At 9 a.m., here are the latest news: SF Express responds to the incident where a 50,000-yuan bracelet was lost during delivery and only 67 yuan was compensated; the "red underwear case" of Fat Donglai is adjudicated: Mr. Duan is required to pay 400,000 yuan in compensation and apologize for 30 days; Luckin Coffee denies reducing prices to 6.9 yuan.

Going public in progress

Yangzhou Tianfulong Group Co., Ltd.

36Kr learned that according to the information on the website of the China Securities Regulatory Commission (CSRC), the CSRC has approved the registration application of Yangzhou Tianfulong Group Co., Ltd. for its initial public offering (IPO) of shares and listing on the main board of the Shanghai Stock Exchange.

Jiehua Microelectronics Co., Ltd.

36Kr learned that according to the Hong Kong Stock Exchange, Jiehua Microelectronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with CITIC Securities as the sole sponsor.

Top 3 Big News

SF Express Responds to Losing a Bracelet Worth 50,000 Yuan and Only Offering 67 Yuan in Compensation

The relevant person - in - charge of the SF Express outlet involved said in an interview with the media that they had cooperated with the police to search for the lost item and claimed that there was no case of self - theft by the staff. Regarding the loss of Miss Chen's express delivery, the company has established a claims settlement team and is currently following up on the matter. It is understood that the courier involved is still working normally. At present, Miss Chen is taking legal action to resolve the issue. In response, SF Express Group stated that since the express delivery was not insured, they would negotiate the compensation with the customer in accordance with the terms for non - insured express deliveries. As a consensus cannot be reached for the time being, they will continue to negotiate the compensation with the customer. (Jiemian News)

Verdict in the "Red Underwear Case" of Fat Donglai: Duan Compensates 400,000 Yuan and Apologizes for 30 Days

On May 28, 2025, the People's Court of Weidu District, Xuchang City, legally held an open court session to hear the case of the plaintiff, Xuchang Fat Donglai Trading Group Co., Ltd., against the defendant, Duan, regarding the infringement of the right of reputation, and pronounced the verdict in court. The court ruled that Duan should post a video of reading a written apology letter on his personal account. The specific content of the written apology letter needs to be reviewed by the court, and it shall not be deleted within 30 days after posting. Duan shall compensate Xuchang Fat Donglai Trading Group Co., Ltd. for a total of 400,000 yuan in various economic losses.

Previously, on February 4, "Two Xiaoduan" posted a video claiming that the red underwear purchased from Fat Donglai faded and caused an allergic reaction after use. On February 14, Fat Donglai released an investigation report confirming that the underwear was a qualified product. Regarding Duan's act of spreading misleading information, Fat Donglai stated that it would safeguard its rights in accordance with the law. (Jiemian News)

Luokung Responds to Price Cut: 6.9 Yuan Coupons Distributed Randomly, Not a Price Cut

On May 30th, some consumers noticed that the prices of many Luokung coffee drinks dropped to the 6.9 Yuan range. The prices of non-core drinks such as light milk tea and fruit C Americano decreased from 9.9 Yuan to 6.9 Yuan on Luokung's mini-program and food delivery platforms. Classic coffees like coconut latte and meteorite latte still remained in the 13 - 17 Yuan range, and even the prices of some individual products increased. In response, Luokung Coffee told Jiemian News, "We have launched special promotional benefits for the Dragon Boat Festival and Children's Day, distributing 6.9 Yuan coupons randomly, not a price cut." (Jiemian News)

Large Companies/Big Events

Harvard's "Recruitment Ban" Suspended, President Slyly Mocks Trump at Graduation Ceremony to Applause

On May 29 local time, the U.S. District Court for the District of Massachusetts granted Harvard University's request to "halt" the Trump administration's policy of revoking the university's qualification to recruit foreign students. The previous temporary restraining order remains in effect, and a final preliminary injunction will be issued after all parties negotiate and submit proposals for the judge's further review. On the day the ruling was announced, Harvard University President Alan Garber said in his opening remarks while welcoming about 9,000 graduates: "To the Class of 2025, you come from across the street, across the country, and across the world." When he repeated "across the world" and emphasized "that's right," the entire audience of 30,000 stood up and applauded for more than 30 seconds. The on - site video spread widely on social media. (Red Star News)

Lei Jun: Won't attend auto shows recently and will focus on preparations for the launch of YU7

36Kr learned that Lei Jun posted on Weibo to hype up the Chengdu leg of the Xiaomi·China Endurance Championship for Automobiles, which will kick off on May 31. He revealed that the Xiaomi SU7 Ultra will serve as the safety car and medical car for the event and will also present an exciting drifting performance at the opening ceremony. In the comment section, some netizens asked if Lei Jun would come to the Chengdu championship site or the Shenzhen Auto Show. Lei Jun replied, "Both events are very interesting, but I really can't attend. The Xiaomi YU7 is about to be launched, so I'd better focus on the pre - launch preparations for the product!"

