8 o'clock, 1 Krypton News | The EU may revoke tariffs on Chinese electric vehicles; Estée Lauder faces a class-action lawsuit due to over - reliance on Chinese purchasing agents; The gold price has hit new all - time highs more than 20 times this year.
Top 3 Big News
The EU May Revoke Tariffs on Chinese Electric Vehicles
On April 10 local time, the European Commission announced that it had reached an important consensus with China. The two sides will initiate negotiations to replace the current tariffs on Chinese electric vehicles with a "minimum import price" mechanism. This breakthrough progress marks a substantial easing of the nearly six - month - long trade dispute and brings new variables to the global new - energy vehicle industry landscape.
An EU spokesperson said that Maros Sefcovic, the European Commission's Commissioner for Trade and Economic Security, had a conversation with Wang Wentao, Minister of Commerce of China. The two sides agreed to set a minimum price for Chinese electric vehicles exported to Europe to replace the electric vehicle tariffs that the EU began to impose last October. The trade strategy of "setting a minimum price" aims to "maintain fairness in the European market and create space for legitimate trade". Compared with the countervailing duties implemented last year, this price control method is more flexible and operable. (21st Century Business Herald)
Estée Lauder Faces Class - Action Lawsuit Due to Over - Reliance on Chinese Purchasing Agents
The cosmetics giant Estée Lauder once relied on "purchasing agents" to capture the Chinese market. In recent years, after China implemented regulatory measures on "purchasing agents," the company's revenue was significantly affected. However, the company failed to disclose this risk to its shareholders for a long time. When it finally made the disclosure in November 2023, its stock price plunged by 19%, and its market value evaporated by $8.7 billion, causing severe losses to many shareholders. As a result, a class - action lawsuit was filed in the United States. Estée Lauder attempted to dismiss the lawsuit, but the U.S. district court recently ruled that the class - action lawsuit could proceed, and Estée Lauder may face substantial compensation.
The plaintiffs in the Estée Lauder class - action lawsuit are investors who purchased Estée Lauder's common stock between February 3, 2022, and October 31, 2023. The lawsuit accuses Estée Lauder of over - relying on the gray - market sales of "purchasing agents" in China. After China tightened the management of such gray - market activities in 2022, Estée Lauder's sales dropped significantly, but the company did not publicly disclose the relevant risks until November 2023. Estée Lauder tried to dismiss the lawsuit, but the court found that its disclosures contained "misleading omissions" and "half - truths." Therefore, on April 2, the court ruled that the lawsuit could continue. (Yangtze Evening News)
Gold prices have hit new all-time highs more than 20 times this year
John Reade, the Chief Market Strategist at the World Gold Council, recently stated that since the beginning of this year, the price of gold has been continuously rising, hitting new all-time highs more than 20 times and the increase has exceeded previous expectations. He believes that the uncertainty caused by the US government's tariff policy still supports the gold price in the short term due to the demand for safe-haven assets. In the future, the risk of the global economy slipping into recession due to the US tariff policy will increase. The United States, Canada and many European countries are expected to further cut interest rates, which will lead to a further rise in international gold prices. (CCTV.com)
Large Companies/ Major Events
Xu Peng, former head of the basic large - model and vice - president of Ant Group, has left the company
Xu Peng, former head of the basic large - model and vice - president of Ant Group, has left the company. Xu Peng has been engaged in technological research in the field of artificial intelligence. He worked at Google for 11 years, where he was responsible for and led the R & D of the core technology of Google Translate and participated in the algorithm R & D of Google's display advertising system. Previously, Ant established the AI Innovation R & D and Application Department NextEvo, with Xu Peng as its head. He was in charge of all the core technological R & D of Ant's AI, including all the R & D work of Ant's Bailing large - model. (Caixin Press)
Zong Fuli Appointed as Director of Chongqing Wahaha Changsheng Beverage Company
36Kr learned that according to the Aiqicha App, recently, there have been industrial and commercial changes in Chongqing Wahaha Changsheng Beverage Co., Ltd. Zong Qinghou stepped down as the chairman, and Zong Fuli was newly added as a director. At the same time, the legal representative and several key personnel have also changed. The company was established in July 2007, with Zhu Lidan as the legal representative and a registered capital of 16.25 million US dollars. Its business scope includes the production and sales of beverages and dairy products. Shareholder information shows that Zhejiang Wahaha Changsheng Beverage Group Co., Ltd. and Ronghui Investment Co., Ltd. hold 51% and 49% of the shares respectively.
