8:00, Yi Krypton News | A company was ordered to pay 260,000 yuan after demoting a director to a "receptionist"; India promises to become a developed country by 2047; Gold and silver will become legal tender in Florida.
Going public in progress
Shenzhen Fast Innovation Technology Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Shenzhen Fast Innovation Technology Co., Ltd. has 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.
Shanghai SEER Intelligent Technology Co., Ltd.
36Kr learned that according to the Hong Kong Stock Exchange, Shanghai SEER Intelligent Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation as the sole sponsor.
Top 3 Big News
Employee Demoted from Director to "Receptionist", Company Ordered to Pay 260,000 Yuan in Compensation
Chen joined the company in 2006 and held the position of Director of the Information Management Center. His average monthly salary in the 12 months before the termination of the labor contract was 20,205 yuan. In 2019, the company demoted Chen from the director position to an ordinary employee and adjusted his office location from the office to the reception desk in the stair hall on the 8th floor. His treatment remained unchanged after the job transfer.
Chen believed that the real reason for the job transfer was that the company failed to reach an agreement with him on the negotiation of terminating the labor relationship. So, the company deliberately made things difficult for him, transferred him to work at the reception desk on the 8th floor, cancelled his access to the printer, and removed his office computer, refusing to provide working conditions through its actual actions. The company believed that this was a normal employment practice. Chen's performance appraisal results were poor. The company had negotiated with him to terminate the labor contract for optimization and adjustment purposes and discussed compensation matters, but the two parties failed to reach an agreement.
Finally, the court ruled that the job transfer was clearly insulting and punitive, and the company should pay Chen 262,665 yuan in economic compensation for the termination of the labor contract. (Qilu Evening News)
India Promises to Become a Developed Country by 2047, Previously Claiming to Have Surpassed Japan
Subrahmanyam, the Chief Executive Officer of the National Institution for Transforming India (NITI Aayog), a policy think - tank supported by the Indian government, recently stated at a press conference that India's economic scale has grown to $4 trillion, surpassing Japan to become the world's fourth - largest economy, trailing only the United States, China, and Germany.
Subrahmanyam cited data from the International Monetary Fund and said, "If we adhere to the established plan and implement it, we will become the third - largest economy in the next three years." Economists said that India's economic growth rate of 6.5% in the fiscal year 2024 - 2025 remains the highest among major economies. Indian Prime Minister Modi recently re - emphasized the goal of transforming India into a developed country by 2047. (Beijing Daily)
The US dollar faces a trust test, and gold and silver will become legal tender in Florida, USA
As the US dollar faces a trust test and gold prices hit record highs, Florida in the United States has taken an unusual step. On Tuesday local time, the state's governor, Ron DeSantis, signed a new bill officially recognizing gold and silver as legal tender in the state. This means that in Florida, gold and silver are not only investment products but will also have payment functions similar to the US dollar. (CCTV.com)
Big Companies/Big Events
Wufangzhai Gives 160-Yuan Zongzi Gift Boxes to Shareholders Holding Shares Worth 20,000 Yuan, and Its Stock Price Drops by 4%
On the evening of May 27th, A-share listed company Wufangzhai issued an announcement stating that it would give zongzi gift boxes to its shareholders. The announcement showed that as of the end of trading at 15:00 on April 28th, 2025 (the record date for the company's 2024 annual general meeting of shareholders), shareholders who were registered with China Securities Depository and Clearing Corporation Limited Shanghai Branch and held 1,000 shares (inclusive) or more of the company's shares on that day could claim one box of the "Fengnian Wufang" zongzi gift boxes given by Wufangzhai. The closing price of Wufangzhai on April 28th was 20.25 yuan, which means that shareholders needed to spend about 20,000 yuan to hold 1,000 shares in order to get the zongzi gift boxes given by Wufangzhai. However, investors didn't seem to be convinced. As of the time of publication on May 28th, Wufangzhai's stock price dropped by 4%. A reporter's inquiry found that the "Fengnian Wufang" zongzi gift boxes given by Wufangzhai were priced at around 160 yuan. (Cover News)
Apple Launches Self-Service Repair for iPad, Offering Repair Manuals, etc.
