8:00, Yike Daily Briefing | Brazil replaces the US as China's largest soybean supplier; Police offer rewards for the arrest of three US agents; The owner of the crashed SU7 posts a message to thank Lei Jun.

Going Public in Progress

Unisound Intelligence Technology Co., Ltd.

36Kr learned that the International Cooperation Department of the China Securities Regulatory Commission issued a notice on the record-filing of the overseas issuance and listing of Unisound Intelligence Technology Co., Ltd. and the "full circulation" of its unlisted domestic shares. The company plans to issue no more than 26,600,447 overseas-listed common shares and list them on the Hong Kong Stock Exchange. 36 shareholders of the company plan to convert a total of 39,826,763 unlisted domestic shares they hold into overseas-listed shares and list them for trading on the Hong Kong Stock Exchange.

Muyuan Foods Co., Ltd.

36Kr learned that Muyuan Foods Co., Ltd. announced that it plans to issue foreign shares for overseas listing (H shares) and list on the Main Board of the Hong Kong Stock Exchange. The company plans to choose an appropriate time and issuance window to complete the issuance and listing within the validity period of the resolution of the general meeting of shareholders, and the specific details have not been determined. This matter needs to be submitted to the general meeting of shareholders for deliberation, and requires the approval, approval or filing of relevant government departments, regulatory agencies and stock exchanges, and there are major uncertainties.

Top 3 Big News

Brazil has replaced the United States as China's largest soybean supplier, but China remains the largest export destination for U.S. soybeans

Chinese importers purchased at least 2.4 million tons of soybeans on 40 cargo ships from Brazil in the first half of last week. People familiar with the matter said that most of this batch of soybeans will be shipped between May and July, and the purchase volume is one-third of China's average monthly imports. U.S. media described that China's purchase this time was large in quantity and fast in speed. In recent years, China has continuously promoted the diversification of agricultural product imports, and Brazil has replaced the United States as China's largest soybean supplier. Data shows that from 2016 to 2024, the U.S. share in China's soybean import market has dropped significantly from 40% to 18%. At the same time, China remains the largest export destination for U.S. soybeans.

Caleb Ragland, the president of the American Soybean Association and a soybean grower in Kentucky, recently wrote in an open letter to Trump: "I'm a soybean grower who voted for Trump. I'm pleading with the president to end this trade conflict." Ragland warned that if the current situation continues, competitors such as Brazil will further expand their market share in China. (CCTV.com)

Harbin Asian Winter Games Targeted by Cyber Attacks from the U.S. NSA, Police Offer Rewards for Three U.S. Agents

Reporters learned from the Harbin Public Security Bureau on April 15 that during the 9th Asian Winter Games in Harbin in 2025, the event's information systems and key information infrastructure in Heilongjiang Province were subjected to overseas cyber attacks. After investigation, three agents from the Tailored Access Operations (TAO) of the U.S. National Security Agency, namely Katheryn A. Wilson, Robert J. Snelling, and Stephen W. Johnson, were involved in the above-mentioned cyber attack activities.

To severely crack down on the criminal activities of overseas forces in cyber attacks and information theft against China in accordance with the law, and effectively safeguard the country's cyber security and the safety of people's lives and property, the Harbin Public Security Bureau has decided to offer rewards for the arrest of the above three suspects. Anyone who discovers clues about these individuals should immediately report to the public security organs. The public security organs will strictly protect the identity information of informants. The public security organs will offer a certain amount of reward to informants who provide effective clues to the public security organs and meritorious individuals who cooperate with the public security organs in apprehending the relevant suspects. (CCTV News)

Owner of Crashed SU7 Posts to Thank Lei Jun

“It was the outstanding safety performance of the Xiaomi SU7 that saved our whole family's lives. Words can hardly express my gratitude!” On April 13th, the owner of the SU7 that crashed off a cliff posted a video saying that he had bought another Xiaomi SU7. The owner firmly stated that it was the excellent performance of the previous Xiaomi SU7 in a life - and - death situation that made him become a customer of this brand again without hesitation.

