At 8 a.m., One-Ke Newsflash: Fuel surcharges will be waived for flights of 800 kilometers or less; South Korea's birth rate has risen; Elon Musk announced that he will leave the Trump administration.

Going Public in Progress

Shanghai Linqingxuan Biotechnology Co., Ltd.

36Kr learned that according to documents from the Hong Kong Stock Exchange, Shanghai Linqingxuan Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities and Huatai International.

Top 3 Big News

Domestic air ticket fuel surcharge to be reduced starting from June 5: Exempted for flights under 800 kilometers

On May 29, reporters learned from an air ticket sales platform that the platform has received a notice from airlines. Starting from June 5, 2025 (including the ticketing date), the collection standard of fuel surcharges for domestic airline passenger transportation will be adjusted.

The specific adjustments are as follows: For adult passengers, the fuel surcharge will be exempted for flights of 800 kilometers (inclusive) or less. For flights over 800 kilometers, each passenger will be charged 10 yuan per flight segment. Children, disabled military personnel and police officers on duty who are entitled to discounts according to the regulations of the Civil Aviation Administration will be charged half of the actual fee. That is, the fuel surcharge will be exempted for flights of 800 kilometers (inclusive) or less and over 800 kilometers. Infant passengers who purchase tickets at 10% of the adult published regular fare are exempted from the fuel surcharge. (Beijing Youth Daily)

South Korea's Fertility Rate Rises: Monthly Births Up for 9 Consecutive Months

Data released by South Korea's Statistics Korea on the 28th showed that from July 2024 to March this year, South Korea's monthly number of births has been on the rise for nine consecutive months. The fertility rate in the first quarter of 2025 was also higher than the same period last year. Statistics Korea analyzed that the rebound in South Korea's birth rate is related to the significant increase in the number of marriages after the COVID - 19 pandemic. Data showed that as of March this year, South Korea's monthly number of marriage registrations has increased for 12 consecutive months. Although both the number of marriage registrations and the fertility rate have increased, the total population of South Korea is still on the decline because the number of deaths exceeds the number of births.

In recent years, due to changes in social concepts and lifestyles, as well as a severe employment situation and high housing prices, the phenomena of late marriage and non - marriage have gradually increased in South Korean society, leading to a decline in the fertility rate. In response, the South Korean government has introduced a number of policies in recent years to encourage childbirth, such as providing transportation subsidies, post - natal care subsidies, and medical examination fee subsidies for pregnant women. Some local governments have also actively participated by launching group matchmaking activities, aiming to increase the marriage rate and then drive up the fertility rate. (Xinhua News Agency)

Elon Musk Announces His Departure from the Trump Administration

On May 28th local time, Musk posted on social platform X that his tenure as a "special government employee" was coming to an end.

"As my tenure as a special government employee is coming to an end, I'd like to thank President Trump for the opportunity to reduce wasteful government spending," Musk also said in the post. He also claimed that the mission of the Government Efficiency Unit "will only be strengthened over time." (Global Times)

Big Companies/Big Events

Two plane accidents occurred in South Korea on the same day

On the afternoon of the 29th local time, after a Jeju Air plane taking off from Incheon International Airport in South Korea arrived at Da Nang Airport in Vietnam on the 28th, it briefly deviated from the runway during landing and taxiing, and then returned to the runway and came to a stable stop. During this process, the landing gear tires of the plane were damaged. The plane involved was a Boeing 737 - 800 airliner, and the flight number was 7C2217. There were more than 180 passengers and crew members on the plane when the incident occurred. It is reported that no one was killed or injured in the accident.

At around 13:52 on the same day, an anti - submarine patrol aircraft of the South Korean Navy crashed into a mountain during the landing process in the southeastern South Korean city of Pohang. All four people on board were killed. (CCTV News)

British People Fought over Labubu, Pop Mart: Suspended Sales in the UK

Recently, Labubu, an IP under Pop Mart, has risen from a niche designer toy to an international trendsetter. The newly launched Labubu series often sells out within "minutes" in the United States, the United Kingdom and other places. Due to the hot demand, a "brawl" even broke out at the Stratford Westfield Shopping Centre in London recently.