China Delivers Key Components of the World's Largest "Artificial Sun"
Recently, the project of the procurement package for the magnet feeder of the International Thermonuclear Experimental Reactor (ITER), the world's largest "artificial sun," has reached a critical milestone. The last set of internal feeder components for the correction field coils was completed in Hefei and delivered to the ITER site in France. This marks the successful completion of the development of all super-large components in the ITER magnet feeder system. The ITER magnet feeder system was developed by the Institute of Plasma Physics of the Hefei Institutes of Physical Science, Chinese Academy of Sciences, and is known as the "lifeline" of the ITER magnet system. The internal feeder for the correction field coils is the largest component in this system, with a total of 9 sets, consisting of a semi-circular structure with a diameter of 16 meters and a height of 3 meters. (Cailian Press)
Yiwu Merchants Say Factory Prices of Products Won't Change Due to Tariffs
Recently, the US tariff policy has raised global concerns. Reporters visited Yiwu in Zhejiang, known as the "World Supermarket". A merchant specializing in tools told reporters that currently, orders from the United States have been put on hold, but it doesn't affect the overall sales volume. The merchant said that the factory prices of their products won't change due to tariffs. According to the feedback received so far, American customers will continue to place orders. The tariffs are taking more money out of the pockets of American people. (Gelonghui)
Has the production line for assembling US iPhone models in China shut down? Supply chain manufacturers: It's a pure misinformation
Early on the morning of April 13th, Guo Mingji, a well - known analyst at Tianfeng Securities, said on a social platform that the production line responsible for assembling US iPhone models in China stopped production on April 9th, and there is no news yet about resuming production. He also believes that whether the production line resumes operation is a signal to judge whether the US will temporarily remove the "reciprocal tariffs" on China. In the afternoon of April 13th, it was learned from relevant supply chain manufacturers that "the Chinese production line has not shut down, and the news is a pure misinformation." (Securities Times)
The price of Apple phones has increased by 500 yuan in 9 days
Recently, non-officially authorized mobile phone dealers in places such as Hangzhou and Guangzhou have reported that the prices of the iPhone 16 series have risen, especially for high-end models like the iPhone 16 Pro Max, with an increase of about 300 to 500 yuan. The prices at official Apple channels (including direct-sale stores, Apple Store, etc.) remain unchanged. Some mobile phone merchants said that a few days ago, the price of some models reached nearly 9,000 yuan at most, but in fact, few people were buying, resulting in a situation of high prices but no sales. (Daily Economic News)
US Exempts Some Consumer Electronics from Tariffs, Tech Giants like Apple May Benefit
Late on the night of April 11 local time, the US Customs and Border Protection issued an announcement stating that according to a memorandum signed by US President Donald Trump on the same day, products such as smartphones, routers, and some computers and laptops will no longer be included in the so - called "reciprocal tariffs" of 125% previously imposed on Chinese imports. According to the latest policy, products that meet the classification numbers listed in the US Harmonized Tariff Schedule can obtain an exemption from the "reciprocal tariffs", including key technology products such as smartphones, routers, some computer equipment, and electronic components.
The US Customs and Border Protection said that importers should declare their exemption eligibility when declaring relevant goods. For goods that have cleared customs or been picked up after April 5, enterprises need to complete the relevant declaration corrections within 10 days after the goods are released. Unsettled entries can apply for subsequent summary corrections, and settled entries still within the protest period can also apply for a refund. (Jiemian News)
Press Spokesperson of the Ministry of Commerce Answers Reporters' Questions on the US Exemption of "Reciprocal Tariffs" for Some Products
36Kr learned that according to the official website of the Ministry of Commerce, a reporter asked: The US recently announced the exemption of "reciprocal tariffs" for some products. What's China's comment on this? The Ministry of Commerce stated that on April 12th, Eastern Time, the US released a relevant memorandum, exempting "reciprocal tariffs" for some products such as computers, smartphones, semiconductor manufacturing equipment, and integrated circuits. China is currently evaluating the relevant impacts. We've noticed that this is the second adjustment to the relevant policies made by the US since it postponed the imposition of high "reciprocal tariffs" on some trading partners on April 10th. It should be said that this is a small step for the US to correct its wrong practice of unilateral "reciprocal tariffs". China's stance on China-US economic and trade relations has been consistent. There are no winners in a trade war, and protectionism leads nowhere. As an old Chinese saying goes, "He who tied the bell should untie it." We urge the US to face up to the rational voices from the international community and various domestic parties, take a big step in correcting mistakes, completely cancel the wrong practice of "reciprocal tariffs", and return to the right path of mutual respect and resolving differences through equal dialogue.
