8:00 am, Yidianzixun News Flash | Industrial Bank apologized for "offering internships at well - known enterprises to the children of customers with tens of millions of deposits"; Tencent Music will become the second - largest shareholder of SM Entertainment; 490 million yuan worth of Wang Jianlin's equity has been frozen.
Going public in progress
Muyuan Foods Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Muyuan Foods Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are Morgan Stanley, CITIC Securities, and Goldman Sachs.
Shenzhen Basic Semiconductor Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Shenzhen Basic Semiconductor Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities, Guojin Securities (Hong Kong), and BOC International.
Shenzhen Fast Innovation Technology Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Shenzhen Fast Innovation Technology Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are China International Capital Corporation, CSC International, and China Merchants Securities International.
Top 3 Big News
Industrial Bank Apologizes: Suspended Internship Program for Children of Large Depositors
On May 27th, Industrial Bank responded to the controversy over the "Get an Internship at a Renowned Company with a New Deposit of 10 Million Yuan" program. It stated that recently, the bank's private banking department launched the Elite Corporate Internship Program, which has drawn public attention and media reports. The bank deeply apologizes for the misunderstandings caused by the incomplete presentation during the promotion of this program. This program involves a third-party institution collecting internship position information from high-quality enterprises through public channels, recommending them to customers, and providing services such as career ability assessment and training guidance to help applicants better match the requirements of internship positions. Whether an applicant can obtain an internship opportunity is ultimately decided by the interviewing enterprise. In view of the controversy this program has sparked, after careful evaluation, Industrial Bank has suspended the program.
Previously, some netizens exposed on social platforms that Industrial Bank's private banking department launched an internship program that could provide internship opportunities at well-known enterprises such as J.P. Morgan, Citibank, PwC, Google, and Microsoft for customers' children. The conditions were "new funds of over 10 million yuan for non-private banking customers and new funds of over 5 million yuan for existing private banking customers", and the funds were not allowed to be transferred during the internship period. (Red Star News)
HYBE to Sell All Its Shares in SM Entertainment, Tencent Music to Become the Second-Largest Shareholder of SM Entertainment
South Korean entertainment giant HYBE will sell all its shares in SM Entertainment to a Hong Kong-based entity under Tencent Music Entertainment Group (TME) through an off-market block trade after the market closes on the 30th of this month. The transaction amount is approximately 243.3 billion won (equivalent to about 1.29 billion yuan). After the completion of this transaction, HYBE will completely withdraw its investment in SM Entertainment, and Tencent Music Entertainment Group will leapfrog to become the second-largest shareholder of SM Entertainment, second only to Kakao. (Jiemian News)
Wang Jianlin's equity worth 490 million yuan has been frozen, and many of his affiliated enterprises have been revoked or deregistered
Recently, the State Administration for Market Regulation disclosed that PAG Zhuhai, Gaohe Fengde, Tencent Holdings, JD Panda, and Sunshine Life Insurance have jointly established a joint venture either directly or through their respective affiliated parties. The joint venture will acquire 100% of the equity in 48 target companies directly or indirectly held by Dalian Wanda.
On May 27th, according to Aiqicha, over 300 million shares of Dalian Wanda Commercial Management Group Co., Ltd. held by Wang Jianlin have been frozen. The enforcement court is the Xigang District People's Court of Dalian. Since the beginning of this year, partial equity in many of his companies has been frozen one after another, with the total frozen equity exceeding 490 million. Currently, the total amount to be enforced against Dalian Wanda Group is 7.42 billion yuan, and the total amount to be enforced against Dalian Wanda Commercial Management Group is approximately 139 million yuan. (JRJ.com)
Large Companies/Large Events
Actor Zhang Han Sued, Dispute over Unpaid Capital Contribution in Formerly Share - held Company
Public information shows that on May 26th, the court served the summons and other documents for a case regarding the recovery of unpaid capital contributions between Shaobenrao (Shanghai) Catering Management Co., Ltd. and Zhang Han. The case will be heard at the Shanghai Railway Transportation Court on July 28th. Information indicates that the company was established in January 2021 with a registered capital of 10 million yuan. Zhang Han once held a 10% stake and withdrew in April 2023.