On December 11th last year, the owner was driving a Xiaomi SU7 Pro that he had just bought a month ago, carrying a family of four to the Fuxi Mountain Scenic Area in Gongyi City. On the way down the mountain, the vehicle accidentally rushed off the cliff at a sharp turn. It kept rolling during the fall and finally stopped after being blocked by trees. Fortunately, although the vehicle was severely damaged, the passenger compartment frame remained intact and the driver's door could still be opened normally. In the end, only the elderly person in the family suffered a minor fracture, and the others only had minor abrasions. All family members were out of life - threatening danger. (Jiemian News)

Big Companies/Big Events

The Trump administration freezes funding for Harvard University, and Harvard issues bonds on Wall Street to raise funds

On April 14 local time, reporters learned that since Harvard University rejected the White House's request earlier that day, the Trump administration announced the freezing of about $2.3 billion in multi - year grants and $60 million in multi - year contracts provided to Harvard University. It is reported that Harvard University said on that day that it would not comply with a series of requirements put forward by the Trump administration to combat the anti - Semitism movement. These requirements involve government and leadership reforms, "merit - based admission" and employment policies.

Affected by this, Harvard announced on April 7 that it was preparing to issue bonds on Wall Street to raise up to $750 million for emergency needs. The president said that no government should dictate what courses a private university can teach, which students it can admit and hire, and which research and exploration fields it can conduct. (CCTV News)

Japanese Prime Minister: Not Planning to Compromise for an Early Tariff Agreement

Japanese Prime Minister Ishiba Shigeru recently stated that Japan is not planning to make continuous compromises to reach an agreement as soon as possible in the upcoming tariff negotiations with the United States. According to local media such as Kyodo News and The Nikkei, Ishiba said at a meeting of the House of Representatives Budget Committee on the 14th that he does not think it is a good approach to make continuous compromises to reach an agreement quickly. He emphasized that it is necessary to conduct as detailed an analysis as possible of US President Trump's intentions regarding tariff policies. It is understood that Akazawa Ryo, the Japanese Minister of Economic Revitalization who is responsible for tariff negotiations with the United States, is planning to visit the United States starting from the 16th. (Xinhua News Agency)

Xiaomi's Wang Hua Responds to the Chip Platform Department: The Chip Platform Department of the Mobile Phone Product Department Has Always Existed

36Kr learned that Wang Hua, the general manager of Xiaomi Group's Public Relations Department, posted a response to the Chip Platform Department: Just now, the media sent an inquiry asking if our company had established a Chip Platform Department and whether there was a response to this. Let me introduce to you that the Chip Platform Department of the Mobile Phone Product Department has always existed. The main work of this department is to be responsible for the selection, evaluation, and in - depth customization of the chip platforms for mobile phone products. And brother Qin Muyun, the person - in - charge, has joined the company for several years. At least, there are work chat records between the two of us on Xiaomi's office platform in 2021.

Meta Faces Antitrust Trial, Attention Focuses on Whether Trump Will Intervene

The U.S. government is advancing a significant antitrust case, accusing Mark Zuckerberg's Meta of illegally establishing a "social network monopoly" through years of "anti - competitive behavior." If the judge sides with the government, Meta may be forced to split by selling Instagram and WhatsApp, and other tech giants will also be put on notice. But there is another "what - if" that has sparked media discussions: whether U.S. President Donald Trump will intervene in some way. Zuckerberg was last seen at the White House on April 2. On the same day, reports said he was urging Trump to resolve this case from the Federal Trade Commission. (Sina Finance)

The DHgate app has risen to the second place in the download rankings of the US App Store on Apple, second only to ChatGPT

On April 15th, the Chinese cross - border e - commerce app DHgate rose to the 2nd place in the overall free app rankings of the US App Store, second only to ChatGPT. The day before, the DHgate app was among the top three. Public data shows that on April 12th, the number of downloads of DHgate on the App Store and Google Play reached 35,400, a 56% increase compared to the 30 - day average. Among them, the US market contributed 17,300 downloads, a 98% increase compared to the 30 - day average. On April 13th (last Sunday), the number of iOS downloads of DHgate increased to 117,500, a 732% increase compared to its 30 - day average. Among them, the US market contributed 65,100 downloads, with a growth rate of 940%. (The Paper)

US Treasury Secretary on "Tariffs on China": Hopes to Reach an Agreement, and No One Wants the Tariffs to Stay

US Treasury Secretary Bezant said in an interview during his visit to Argentina on April 14 local time that he still hopes to reach a major trade agreement with Beijing. He added that this requires a model that is very different from past trade and currency agreements. Bezant stated that any US-China negotiations must be conducted at the highest level. He emphasized that tariffs are no joke as the figures involved are huge. He believes that these are unsustainable, and no one wants these tariffs to remain. (Securities Times)