BYD's Li Yunfei: There is no so - called "Evergrande in the auto circle" among China's mainstream automakers

On May 30th, Li Yunfei, the general manager of BYD Group's brand and public relations department, posted an article today saying that he had seen a large number of articles, comments, and videos implying that BYD is the "Evergrande in the auto industry". Overall, the asset - liability situation of China's mainstream automakers is better than that of foreign automakers. There is no so - called "Evergrande in the auto circle" among China's mainstream automakers. Regarding many alarmist remarks, relevant evidence and clues have been reported to the relevant national departments. (IT Home)

Nezha Auto's "Debt-to-Equity Swap" Plan Declared a Failure

On May 29th, it was reported that Nezha Auto's plan to reduce debt and obtain new financing through a "debt-to-equity swap" has failed. People familiar with the matter revealed that the suppliers willing to accept the "debt-to-equity swap" plan could only help Nezha resolve a debt of just over 2 billion yuan. "They just couldn't handle the remaining hundreds of millions of yuan." Another insider close to Nezha Auto said that some investors still want to save Nezha, but on the condition that Fang Yunzhou, the founder, chairman, and CEO of Nezha Auto, be removed. On May 13th, new equity freeze information was added for Hozon New Energy Automobile Co., Ltd., the parent company of Nezha Auto. Fang Yunzhou was the person subject to execution, and the frozen equity amount was 20 million yuan.

On May 29th, the "Nezha Auto" logo on the exterior wall of Nezha Auto's Shanghai headquarters in Changning District, Shanghai, has been removed. The sign of the Nezha Experience Center at the headquarters was also removed. Some media reported that Nezha Auto revealed that the reason for the logo removal was that the lease of the venue had expired and the company was about to move. (21st Century Business Herald)

Xiaomi's Assisted Driving Team Welcomes Another Key Figure: Chen Guang, Former CTO of FAW Nanjing, Joins

36Kr has learned from multiple sources that Chen Guang, the former CTO of FAW Nanjing Research Institute, has joined Xiaomi Auto and will serve as the person - in - charge of assisted driving perception, reporting to Ye Hangjun, the person - in - charge of Xiaomi's assisted driving. Cai Rui, the previous person - in - charge of Xiaomi's assisted driving perception, has transferred to the robot - related department. Before joining Xiaomi Auto, Chen Guang was the CTO of FAW Nanjing Research Institute, responsible for the overall technical R & D and architecture design of the autonomous driving business. He led the team to develop the third - generation L4 - level fully unmanned Robotaxi (autonomous driving taxi) of FAW Hongqi.

Starship will carry Tesla Optimus robots to Mars

On May 29 local time, Tesla posted on social media that SpaceX will launch a Starship carrying Tesla Optimus humanoid robots to Mars in 2027. Tesla CEO Elon Musk said that by the end of next year, SpaceX will launch a Starship carrying Tesla Optimus humanoid robots to Mars. Calculated according to the orbital cycle, it will reach Mars in 2027. By then, the Optimus humanoid robots will walk on the surface of Mars. If everything goes smoothly, SpaceX will attempt to send humans to Mars. (Jiemian News)

Boeing CEO: China to Resume Taking Delivery of Aircraft

On May 29, Boeing CEO Dave Calhoun said at the Bernstein Conference on Thursday that China has indicated they will resume taking delivery of the aircraft that are awaiting delivery. He revealed that the first batch of aircraft for which deliveries will resume will be completed next month. (NBD)

Over 50 regions across China have strengthened housing purchase subsidies this year

Recently, many regions have issued new policies on housing purchase subsidies. On May 29th, Hefei issued a notice regarding the housing purchase subsidy policy. For those who purchase new homes or new parking spaces (garages) in Hefei from May 15th, 2025, to May 14th, 2026, the housing purchase subsidy will continue to be implemented. On May 28th, Taizhou released the detailed rules for the issuance of housing purchase subsidies. The recipients of the housing purchase subsidies include those who buy new homes after selling old ones, those who buy in group purchases, those who buy for their parents, those who buy due to having multiple children, those who buy to support the military, those who buy when moving to the city, those who buy when returning to their hometown, and those who buy when coming to Taizhou. The maximum subsidy standard is 2% of the total housing purchase price. According to incomplete statistics from the China Index Academy, since 2025, over 50 regions across the country have issued housing purchase subsidy policies (Securities Times).

