycotting American goods" and "supporting French alternatives". 58 - year - old French resident Frederick said, "I cancelled my Netflix (an American online video rental provider) membership, stopped buying Coca - Cola and chose Bretz Cola instead, and also deleted my Airbnb (an American homestay software) account." A recent survey shows that Coca - Cola and McDonald's are now the most boycotted American brands by the French. Many netizens have even spontaneously formed "consumer groups for boycotting American goods" and "exchange groups for European alternatives". (Global Times)

The Cutting - Edge of AI

OpenAI CEO Sam Altman: We've Significantly Enhanced ChatGPT's "Memory Ability"

OpenAI CEO Sam Altman posted a message saying, "We've significantly enhanced ChatGPT's memory ability - it can now recall all your previous conversations. In my opinion, this is an excellent feature. It also points to the direction we're looking forward to: AI systems can gradually get to know you in your life and become extremely useful and personalized." He introduced that "this feature is being launched for professional users today and will be available to upgraded users soon." (Sina Finance)

HiDream-I1, the large image generation model of Zhixiang Future, tops the list of image generation models

36Kr learned that the latest arena list of the independent AI benchmark testing and analysis platform Artificial Analysis has been announced. HiDream-I1, the large image generation model of Zhixiang Future, topped the list of image generation models just 24 hours after its open - source release, becoming the first self - developed Chinese generative AI model to top this list. It is reported that HiDream-I1 has participated in more than 5,000 evaluations, covering multiple key sub - fields such as "text layout", "portraits", "anime", and "science fiction themes".

QQ Music Officially Launches the "AI In - depth Analysis of Music Charts" Function

36Kr learned that QQ Music has officially launched the industry - first "AI in - depth analysis of song charts" function. This function integrates DeepSeek, Wenqu Podcast, the self - developed large TTS model Qinyu, and automatic mixing technology. Through AI anthropomorphic voice commentary with emotional fluctuations, it helps users understand the creative inspiration, lyrical imagery, etc. of the chart - topping songs, upgrading the simple melody enjoyment to a deep - seated experience that combines art appreciation and knowledge popularization. It is reported that relying on the advanced technology of the Qinyu large model, the "AI in - depth analysis of song charts" creates an immersive music perception for music fans through three core capabilities, featuring prominent characteristics such as professionalism, high naturalness, and super anthropomorphism.

Investment and Financing

Beijing Huierhui Culture Communication Co., Ltd. Completes 30 Million Yuan Angel Round Financing

36Kr learned that recently, Beijing Huierhui Culture Communication Co., Ltd. announced the completion of a 30 million yuan angel round of financing. This round of financing was invested by the well - known institution Hainan Dongwu Venture Capital. The funds will be invested in the research and development of intelligent charging equipment and the Internet of Things management system to support technological iteration, large - scale equipment deployment, and market expansion. It will further consolidate the company's first - mover advantage in the sharing economy field, promote shared wireless charging to become an important part of urban infrastructure, and lead a new round of consumption service upgrades.

Cool Products

Fourier Unveils Its First Open-Source Humanoid Robot, Fourier N1, to Accelerate Co-construction of the Industry Ecosystem

36Kr learned that Fourier, a general robotics company, has officially launched its first open-source humanoid robot, Fourier N1, and simultaneously released a complete set of resources for the robot's body, including the bill of materials, design drawings, assembly guides, and basic operating software. As the first project to be implemented in Fourier's "Nexus Open-Source Ecosystem Matrix" (where "N1" stands for "Nexus-01"), the N1 will provide a platform for open innovation for global robotics and embodied intelligence developers. It will also accelerate the verification and implementation of cutting-edge research and development work, such as the development of highly versatile motion controllers, the integration of multimodal models, and the exploration of future forms of embodied carriers.

36Kr Big Events

The "36Kr Big Events" short video series offers vivid interpretations of major events in the business world. How did the "king of cost-effectiveness" in the hot pot industry lose its way due to price instability and the failure of high-end positioning?

Compiled | Guo Zihe