OpenAI Reportedly Developing a Social Network Similar to Platform X

It is reported that OpenAI is developing a social network similar to Platform X, focusing on GPT's image generation capabilities and featuring social functions. The project is still in its early stages, and it is currently unclear whether OpenAI plans to release the social network as a standalone app or integrate it into ChatGPT. (Jiemian News)

L'Oréal's Duty-Free Sales Division Plans to Lay Off Staff, and the Weight of Travel Retail Business Declines

It was learned from multiple markets and insiders at L'Oréal that L'Oréal's China travel retail division plans to lay off staff. Two people confirmed that the layoff ratio may be as high as 50%. The layoffs are mainly due to the poor performance of the domestic travel retail channel in the past two years. A person close to L'Oréal's headquarters said that the layoffs have not started yet. Another person close to L'Oréal said that some laid-off employees will be given a salary compensation of n+5 (years of service plus five months). (Caixin.com)

Lei Jun Posts Again After Eight Days, Responding to Xiaomi Phones' Number One Activation Volume in China in March

On April 15th, data from market research institutions released by the supply chain showed that in the Chinese mobile phone market in March 2025 (W10 - W13), Xiaomi ranked first, while Huawei, vivo, OPPO, and Apple ranked second to fifth respectively. Among them, the activation volume of new Xiaomi phones reached 3.2437 million units, with a market share of 17.98%, a year - on - year increase of 16.99%; the activation volume of new Huawei phones reached 3.2296 million units, with a market share of 17.90%, a year - on - year increase of 19.87%. Xiaomi and Huawei were the only two brands with year - on - year growth in March.

In response to the above news, on April 15th, Lei Jun, the founder of Xiaomi, posted a response saying, "Thank you all for your support." This was Lei Jun's second post after an eight - day interval. On April 6th, Lei Jun posted on Weibo, saying, "Today, Xiaomi's entrepreneurial journey has spanned 15 years. This is just the beginning, and we will continue to work hard." (Jiemian News)

US Announces Probe into Imports of Chips and Electronic Products, Paving the Way for New Tariffs

According to a notice in the Federal Register published online on Monday, the US Commerce Department is conducting a national security investigation into imported semiconductor technologies and related downstream products. This official document, which asks the public to comment on the investigation, further confirms that despite President Trump saying last Friday that many products in the chip and electronics supply chain had received exemptions from "reciprocal tariffs", the supply chain is still not excluded from his tariff plan. The US Commerce Department will investigate "the feasibility of increasing domestic semiconductor production capacity" to reduce dependence on imports, and whether additional trade measures, including tariffs, are "necessary to protect national security". The scope of this investigation is extensive, covering chip components such as silicon wafers, chip manufacturing equipment, and "downstream products containing semiconductors". (Sina Finance)

iPhone 17 Pro Max Phone Case Exposed

On April 14th, blogger pipfix posted a tweet on the X platform, sharing photos of the mock - up model and phone case combination of Apple's iPhone 17 Pro Max. The photos show that the back is equipped with a "horizontal large matrix", with about one - third of the area housing an oversized camera module. This oversized camera bar design is expected to become the standard for both the iPhone 17 Pro and iPhone 17 Pro Max. Industry insiders analyze that this move by Apple may significantly improve the photography performance. The volume of the camera module is almost doubled, and consumers are looking forward to breakthroughs in low - light shooting, zoom capabilities, and detail performance of the new phone.

Meanwhile, there are also new developments for other models in the iPhone 17 series. The standard - version iPhone 17 will continue to use the same dual - camera system as the iPhone 16 to maintain stable performance. The rumored iPhone 17 Air will replace the iPhone 16 Plus and become the thinnest model in the series. It will only be equipped with a single rear - facing camera and feature a brand - new "runway" design. (IT Home)

Signs of Weakening in the UK Labor Market, but Wage Growth Remains Strong

Recently released data shows that there are signs of weakening in the UK labor market. This indicates that recruitment activities have been hit ahead of the increase in employer taxes this month, but wage growth remains strong. In the three months to March, the number of job vacancies fell below the pre-pandemic level for the first time since the three months to May 2021. Provisional data provided by employers to tax authorities shows that the number of employees decreased by 78,000 in March. After the data for February was revised, it showed a decrease of 8,000, while the previous estimate was an increase of 21,000. (Sina Finance)