Tesla China Stops Supplying Imported New Model S/X Cars, Only In - stock and Used Cars Available for Purchase
On April 11th, news showed that the official website of Tesla China indicates that the option of "ordering a new car" for the Model S/X models is no longer available. Currently, only the "view in - stock cars" button is displayed on the corresponding model pages. Clicking on the "view in - stock cars" button will show a series of vehicle information. Earlier this year, Lars Moravy, the vice - president of Tesla's vehicle engineering, stated that the company has no plan to remove the Model S and Model X from its product line. (IT Home)
Brazil Introduces the "Commercial Reciprocity Law" to Counter Trade Barriers
According to a report by the Brazilian news agency, Brazilian President Luiz Inácio Lula da Silva signed the "Commercial Reciprocity Law" on the 11th local time, authorizing the federal government to take reciprocal countermeasures against countries and economic blocs that impose unilateral trade barriers on Brazilian export products. The bill will be officially published and come into effect in the "Official Gazette of the Union" on April 14. The bill was passed by the Brazilian Congress about 10 days ago and has become an important legislative tool for the Brazilian government to address the current international trade tensions. The report said that this new law is regarded by the outside world as a direct response to the recent tariff - raising measures of the US government. (China News Service)
US to Extend Some Sanctions Against Russia for One Year
According to the US Federal Register website on April 12 local time, US President Trump has signed an executive order stating that "in accordance with the US National Emergencies Act, the national emergency declared by Executive Order No. 14024 will be continued for one year." This is equivalent to extending a series of sanctions against Russia introduced by former President Biden for one year. (Caixin Press)
The three major U.S. stock indexes closed higher collectively, and most popular Chinese concept stocks rose
36Kr learned that at the close on April 11, the three major U.S. stock indexes rose collectively. The Nasdaq Composite Index rose 2.06%, the S&P 500 Index rose 1.81%, and the Dow Jones Industrial Average rose 1.56%. Most large technology stocks rose. Apple rose more than 4%, NVIDIA rose more than 3%, Google and Amazon rose more than 2%, and Microsoft rose more than 1%. Meta, Netflix, and Tesla fell slightly. Most popular Chinese concept stocks rose. XPeng Motors rose more than 11%, NIO rose more than 7%, Baidu and NetEase rose more than 5%, Li Auto and Bilibili rose more than 4%, Alibaba rose more than 3%, and Pinduoduo and JD.com rose more than 2%.
General Motors Suspends Production at a Factory in Canada
The Canadian auto workers' union Unifor confirmed on April 12 local time that General Motors will suspend production at the CAMI Assembly Plant in Ingersoll, Ontario. Layoffs will begin on April 14, and the plant will resume partial production in May. After that, production at the plant will be temporarily halted, and operations will be suspended until October 2025. During this period, General Motors plans to complete equipment renovation work to prepare for the production of the 2026 commercial electric vehicles. General Motors said that when production resumes in October, the plant will operate on a single - shift basis for the foreseeable future, which will also result in 500 workers being unemployed indefinitely. (Jiemian News)
Buffett's Company Issues ¥90 Billion in Bonds
Recently, Berkshire Hathaway, the company under the "Stock God" Warren Buffett, issued a batch of bonds totaling ¥90 billion (approximately RMB 4.6 billion). Data compiled by Bloomberg shows that this is the smallest yen - denominated transaction by Buffett's company since it entered the Japanese market in 2019. Against the backdrop of market turmoil, this bond issuance has attracted high - level market attention, as the funds raised by Berkshire may be used to increase its stakes in Japanese companies. Some analysts say that as stock prices have fallen, the valuations of the five major trading houses have all declined. According to Buffett's investment style of "be fearful when others are greedy and be greedy when others are fearful", this yen - bond issuance may be a signal to buy at the bottom against the trend, and it is highly likely that Berkshire will continue to increase its stakes in the five major trading houses in the future. (Securities China)
Johnson & Johnson Announces the Launch of Amivantamab Injection in China