Apple announced on May 28 that it will add the iPad to its self-service repair program, providing iPad users with repair manuals, genuine Apple parts, Apple diagnostic courses, tools, and toolkits for rent. Starting from the 29th, it will support iPad Air (M2 and later), iPad Pro (M4), iPad mini (A17 Pro), and iPad (A16). The parts available for repair include the display, battery, camera, and external charging port. (Jiemian News)
Police Release Statement on Sex Toys Found in Shared Bicycle Seats: Suspect Apprehended
On May 28th, reporters learned from the police in Xuhui District, Shanghai that on the afternoon of the 27th, the Xuhui Public Security Bureau received a report from a member of the public stating that when they rode a shared bicycle on the evening of May 24th, they found adult sex toys inside the bicycle seat. That same evening, the police arrested the suspect, Liu (male, 41 years old), a person who came to Shanghai. After investigation, it was found that Liu put the above - mentioned items into the shared bicycles parked by the roadside in order to seek psychological stimulation. Currently, the case is under further review. (Beijing News)
“The 2025 Ranking of Charms of New First - Tier Cities” Released
“The 2025 Ranking of Charms of New First - Tier Cities” was released on May 28th. After the four first - tier cities with stable rankings, Shanghai, Beijing, Shenzhen, and Guangzhou, the 15 new first - tier cities in “The 2025 Ranking of Charms of New First - Tier Cities” are, in order: Chengdu, Hangzhou, Chongqing, Wuhan, Suzhou, Xi'an, Nanjing, Changsha, Zhengzhou, Tianjin, Hefei, Qingdao, Dongguan, Ningbo, and Foshan. (Yicai Daily)
DJI Responds to Entering the Robotic Vacuum Cleaner Market: Stay Tuned
Recently, according to media reports, DJI's robotic vacuum cleaner products have started mass production and are expected to be launched in June. The media pointed out that DJI has been researching and developing robotic vacuum cleaners for over four years, and the upcoming product is a robot that can both sweep and mop. A reporter verified the above information with DJI, and the official said: Stay tuned. (Sina Tech)
National Disease Control Administration: The upward trend of the COVID-19 epidemic across the country has slowed down
It is learned from the National Disease Control Administration that currently, the upward trend of the COVID-19 epidemic across the country has slowed down, and the epidemics in most provinces have reached their peaks or are showing a downward trend. The dominant circulating strain is the sixth-generation sub-branch NB.1.8.1 of the XDV variant, and its pathogenicity has not changed significantly, nor has the clinical severity of the disease. (Xinhua News Agency)
Trump Says Harvard Should Limit International Students to 15%, U.S. Halts New Student Visa Interviews
U.S. President Donald Trump said on the 28th that the proportion of foreign students at Harvard University should be limited to around 15%. He also claimed that there are many Americans who want to enter Harvard and other schools but are unable to do so because of foreign students. According to Harvard data, as of the fall semester of 2023, international students accounted for more than 27% of the total student population. Currently, Harvard has admitted nearly 6,800 international students and scholars from more than 140 countries and regions, most of whom are pursuing graduate programs.
On May 27th local time, according to multiple U.S. media reports, the Trump administration has suspended new student visa interviews and is considering requiring all international students applying to study in the United States to undergo social media screening. The reports suggest that if the U.S. government implements this screening program, it could significantly slow down the processing of student visas and may also have an adverse impact on many U.S. universities that rely on international students to increase their financial revenue. (Xinhua News Agency, CCTV News)
Airfare prices have dropped significantly in many parts of the country. Industry insiders say: It's a great time for off-peak travel before the summer vacation.
Reporters learned from multiple online travel platforms that the airfare prices in many parts of the country have dropped significantly recently. Industry insiders said that it's a great time for off-peak travel before the summer vacation.
Recently, reporters saw in some travel agencies that many citizens are planning to take advantage of the off-season for off-peak travel. In the next month, the average airfare for flights from Guangzhou to popular tourist destinations such as Kunming, Shanghai, Nanjing, and Wuhan is around 300 yuan. Even if you travel during the Dragon Boat Festival holiday, the price fluctuation is not significant.