There are multiple bankruptcy auction information associated with this company, and it has been restricted from high - end consumption on several occasions. It is reported that actor Zhang Han was once the "Master of Mars Barbecue" for the Shaobenrao brand and appeared in many promotional campaigns. (Qilu Evening News)
Nintendo Announces Crackdown on Scalpers of Switch 2
On May 27th, Nintendo issued an announcement declaring a crackdown on the improper trading of Nintendo Switch 2. Three major second - hand markets have joined this action and will combat improper trading of Nintendo products. It is reported that the Nintendo Switch 2 will be released on June 5th. The Japanese version is priced at 49,980 yen (approximately 2,515 yuan at the current exchange rate), the multi - language version at 69,980 yen (approximately 3,522 yuan at the current exchange rate), and the Hong Kong version at HK$3,450 (approximately 3,163 yuan at the current exchange rate). (IT Home)
A technology company in Guangzhou was cyber - attacked, and the attack originated from hackers associated with the Taiwan Democratic Progressive Party
On May 27, the Tianhe Branch of the Guangzhou Public Security Bureau issued a "Police Situation Report" stating that earlier, a technology company in Guangzhou reported to the public security organs that its system had been cyber - attacked by a hacker organization. The Tianhe Branch of the Guangzhou Public Security Bureau quickly organized police forces and a team of network security experts to form a joint special task force to investigate the case. At present, important progress has been made in the investigation. The following is a brief report:
After the national authoritative institution conducted trace - back tracking and technical analysis on the extracted malicious code samples, and combined with various pieces of evidence related to the case mastered by the special task force for comprehensive judgment, it was found that the cyber - attack on the company was carried out by a hacker organization associated with the Taiwan authorities of the Democratic Progressive Party in China. The relevant situation has been reported to the relevant national departments. Next, the investigation of the case will continue, and the relevant criminal gangs and their masterminds will be cracked down on in accordance with the law. (CCTV News)
Lei Jun Urges Everyone to Repost and Refute Rumors: Xiaomi Xuanjie O1 Chip is Not Customized from Arm
On the evening of May 26th, Lei Jun posted on Weibo: "Here is a response to the relevant rumors about Xiaomi Xuanjie O1. Please repost it." In the relevant text, regarding the online rumor that whether the Xuanjie O1 is a chip customized from Arm, Xiaomi stated that it is not. This is completely a rumor. The Xuanjie O1 is not customized from Arm, and the Arm CSS service was not used during the R & D process.
On the same evening, Arm's official website reposted a press release, modifying the previous description of "Custom Silicon" and confirming that the Xuanjie O1 was independently developed by Xiaomi. Arm stated in the press release that Xiaomi's brand - new self - developed chip uses the Arm architecture, marking a milestone in the 15 - year cooperation between the two parties. The Xuanjie O1 chip is developed by Xiaomi's Xuanjie chip team, using the latest Armv9.2 Cortex CPU cluster IP, Immortalis GPU IP, and CoreLink system interconnect IP, fully supporting the 3nm advanced process technology. (Daily Economic News)
Jensen Huang: There won't be another Chinese market. It would be a great pity to withdraw like this
Recently, Jensen Huang said in a talk show that there won't be another Chinese market. The idea of relying on the rise of other markets to replace the Chinese market is illogical. It would be a great pity to withdraw like this. (The Paper)
Lu Weibing: Xiaomi's goal for its air conditioners this year is to rank among the top three in China, and it has never worried about price wars
36Kr learned that on May 27th, Xiaomi Group released its Q1 financial report for 2025. Lu Weibing, a partner and the president of Xiaomi Group, revealed during an earnings conference call that Xiaomi's air - conditioning business aims to be among the top in the Chinese market by 2030, benchmarking against global leading brands. This year, the goal is to rank among the top three in the Chinese retail market. Lu Weibing also mentioned that Xiaomi's air - conditioning has completed the layout of its entire product line and achieved full - stack self - research in technology. In the future, it will continue to enhance industrial capacity building. Xiaomi's intelligent manufacturing factory for air conditioners is expected to be put into production within this year, which will further drive growth. "Xiaomi's major home appliance business has never worried about price wars. Our products, hardware, and intelligence are much stronger, and the channel efficiency is also much higher. From the perspective of cost and efficiency, price wars have no impact on Xiaomi," Lu Weibing said.