Does the energy storage industry need self - discipline? More than 20 giants including CATL are "behind closed doors" to formulate an initiative

Following the self - regulatory action in the photovoltaic industry, the photovoltaic inverter and energy storage industries may follow suit. According to sources, the China Photovoltaic Industry Association recently organized a special symposium on preventing "involution - style" vicious competition in photovoltaic inverters and energy storage. The meeting preliminarily reviewed the initiative for the healthy development of the inverter and energy storage industries. It is understood that the meeting was held behind closed doors, and executives from more than 20 leading enterprises in the industry participated. Enterprises such as Sungrow, Huawei, CRRC, CATL, EVE Energy, GoodWe, Growatt, Ginlong Technologies, Shangneng Electric, Chint, Tebian Electric, Homaier, Hopewind, Deye, SUNGOLD POWER, Enphase Energy, and Envision made speeches at the meeting. According to participants, the initiative does not cover matters such as prices, quotas, and margins, and the initiative has completed one round of soliciting opinions. (Sina Finance)

Hong Hao Officially Assumes the Position of CEO and Chief Global Asset Allocation Officer at Huafu International

Hong Hao officially joined Huafu Securities on April 15th, taking on the roles of CEO and Chief Global Asset Allocation Officer at Huafu International. He was formerly a partner and chief economist at GROW Investment Group, the head of the research department at Bocom International, and the chief global strategist at CICC. He has also worked in the London, New York, and Sydney offices of international financial institutions such as Citigroup and Morgan Stanley, with work experience in both buy - side and sell - side institutions. (Caixin Press)

The RMB may form a new co - existing pattern with the US dollar and the euro, and the tariff storm is hitting the US itself

The "tariff storm" created by the US government is hitting US dollar assets, seriously disrupting the stability of the supply chain and having a certain boomerang effect on itself. The risk of a US economic recession has further intensified. Let's take a look at the analysis and comments of international media. The Australian Broadcasting Corporation pointed out that affected by Trump's tariff policy, investors have collectively shunned US dollar assets such as US Treasury bonds, which is a rare phenomenon. The status of the US as a financial safe - haven is facing unprecedented doubts. The US dollar hegemony established after World War II has been shaken. Analysts believe that a multi - polar currency system will reappear, and a new pattern of co - existence of the US dollar, the euro and the RMB may emerge in the future. (CCTV.com)

Alibaba Denies Bidding for Starbucks China's Equity

On the 15th, in response to the news that "it is actively participating in the bid for Starbucks China's equity," a relevant person from Alibaba stated that it is "false news." (Sina Tech)

American Airlines to Offer Free In-flight Wi-Fi Next Year

On April 15, American Airlines announced that it will start collaborating with AT&T in January 2026 to provide free in-flight Wi-Fi services to members of its AAdvantage loyalty program. (Jiemian News)

The Cutting Edge of AI

OpenAI Releases GPT-4.1: One Million Token Context and Improved Programming Capabilities

OpenAI has launched three models in the GPT-4.1 series: GPT-4.1, GPT-4.1 mini, and GPT-4.1 nano. These models in the series need to be used through the API. GPT-4.1 is regarded as a comprehensive upgrade of GPT-4o, with stronger multimodal processing capabilities, a larger context window (all can handle one million tokens), and a 26% reduction in cost. (Yicai Technology)

China's Self-developed AI Image Generation Models HiDream-I1 and HiDream-E1 Officially Announced for Full Open Source

36Kr learned that the HiDream Zhixiang Future team announced the official open source of the large image generation model HiDream-I1 and the interactive editing model HiDream-E1. HiDream-I1 topped the authoritative list Artificial Analysis within 24 hours, becoming the first self-developed Chinese generative AI model to enter the global first-tier. It has also refreshed industry records in three dimensions: image quality, semantic understanding, and artistic expression, enabling multi-style image generation covering scenarios such as animation, portraits, and science fiction. Currently, the design tool Recraft has integrated the HiDream model, allowing users to achieve "one-click image generation + intelligent editing" in three steps.

Investment and Financing

Zhongbei Guofa Industry (Shandong) Co., Ltd. Completes 50 Million Yuan Angel Round Financing

36Kr learned that recently, Zhongbei Guofa Industry (Shandong) Co., Ltd. completed a 50 million yuan angel round financing, which was jointly invested by multiple domestic institutions. The financing funds will be used for strengthening the logistics system, expanding the supply chain, and environmental protection transformation. It is reported that Zhongbei Guofa Industry (Shandong) Co., Ltd. is an enterprise focusing on coal trading, grain trading, scrap steel recycling resource business, cotton and pig business.