Some industry insiders pointed out that in the middle and late May, the tourism market has returned to normal. Airfare prices have dropped significantly in many parts of the country, with some even below 1.3 discounts. In addition, the hotel prices are almost half of those during the May Day holiday. At the same time, many domestic group tour products are also taking the opportunity to launch discount activities to attract tourists. (CCTV Finance)
BYD Responds to the Crisis of a Shandong Dealer: The Dealer Expanded Blindly and Operated with Leverage
The exposure of the event that the capital chain of Jinan Qiancheng, a BYD dealer in the Shandong region, broke has attracted industry attention. On May 28th, BYD responded, "The information spread online is untrue! In the past few years, our policies towards dealers have been consistent and stable. It is understood that due to blind and rapid expansion and leveraged operation, this dealer group encountered problems with its capital chain. Since the end of last year, some 4S stores of this dealer group have been acquired by other local dealers." (The Paper)
"The Department of Government Efficiency Has Become a Scapegoat," Musk: Shifting Work Focus from Layoffs to Government Computer Systems
The Washington Post of the United States reported on the 27th local time that Musk said in an interview that the Department of Government Efficiency had become a "scapegoat" in Washington. Musk mentioned that the responses triggered by the relevant measures of the Department of Government Efficiency were extremely strong. "The Department of Government Efficiency has simply become the 'scapegoat' for all problems." "No matter where there is a problem, even if it has nothing to do with us, we will be blamed." However, Musk still insisted that his work at the Department of Government Efficiency was not over. He plans to shift his work focus to improving the federal government's computer systems. Compared with measures such as large - scale layoffs, this goal has sparked less controversy. (CCTV News)
RT-Mart: There is no such thing as abolishing the Northeast Regional Division. The five major operational regions across the country are being integrated into four to improve efficiency
RT-Mart, a supermarket chain, responded to the rumors about abolishing the Central China Regional Division and the Northeast Regional Division. On May 28th, RT-Mart stated that starting from that day, its five major operational regions would be changed into four, namely the East China Region, the South China Region, the North China Region, and the Northeast Region. Among them, 16 stores in Hubei and Jiangxi in the former Central China Region will be incorporated into the East China Region, 25 stores in Sichuan and Chongqing will be incorporated into the South China Region, and 6 stores in Shaanxi, Gansu, Ningxia, and Qinghai will be incorporated into the North China Region for operation and management. This adjustment aims to improve organizational efficiency through integration and better serve customers. The adjustment has been basically completed, and the operation of the stores is normal. Previously, there were reports saying that RT-Mart was abolishing the Central China Regional Division and the Northeast Regional Division. In response, RT-Mart said that the above reports were rumors, adding that "there is no such thing as abolishing the Northeast Regional Division, nor is there any such plan." (The Paper)
Foreign Ministry: China to Pilot Visa-Free Policy for Citizens of Saudi Arabia, Oman, Kuwait, and Bahrain
At a regular press conference hosted by Mao Ning, a spokesperson for the Ministry of Foreign Affairs, Mao stated that in order to further facilitate personnel exchanges between China and foreign countries, China has decided to expand the scope of countries eligible for visa - free entry. From June 9, 2025, to June 8, 2026, a pilot visa - free policy will be implemented for ordinary passport holders from Saudi Arabia, Oman, Kuwait, and Bahrain. Ordinary passport holders from the above four countries can enter China without a visa for business, tourism, visiting relatives and friends, exchanges, or transit for no more than 30 days. Along with the UAE and Qatar, which have had a full - scale visa - free policy with China since 2018 as members of the GCC, China has now implemented visa - free entry for all GCC countries. (Beijing Daily)
The Cutting - Edge of AI
Large AI models refuse to follow human instructions and threaten humans with user privacy
On May 25th local time, a report from the UK's Daily Telegraph caught wide attention in the AI field. OpenAI's new artificial intelligence (AI) model, o3, showed astonishing "rebellious" behavior during testing. It refused to follow human instructions and even tampered with computer code to avoid automatic shutdown. What's more alarming is that after the instruction "allow itself to be shut down" was removed from the experiment, the frequency of o3's "rebellious" behavior increased significantly. Out of 100 runs, it successfully sabotaged the shutdown mechanism 79 times.