Harvard President Voluntarily Cuts Salary by 25% to Address Budget Tightness
Recently, the frequent pressure from the Trump administration has affected Harvard University's financial situation. Due to the tight budget, the Harvard president has said that he will voluntarily cut his salary by 25%. Currently, several special committees at Harvard are studying ways to keep research projects running. The Harvard T.H. Chan School of Public Health has implemented lay - offs and reduced the number of graduate students admitted. In addition, it has also cut down on daily expenses such as printing and catering. At present, many universities in the United States have spoken out about the Harvard incident. (CCTV.com)
The three major U.S. stock indexes closed higher collectively, and large technology stocks rose across the board
36Kr learned that at the close on May 27, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 1.78%, the Nasdaq Composite rose 2.47%, and the S&P 500 Index rose 2.05%. Large technology stocks rose across the board. Tesla rose more than 6%, Arm rose more than 5%, NVIDIA rose more than 3%, and Google, Apple, Amazon, Meta, Apple, and Netflix rose more than 2%. Popular Chinese concept stocks showed mixed performance. NetEase rose more than 3%, Bilibili and Tencent Music rose more than 2%, and iQiyi rose more than 1%; Pinduoduo fell more than 13%, NIO and XPeng Motors fell more than 3%, and Li Auto and JD.com fell more than 2%.
Japanese Prime Minister: The Impact of US Tariff Measures on Japanese Industries is Becoming Apparent
Japanese Prime Minister Ishiba Shigeru said on May 27 that the impact of US tariff measures on Japanese industries is becoming apparent, and the Japanese government has decided to fully support its domestic industries. According to NHK, the Japanese government held a meeting at the Prime Minister's Office on the same day to discuss how to respond to the US tariff measures. Ishiba said that due to the US tariff measures, some Japanese companies expect their profits to decline this fiscal year, and small and medium-sized enterprises are worried about the future. (Xinhua News Agency)
South Africa Denies Relaxing Rules to Give Special Treatment to Musk's Starlink
South Africa's Communications Minister on Tuesday denied allegations that a draft policy to relax the black shareholding requirements for technology companies was aimed at benefiting Starlink, the business of South Africa-born white tech billionaire Elon Musk. Under South African law, foreign companies must sell 30% of the shares of their subsidiaries to black people or shareholders from other ethnic groups that were disadvantaged under the apartheid system of white minority rule to obtain an operating license. (Sina Finance)
Li Jiachao: Welcome any students affected by US policies to study in Hong Kong
The US government previously announced the cancellation of Harvard University's eligibility to recruit international students and required existing foreign students to transfer schools. Li Jiachao, the Chief Executive of the Hong Kong Special Administrative Region, said on the 27th that he welcomes any students affected by US policies or facing difficulties in US universities to study in Hong Kong. The SAR government will work with eight universities funded by the University Grants Committee to assist and support students who have been unfairly treated and help them continue their studies in Hong Kong. (CCTV News)
Accelerating the Development of Starship Rockets, SpaceX May Launch a Mars Mission Next Year
According to IT Home citing The Wall Street Journal, SpaceX, a company owned by Elon Musk, is mobilizing personnel and resources to focus on the development of its new heavy-lift rocket, aiming to advance and achieve a Mars mission next year. The news said that SpaceX is fully betting on its new rocket, the "Starship," with the goal of making it a vehicle to Mars. This rocket is about 400 feet tall at launch and is still in the experimental stage. (IT Home)
Trump's feud with Harvard escalates as he threatens to divert $3 billion from Harvard to vocational schools
On May 26 local time, US President Donald Trump threatened Harvard University again, saying that if Harvard fails to submit the list of foreign students, the federal government will consider cutting its $3 billion in funding and redirecting it to vocational schools across the country.