Zhongchuding Construction Group Co., Ltd. Completes 20 Million Yuan Angel Round of Financing

36Kr learned that on April 15th, Zhongchuding Construction Group Co., Ltd. announced the completion of a 20 million yuan angel round of financing. This round of financing was led by Hainan Dongwu Venture Capital. This financing will strongly accelerate the implementation of intelligent construction technology in scenarios, optimize the service capabilities of the entire industrial chain, and provide more efficient and sustainable solutions for the industry. The funds will be invested in the research and development of the application of cutting - edge technologies such as smart construction sites and BIM (Building Information Modeling), helping the digital upgrade of the infrastructure industry and promoting the transformation of traditional infrastructure towards intelligence and low - carbon.

Weiti Robotics Completes Nearly 100 Million Yuan in Angel and Angel+ Rounds of Financing, Led by Xiaomi Strategic Investment

On April 15th, Shanghai Weiti Technology Co., Ltd., a robotics company, announced that it had successfully completed nearly 100 million yuan in angel and angel+ rounds of financing in succession. The angel round was led by Xiaomi Strategic Investment, with follow - on investments from Kuanqiao Hengsong, Yare Capital, iCANX Fund, Plum Ventures, Micro Light Ventures, and existing shareholders. The angel+ round was jointly invested by Vertex Ventures, Yare Capital, iCANX Fund, Plum Ventures, and Micro Light Ventures, with Wanjia Capital serving as the exclusive financial advisor. The funds from this round of financing will be used to advance the research and development and commercialization of vision - based tactile sensing technology and hand - eye coordination algorithms, create a general humanoid robot end - perception system, hand - eye coordination algorithms, and scenario solutions, and simultaneously accelerate the expansion into overseas markets.

Financial Reports of Large Companies

Hongxin Electronics: Net profit in the first quarter decreased by 76% year-on-year

36Kr learned that Hongxin Electronics announced that in the first quarter of 2025, the company's operating income was 1.587 billion yuan, a year-on-year decrease of 4.97%; the net profit attributable to shareholders of the listed company was 6.8007 million yuan, a year-on-year decrease of 75.80%. The main reasons include that the computing power business achieved an operating income of 716 million yuan, and at the same time, the product structure of the FPC business was further optimized, and the gross profit margin continued to improve. In addition, the net cash flow generated from operating activities was -295 million yuan, mainly due to the increase in payment for goods during the reporting period.

Donpeng Beverage: Net profit reached 980 million yuan in Q1 2025, a year-on-year increase of 47.62%

36Kr learned that Donpeng Beverage announced that its revenue in the first quarter of 2025 was 4.848 billion yuan, a year-on-year increase of 39.23%; the net profit was 980 million yuan, a year-on-year increase of 47.62%.

Tims China: Total Store Count Reached 1,022 in 2024, with Over 24 Million Registered Members

36Kr learned that Tim Hortons China, a chain coffee brand, released its financial report for the fourth quarter and the full year of 2024. The report shows that the company's total revenue in the fourth quarter reached 333 million yuan, and the annual revenue in 2024 was 1.391 billion yuan. Among them, the profitability of Tims China continued to improve. In the fourth quarter, the contribution from the company's self - operated stores was 12.97 million yuan, a year - on - year increase of 353.1%, and the store contribution rate was 4.8%. As of December 31, 2024, the number of stores nationwide reached 1,022, and the total number of registered members of the brand reached 24 million, a year - on - year increase of 29.7%.

Cool Products

Qiuguo Plan's Self-developed Wigain XR Glasses Debut at the Hong Kong International Innovation and Technology Expo

36Kr learned that Hangzhou Qiuguo Plan Technology Co., Ltd. showcased its core products at the Hong Kong International Innovation and Technology Expo (InnoEX). The Wigain Omnision XR glasses set exhibited at the Hong Kong International Innovation and Technology Expo consists of Wigain Omnision glasses and a Wigain Omnision computing unit. Technologically, it has achieved three major breakthroughs, including a 53-degree wide field of view (FOV), a self-developed XR spatial OS operating system, and a self-developed large AI model named "Guobao Classmate".

Compiled | Guo Zihe