Live video shows that several men punched and kicked each other, and security guards and other customers tried their best to stop them. Due to the increasing safety risks, Pop Mart has announced that it will suspend the sales of Labubu in the UK and plans to completely remove the product from UK stores by June. (Red Star News)

US Court of Appeals Temporarily Restores Trump Administration's Tariff Policy

On May 29 local time, the US Court of Appeals for the Federal Circuit approved the Trump administration's request to temporarily stay the ruling of the US Court of International Trade, which previously issued an executive order to prohibit the implementation of the Trump administration's tariff measures on multiple countries under the International Emergency Economic Powers Act. The Federal Circuit said in its ruling that the US government's request has been approved. During the court's review of the relevant motion documents, the judgments and permanent injunctions made by the US Court of International Trade in these cases will be temporarily suspended until further notice.

The Trump administration earlier told the appellate court that if the ruling to ban the implementation of tariffs cannot be quickly suspended, the government will seek emergency assistance from the Supreme Court as early as the 30th. (CCTV News)

Trump Questioned for Tariff Cut as a Retreat: Lowering Tariffs Is Part of Negotiation Strategy

Recently, Wall Street analysts coined a new term for Trump's erratic tariff policy - "TACO deal". "TACO" is an abbreviation for "Trump Always Chickens Out". In an angry response, Trump said that he deliberately set tariffs extremely high at first and then lowered them, which is part of his negotiation strategy. (Yuyuantan Tian)

Experts say Mount Fuji has entered a standby state for eruption and is very likely to erupt together with a major earthquake

According to a report by Japanese media on May 25, Hiroki Kamata, an honorary professor at Kyoto University and an expert in earth science, wrote that Mount Fuji, located in the central - southern part of Japan's Honshu Island, has entered a "standby state for eruption" and is very likely to erupt together with a major earthquake in the Nankai Trough, which is expected to occur in the 2030s. He said that if this scenario occurs, Japan's society and economy may suffer a catastrophic blow and even "regress to the Edo period." (Red Star News)

The Ministry of Education Announces This Year's Number of College Entrance Examination Candidates: A Decrease for the First Time in 8 Years

On May 28th, the Ministry of Education announced the number of candidates registering for this year's college entrance examination. In 2025, the number of candidates registering for the national college entrance examination was 13.35 million, a decrease of 70,000 compared to last year's 13.42 million. According to data from the Ministry of Education, this is the first decrease in the number of candidates registering for the college entrance examination since 2017.

This year's number of candidates registering for the college entrance examination is closely related to the number of births 18 years ago. Most of the candidates taking the college entrance examination in 2025 were born in 2006 and 2007. The decrease in the number of candidates registering for the college entrance examination is related to the natural fluctuations in the number of births in these two years. Secondly, changes in the scale of repeat candidates also affect the total number of college entrance examination candidates. In recent years, the proportion of repeat candidates has increased, but the scale of repeat candidates in 2025 did not further increase significantly. In 2024, the actual number of candidates registering for the national college entrance examination was 13.42 million, among which the number of repeat candidates was 4.1 million, reaching a new historical high. With the advancement of the new college entrance examination reform and the diversification of admission methods, the proportion of repeat candidates in some regions has decreased. (Shangguan News)

Studio responds to "Liu Genghong borrowing NT$7 million and not repaying": He was a guarantor for a friend's loan

On May 29, fitness blogger and well - known artist Liu Genghong was exposed for "borrowing NT$7 million and not repaying", which trended on social media. In response, Liu Genghong's studio issued a statement on social platforms, stating that the borrowing matter mentioned in the relevant information was about an artist friend borrowing money from Shi Jinsheng. The artist was not the actual borrower. The artist acted as a guarantor for the loan out of friendship. When the friend was unable to repay the loan, the artist fulfilled the guarantee obligation and repaid the loan on behalf of the friend.

Previously, it was reported that in 2013, Liu Genghong cooperated with Wang Shijun to open a catering company. Due to financial difficulties, he borrowed NT$7 million (equivalent to about RMB 2.17 million) from Shi Jinsheng. After nine years, the repayment was repeatedly postponed and not made. Recently, Shi Jinsheng sued him in court, demanding the repayment of the principal and interest. (Jiemian News)

Unitree's Response to Changing Its Name to "Co., Ltd.": A Routine Change in Company Operations

On May 29th, it was reported that Unitree Technology sent a notice to its partners stating that, due to the company's development needs, Hangzhou Unitree Technology Co., Ltd. would change its name to Hangzhou Unitree Technology Co., Ltd. (Stock Corporation) as of now. All of the original company's business will continue to be operated under the "new company name", and all contracts signed by the original company will remain valid. In response, a relevant person in charge at Unitree stated that this is a routine change in company operations. (Yicai)

Baidu Pays for Robin Li's Private Jet, Expenses Incurred to Support Business Needs

On May 29th, Baidu Group disclosed in its financial report the aircraft - related expenses paid to Robin Li, its chairman and CEO. Baidu Group stated that from 2022 to 2024, with the approval of the board of directors, it paid Robin Li the expenses incurred from using the aircraft beneficially owned by his personal family to support Baidu Group's business needs.