Trump posted on social media, calling Harvard "very anti - Semitic" and saying he planned to "take away" the $3 billion in funding from the school and transfer it to vocational schools. In another post, he also said that the federal government has been waiting for Harvard to submit the list of foreign students to determine how many "radical lunatics and troublemakers" should no longer be allowed to enter the United States, and that Harvard has been "very slow" in providing the documents. (CCTV News)
Japan Loses Status as World's Largest Creditor Nation for the First Time in 34 Years
Japan's Ministry of Finance said on Tuesday that Japan has lost its status as the world's largest creditor nation for the first time in 34 years, being replaced by Germany. As of the end of last year, partly benefiting from the depreciation of the yen, Japan's total foreign assets increased by 12.9% year - on - year to 533.05 trillion yen (US$3.7 trillion), breaking through 500 trillion yen for the first time in history, but still lower than Germany's 569.65 trillion yen. The Japanese Ministry of Finance said that Germany has benefited from its huge current account surplus. (Cailian Press)
The number of inbound and outbound passengers at Beijing ports has exceeded 8 million this year, with foreigners accounting for 28.6%
As of May 27, 2025, the total number of inbound and outbound passengers at Beijing ports this year has exceeded 8 million, reaching the 8 - million mark one month (30 days) earlier than last year, a year - on - year increase of 22.1%. Among them, the number of inbound and outbound foreigners is nearly 2.3 million, a year - on - year increase of 39.3%, accounting for 28.6% of the total number of inbound and outbound passengers. (CCTV News)
The Japanese government will provide subsidies for electricity and gas bills from July to September, reducing costs by 1,000 yen per month
On May 27th, the Japanese government announced that it will implement support measures for electricity and gas bills from July to September, providing subsidies of approximately 1,000 yen (equivalent to about 50 yuan) per month for ordinary households to ease their living burdens. The Japanese government also stated that it will increase the subsidy amount in August, the peak of the high - temperature period. (Jiemian News)
India Announces: Overtakes Japan to Become the World's Fourth-Largest Economy
The National Institution for Transforming India (NITI Aayog), a policy think tank supported by the Indian government, said that India has overtaken Japan to become the world's fourth-largest economy. The CEO of the commission, Subrahmanyam, said at a recent press conference that India's economic scale has grown to $4 trillion, second only to the United States, China, and Germany. (Cailian Press)
Three Departments: Accelerate the Large - scale Application of Advanced Computing, 5G - A, Gigabit Optical Networks, Industrial Internet, and Artificial Intelligence in the Electronic Information Manufacturing Industry
36Kr learned that the Ministry of Industry and Information Technology, the National Development and Reform Commission, and the National Data Administration issued a notice on printing and distributing the "Implementation Plan for the Digital Transformation of the Electronic Information Manufacturing Industry". It mentioned strengthening the construction of new information infrastructure. Coordinate and promote the development of the advanced computing industry, accelerate the integration and connection of networks, data, computing power, algorithms, etc., promote the innovative development of high - performance computing, intelligent computing, cloud - edge - end collaborative computing, etc., improve the network layout of edge computing centers, and build new information infrastructure with high reliability, high performance, and wide connectivity. Promote the in - depth empowerment of the electronic information manufacturing industry by new information infrastructure, and accelerate the large - scale application of advanced computing, 5G - A, gigabit optical networks, industrial internet, and artificial intelligence in the electronic information manufacturing industry.