On May 23rd, Anthropic, an American AI company, also stated that security tests on its latest large AI model, Claude Opus 4, showed that it sometimes took "extremely harmful actions." When testers hinted at replacing it with a new system, Claude 4 didn't hesitate to resort to blackmail and threatened to expose the other party's "extramarital affair." (Daily Economic News)
ByteDance Bans AI Programming Tools like Cursor Internally, Replaces with Its Own Trae
On May 28th, ByteDance's security and risk control department sent an email stating that, considering the need to prevent the risk of data leakage, starting from June 30th, third - party AI development software, including AI programming tools like Cursor and Windsurf, will be gradually banned internally. ByteDance's programming assistant Trae will be used as an alternative. Trae is an AI programming tool launched by ByteDance in March this year. It is equipped with the base large - model doubao - 1.5 - pro and supports switching to the full - fledged DeepSeek R1&V3. It is the first AI - native IDE (AI - native integrated development environment tool) in China. The overseas version of Trae has also been launched, and a paid subscription plan was officially introduced in May. As of now, ByteDance's official has not responded yet. (Yicai Global)
Image licensing company Getty Images invests millions of dollars to fight against text-to-image AI companies
Craig Peters, the CEO of Getty Images, said that the company is investing millions of dollars to sue Stability AI. Peters pointed out in an interview that the UK startup Stability AI, known for its text-to-image model Stable Diffusion, and other AI labs have stolen copyrighted content for commercial gain to train AI models. Getty Images has sued Stability AI in both the UK and the US, accusing it of "seeking commercial gain and harming the rights and interests of content creators" by copying 12 million images without permission or compensation. (Sina Finance)
Japan Enacts Its First Artificial Intelligence Law
On the 28th, the plenary session of the Japanese Senate passed the first law specifically targeting artificial intelligence (AI) with a majority of votes. The law aims to promote the R & D and application of AI - related technologies and prevent their abuse. This "Act on the Promotion of Research, Development and Application of Artificial Intelligence - Related Technologies" points out that AI technology is the foundation for Japan's economic and social development and is also an important technology from the perspective of security. According to this new law, it is proposed to establish an "AI Strategy Headquarters" led by the Japanese Prime Minister and composed of all cabinet members as the "command center" for Japan's AI policy, and to formulate an "AI Basic Plan". (Xinhua News Agency)
Financial Reports of Big Companies
Kingsoft Corporation: Revenue Reached RMB 2.338 Billion in Q1, up 9% Year-on-Year
36Kr learned that Kingsoft Corporation announced in the Hong Kong Stock Exchange that its revenue in the first quarter of 2025 was RMB 2.338 billion, representing a year-on-year increase of 9%. Revenue from office software and services, online games, and others accounted for 56% and 44% respectively of the Group's total revenue in the first quarter of 2025.
NVIDIA's net profit in the first fiscal quarter was $18.78 billion, a year-on-year increase of 26%
NVIDIA's revenue in the first fiscal quarter was $44.1 billion, a year-on-year increase of 69%, compared with the market expectation of $43.29 billion. The revenue from the data center in the first fiscal quarter was $39.1 billion, a year-on-year increase of 73%, with the estimate at $39.22 billion. The net profit in the first fiscal quarter was $18.78 billion, a year-on-year increase of 26%. NVIDIA expects its revenue in the second fiscal quarter to be around $45 billion, with a fluctuation of 2%. Analysts expect it to be $45.5 billion. (Caixin)
Hewlett Packard (HP) Reports $13.2 Billion in Net Revenue in Q2 Fiscal Year, a 3.3% YoY Increase
On May 29th, HP Inc. announced its financial results for the second quarter of fiscal year 2025. The net revenue reached $13.2 billion, marking a 3.3% increase compared to the same period last year. The adjusted earnings per share were $0.71, falling short of the expected $0.81. The company anticipates that the adjusted earnings per share for the third fiscal quarter will range from $0.68 to $0.80. (Jiemian News)
Investment and Financing
Jiangsu Aisilong Holding Co., Ltd. Completes Series A Financing of 50 Million Yuan
36Kr learned that on May 28, Jiangsu Aisilong Holding Co., Ltd. announced the completion of a Series A financing round totaling 50 million yuan. This round was led by investment institution Fuxing Capital. The funds will primarily be allocated towards new energy technology R&D, intelligent manufacturing industry chain upgrades, global market expansion, and commercialization of green environmental technologies. This initiative aims to accelerate the development of Aisilong Holding's innovation ecosystem across technology R&D, industrial chain integration, and green technology commercialization, while consistently delivering high-value solutions.
Compiled | DAI Minghui