Baidu Group also emphasized that the hourly cost of using the aircraft was determined based on an analysis of the market charges for leasing similar aircraft. From 2022 to 2024, the service fees charged for using the aircraft were not significant. Previously, there were reports that Baidu held an alliance summit in Huangshan, Anhui, and Robin Li's private jet was spotted there. According to a staff member at Huangshan Airport, the aircraft belongs to Robin Li of Baidu, and the aircraft model may be a Gulfstream G550. (Hongxing Capital Bureau)

Musk: Self-driving Model Y vehicles will be delivered in June

On May 29th, Musk posted on a social platform, revealing that Tesla will deliver self-driving Model Y cars to customers in June. Musk said that in the past few days, Tesla has been testing self-driving Model Y vehicles (without a driver in the car) on public roads in Austin without any accidents. (Jiemian News)

Samsung India executives attempt to revoke $81 million tax evasion fine

According to legal documents and a source, seven Samsung India executives have asked the court to revoke an $81 million fine from a $601 million tax demand issued by the Indian government against the company for allegedly misclassifying some imported goods, stating that they "did not commit a serious crime." The Indian tax authorities determined in January this year that Samsung and its executives evaded customs duties between 2018 and 2021 by misclassifying imported key mobile base station equipment. Samsung has separately challenged the ruling at the tax appeal tribunal, defending its declaration practices during the court hearing and denying any wrongdoing. (Sina Finance)

Country Garden's Offshore Debt Restructuring Encounters Hurdles

It is learned from people familiar with the matter that as of now, key banks including the Bank of China and the Industrial and Commercial Bank of China have not yet joined the restructuring agreement. Meanwhile, Country Garden has failed to reach an agreement with an Ad Hoc Group (AHG) of bondholders on how to pay a compensation of $178 million to the bank coordination committee. The bank coordination committee consists of seven banks and holds 48% of the existing syndicated loans. The Ad Hoc Group holds more than 30% of Country Garden's "US$10.3 billion of outstanding offshore senior notes and convertible bonds (US dollar bonds)". Country Garden cannot reach an agreement with the bank coordination committee alone and cannot bypass the Ad Hoc Group. The Paper has learned that although the Ad Hoc Group has signed the restructuring support agreement, the agreement also clearly states that the payment plan for the $178 million compensation requires its approval. (The Paper)

German Unemployment Rate Reaches a Ten - Year High

The employment market in Germany continues to deteriorate, and the number of unemployed people has risen to the highest level in a decade. Although fiscal stimulus may bring hopes of recovery, the US tariff policy may severely hit German businesses. Against the backdrop of a continuous economic downturn, the number of unemployed people in Germany climbed again in May, far exceeding expectations. Data released by the German Federal Employment Agency on Wednesday showed that the number of job - seekers after seasonal adjustment increased by 34,000 to 2.96 million. This continuously rising figure has reached a ten - year high and is also far higher than the 10,000 new unemployed people expected by analysts. (Sina Finance)

Jensen Huang Plans to Sell Up to 6 million Shares of NVIDIA Stock

According to a 10-Q filing submitted by NVIDIA to the U.S. Securities and Exchange Commission on May 28th local time, Jensen Huang, the CEO of NVIDIA, will sell up to 6 million shares of NVIDIA stock that he holds. Colette Kress, the chief financial officer of NVIDIA, plans to sell up to 500,000 shares. (Jiemian News)

Goldman Sachs: Predicts Gold Price to Reach $4000 by Mid-next Year, Gold a Better Hedge than Bitcoin