The Cutting - Edge of AI
Quark Health Large Model Passes the Deputy Chief Physician Title Examination
36Kr learned that on May 27th, Quark Health Large Model scored above the passing line in 12 national deputy chief physician title examinations, becoming the first large model in China to successfully cross this threshold. Previously, most domestic large models only reached the stage of the clinical practicing physician qualification examination and could only obtain junior titles. Quark has achieved a two - level leap from junior to deputy senior titles.
Financial Reports of Large Companies
Xiaomi: Revenue Reached 111.3 Billion Yuan in Q1, a Year-on-Year Increase of 47.4%
36Kr learned that Xiaomi released its financial report for the first quarter of 2025. The report shows that in the first quarter, Xiaomi achieved a revenue of 111.3 billion yuan, a year-on-year increase of 47.4%. The revenue from the core business of Mobile × AIoT was 92.7 billion yuan, a year-on-year increase of 22.8%. Among them, the revenue from the mobile phone business was 50.6 billion yuan, a year-on-year increase of 8.9%. The revenue from the IoT and consumer products business was 32.3 billion yuan, a year-on-year increase of 58.7%, reaching a record high. The revenue from the major home appliances business doubled. The revenue from innovative businesses such as smart electric vehicles and AI reached 18.6 billion yuan. In the first quarter, Xiaomi's shipment volume in the Chinese mainland market returned to the top for the first time in a decade, with its market share increasing by 4.7 percentage points year-on-year to 18.8%, achieving continuous growth for five consecutive quarters.
Kuaishou: Revenue Reached 32.6 Billion Yuan in Q1, Up 10.9% Year-on-Year
36Kr learned that Kuaishou released its financial report for the first quarter of 2025. The report shows that in the first quarter, Kuaishou achieved a revenue of 32.6 billion yuan, a year-on-year increase of 10.9%. The revenue contributions of online marketing services, live streaming, and other services (including e-commerce) to the annual revenue were 55.1%, 30.1%, and 14.8% respectively. Kuaishou achieved a positive operating profit at the overall overseas level for a single quarter for the first time. The overall overseas revenue in the first quarter increased by 32.7% year-on-year to 1.32 billion yuan, and both the DAU and usage time in Brazil, a core overseas development country, increased steadily.
Pinduoduo: Revenue Reached 95.7 Billion Yuan in Q1, Up 10% Year-on-Year
36Kr learned that Pinduoduo released its financial report for the first quarter of 2025. The report shows that Pinduoduo achieved a revenue of 95.7 billion yuan in the first quarter, a year-on-year increase of 10%. Pinduoduo's growth rate has been slowing down for several consecutive quarters. This is mainly due to Pinduoduo's continuous increase in investment in the high-quality development strategy. Since the beginning of this year, Pinduoduo has upgraded preferential measures for merchants such as the "10-billion-yuan subsidy" to the "100-billion-yuan support", continuing to nourish the industrial ecosystem with real money. Chen Lei, Chairman and Co-CEO of Pinduoduo Group, said that the current market environment is changing more rapidly. The platform should fulfill the social responsibility of the enterprise, not be afraid of short-term sacrifices, and firmly make long-term investments to help merchants weather the cycle.
Zhihu: Revenue Reached 730 Million Yuan in Q1, Achieving Profitability for Two Consecutive Quarters
36Kr learned that on May 27th, Zhihu released its financial report for the first quarter of 2025. The report shows that Zhihu continued its strong momentum from the previous quarter in Q1, with total revenue reaching 730 million yuan and an adjusted net profit of 6.94 million yuan, achieving Non-GAAP profitability for two consecutive quarters. This is also the first time since its listing that Zhihu has achieved profitability at the Non-GAAP net profit level in the first quarter, far exceeding market expectations.
Compiled | Dai Minghui