Johnson & Johnson announced that its innovative lung cancer treatment drug Rybrevant (Amivantamab Injection) has been officially launched in China. Rybrevant, in combination with carboplatin and pemetrexed, is indicated for the first-line treatment of adult patients with locally advanced or metastatic non-small cell lung cancer (NSCLC) whose tumors have a confirmed epidermal growth factor receptor (EGFR) exon 20 insertion mutation. (Sina Finance)
Bitcoin Surges Above $85,000, 120,000 Traders Liquidated
Cryptocurrencies such as Bitcoin have once again seen a full - scale rally in the past 24 hours. As of April 13th, Bitcoin has surged above $85,000, after previously dropping to $78,000. Ethereum has risen by more than 5%, and Trump Coin has even soared by over 7%. According to data from the Coinglass website, nearly 120,000 cryptocurrency investors have been liquidated in the past 24 hours. In terms of news, people familiar with the matter revealed that executives of the cryptocurrency exchange Binance met with US Treasury officials last month to discuss easing US government regulations on the company. Meanwhile, the company is also exploring a business deal with a cryptocurrency enterprise of the Trump family. (Phoenix Finance)
The Cutting - Edge of AI
OpenAI Announces That ChatGPT Will Disable the GPT-4 Model Starting from April 30 and Fully Upgrade to Version 4o
OpenAI announced that GPT-4 will be removed from ChatGPT on April 30 but will still be available in the API. OpenAI stated that after the retirement of GPT-4, it will be completely replaced by the new native multimodal model GPT-4o. According to the official evaluation report, GPT-4o comprehensively surpasses the GPT-4 model in writing quality, programming assistance, and the STEM field. Moreover, the instruction following, problem-solving, and conversation flow of GPT-4o have been further upgraded and improved recently. OpenAI officially released GPT-4 on March 14, 2023. Currently, the official website page of GPT-4 has added a prompt message saying "It will be taken offline on April 30." (Sina Finance)
Apple Teams Up with Alibaba and Baidu, AI-Enabled iPhone for the Chinese Market to Be Launched Before Mid-Year
According to comprehensive reports, Apple is collaborating with Baidu and Alibaba to actively promote the plan of introducing AI features to the iPhone for the Chinese market. The fastest plan is to launch the Apple Intelligence feature specifically designed for the Chinese market in iOS 18.5. It is expected that this goal will be achieved before the middle of 2025. It is worth mentioning that Apple has not signed an exclusive agreement with either Baidu or Alibaba this time, but is cooperating with both. (The Paper)
Tujia Announces the Introduction of AI Technology into the Homestay Industry
36Kr learned that on April 12th, Tujia Homestay held its 2025 Annual Landlord Conference and announced that under the core strategic framework of "Good Landlords, Good Homes", it will be the first to introduce AI technology into the homestay industry. Tujia CEO Chen Gang said, "The addition of AI elements breaks through the limitations of existing technologies, enabling high - quality properties and excellent landlords to be better presented to consumers." Tujia has pioneered the AI - powered space room - selection function in the industry. Before making a reservation, users can view details such as the layout and decoration style of the homestay area and rooms through the panoramic mode. In addition, Tujia also plans to launch digital avatars for homestay landlords, which will be available 24/7 on the homestay detail pages to introduce the facilities, highlights, and features of the homestays.
Financial Reports of Large Companies
PICC: Net profit in Q1 is expected to increase by 30% - 50% year-on-year
36Kr learned that PICC (601319.SH) announced that it expects to achieve a net profit attributable to shareholders of the parent company of 11.652 billion yuan to 13.445 billion yuan in the first quarter of 2025, a year-on-year increase of 30% - 50%. The main reason is that the company actively aligns with national strategies and economic and social needs, optimizes its business structure, improves business quality, and at the same time, its investment performance has been significantly improved.
Cool Products
Reports: ByteDance is Developing Its Own AI Glasses
According to two people familiar with the matter, ByteDance is planning to launch its own AI smart glasses. One of the people familiar with the matter revealed that ByteDance is expected to provide AI capabilities similar to its self - developed model Doubao in its smart glasses. Currently, the launch time and sales regions of this smart glasses by ByteDance have not been determined. People with knowledge of the situation said that ByteDance is negotiating with suppliers to determine product features, technical specifications, costs, and the release time. (STAR Market Daily)
Compiled | Yumo
This article is from the WeChat official account “36Kr”, and is published by 36Kr with authorization.