Goldman Sachs released a report predicting that the gold price will reach $4000 per ounce by mid-next year. It believes that compared with Bitcoin, gold will be a safer hedging tool. Goldman Sachs thinks that most of the available gold reserves have been mined. With a shortage in supply and increasing demand due to inflation concerns, there is impetus for the rise in the gold price. Daan Struyven, co-head of Global Commodities Research at Goldman Sachs, said that in the past few years, Bitcoin has had a higher return rate than gold, but it is also more volatile and more sensitive to declines. When the market risk appetite is positive, Bitcoin and stocks tend to perform better. Therefore, in hedging against stock market declines, gold as a safe-haven asset is more effective than Bitcoin. (Sina Finance)

Boston Scientific Announces Exit from Global Heart Valve Business

Boston Scientific has announced the termination of the global sales of transcatheter aortic valve replacement (TAVR) products due to stricter requirements from regulatory authorities in various countries for new clinical trial data after the product's market launch. Just last month, Boston Scientific held a product launch event for its TAVR valve in China. (Yicai Global)

The Cutting - Edge of AI

Kuaishou's Keling AI Launches 2.1 Series of Models

36Kr learned that recently, Keling AI has launched a brand - new 2.1 series of models, which showcase high cost - effectiveness and industry - leading generation speed, and at the same time, further improve the model quality. The Keling 2.1 model only requires 20 inspiration points to generate a 5 - second video in standard mode (720p), and only 35 inspiration points in high - quality mode (1080p), which can meet the cost - control needs of different users. In terms of generation speed, it takes less than 1 minute to generate a 5 - second video in high - quality mode (1080p).

The ima model has been accelerated in its update and has been connected to the latest version of DeepSeek R1-0528.

36Kr learned that on May 29th, Tencent's AI workstation product ima was updated, with full - terminal access to the DeepSeek R1-0528 version of the DeepSeek model. Users don't need to update. They can experience it by opening any version of ima (including the desktop version, App, and mini-program) and selecting DeepSeek R1.

NVIDIA CEO Jensen Huang: AI Inference Demand Soars Dramatically

On May 29th, during NVIDIA's earnings conference call for the first quarter of fiscal year 2026, CEO Jensen Huang stated that AI inference models are driving a surge in inference demand, and the AI scaling law remains robust. The NVIDIA platform continues to be the preferred platform for open - source AI. (Securities Times)

Financial Reports of Large Companies

Li Auto: Net profit in Q1 was 647 million yuan, down 81.7% quarter-on-quarter

36Kr learned that Li Auto released its financial report for the first quarter of 2025. The report shows that Li Auto's net profit for the quarter was 647 million yuan, a year-on-year increase of 9.4% and a quarter-on-quarter decrease of 81.7%. The total vehicle deliveries in the first quarter were 92,864, a year-on-year increase of 15.5%. It is expected that the vehicle deliveries in the second quarter of 2025 will be between 123,000 and 128,000, a year-on-year increase of 13.3% to 17.9%.

Nvidia: Q1 Net Profit Reaches $18.8 Billion, Up 26% Year-on-Year

On May 29th, Nvidia reported first-quarter revenue of $44.1 billion, a year-on-year increase of 69%. The market had expected $43.29 billion. First-quarter data center revenue reached $39.1 billion, up 73% year-on-year, with an estimated figure of $39.22 billion. First-quarter net profit was $18.78 billion, a 26% year-on-year increase.

Investment and Financing

ZhiYuan Robotics Secures New Round of Investment from Shanghai State-owned Capital Fund

Recently, funds under Shanghai State-owned Investment Corporation led the investment in ZhiYuan Robotics, a leading enterprise in the field of domestic embodied intelligence. After this round of financing, ZhiYuan set a record for the largest cumulative financing amount in China's embodied intelligence track. This is the first direct investment project in the field of embodied intelligence of Shanghai State-owned Investment Leading Artificial Intelligence Industry Mother Fund, and also an important part of Shanghai's state-owned capital layout in the artificial intelligence embodied ecosystem. (Yicai Global)

Cool Products

DJI to Launch Its First Panoramic Camera, DJI Osmo 360, in July

36Kr exclusively learned from informed sources that DJI plans to launch its first consumer-grade panoramic camera, the DJI Osmo 360, in July, which may reshuffle the panoramic camera market. This product from DJI passed the certification of the Federal Communications Commission (FCC) in October 2024. Judging from the design drawings disclosed by the FCC, the DJI Osmo 360 features a symmetrical dual-lens structure, and its body is more compact than the mainstream panoramic cameras on the market. It is equipped with a built-in 1950mAh battery, which has the same specifications as its action camera, the Osmo Action 5 Pro.

Compiled | Dai Minghui