Multiple Banks Adjust Medium- and Long-Term Large-Value Certificates of Deposit Products: 5-Year Large-Value Certificates of Deposit Basically Off the Market

It is reported that in late May, through on-site visits to offline branches, phone consultations, and comprehensive statistics of information from mobile banking of 18 banks (6 state-owned large commercial banks and 12 national joint-stock banks), it was found that: 5-year large-value certificates of deposit have basically been taken off the market; 3-year large-value certificates of deposit are still on sale, but the quotas of some institutions are tight or only available to specific whitelisted customers; the quotas of large-value certificates of deposit products with a term of 2 years or less are sufficient. Some analysts said that the tightening of the issuance of large-value certificates of deposit is due to the decline in market interest rates and the need for banks to manage their capital costs. Changes in the macroeconomic environment and monetary policy have led to an overall decline in market interest rates, and banks have adjusted the issuance interest rates of large-value certificates of deposit accordingly. At the same time, banks are facing pressure on capital costs and are reluctant to absorb long-term deposits at a relatively high cost. (Jiemian News)

The market size of Japan's medical aesthetics market exceeds that of South Korea

According to the estimation of a Japanese research institution, the market size of Japan's cosmetic medical industry is about 594 billion yen, approximately equivalent to 29.6 billion yuan. This figure has already exceeded that of South Korea, which is known as the "plastic surgery powerhouse". With the development of social media and the influence of popular culture, more and more men are starting to pay attention to skin care. According to the statistics of multiple cosmetic medical institutions, men's cosmetic consumption is mainly concentrated in light medical aesthetics projects such as hair removal, skin repair, and acne scar removal. The chief operating officer of a large Japanese cosmetic medical enterprise introduced that the number of male customers visiting cosmetic medical institutions is 16 times that of 10 years ago. (CCTV Finance)

The International Table Tennis Federation (ITTF) made a profit of $1.5 million last year

On May 9th, the ITTF released its financial report, showing that in 2024, the ITTF made a profit of $1.5 million. Its affiliated World Table Tennis (WTT) achieved profitability for the first time, contributing to the group's consolidated profit reaching $1.5 million. From 2020 to 2022, the ITTF had consecutive losses. In 2024, its revenue increased significantly by 52% to $61.16 million, driven by three major sectors: commercial rights, event operations, and Olympic Games revenue sharing. For example, the revenue from commercial rights increased by 45%, and the revenue related to events increased by 150%, thanks to the increase in top - level events. However, the total expenditure in 2024 was also as high as $59 million, with event and operation expenses accounting for a large proportion and increasing by $13 million compared to the previous year. Previously, the ITTF was widely questioned due to issues such as election disputes and players withdrawing from rankings. Although the financial report this time is impressive, problems such as chaotic organizational management and loopholes in event organization still need to be resolved. (Jiemian News)

New Poster from Unitree: A New Robot is Set to Debut with 26 Degrees of Joint Freedom

Unitree officially released a poster featuring the silhouette of a new robot, accompanied by the text "26 joint DOF (6*2+2+5*2+2)". It is reported that "26 joint DOF" refers to 26 degrees of joint mobility. Some netizens speculate that the robot to be launched this time is a home service robot, but this statement has not been officially confirmed. (Sina Technology)

*ST Tianyu: Yan Chunyu, one of the actual controllers, and others are suspected of misappropriating funds and have been criminally filed

36Kr learned that *ST Tianyu issued an announcement stating that the company received the "Case Filing Notice" delivered by the Wuhan Public Security Bureau. In the case where Yan Chunyu, one of the company's actual controllers, and others are suspected of misappropriating funds, the Wuhan Public Security Bureau believes that it meets the case - filing criteria for criminal cases. In accordance with Article 112 of the "Criminal Procedure Law of the People's Republic of China", it has now decided to initiate an investigation.

French Media: Multiple French Museums to Raise Ticket Prices for Non-European Tourists to Improve the Financial Situation of French Cultural Institutions

France's Le Monde recently reported that many well-known French museums, such as the Louvre and the Palace of Versailles, plan to charge higher ticket prices for non-European tourists starting next year to improve the widespread "deficit" financial situation of French cultural institutions. Data shows that in recent years, more than half of the visitors to the Louvre have come from non-European countries, and non-European tourists account for nearly 40% of the visitors to the Palace of Versailles. People familiar with the matter revealed that the Louvre will implement a "special ticket price" of 30 euros for non-European tourists starting from January 1, 2026. Currently, the standard ticket price for the museum is 22 euros, and it is free for European citizens under 26 years old and tourists under 18 years old worldwide. After this price adjustment, the ticket price for non-European tourists is expected to increase by about 36% year-on-year, bringing nearly 20 million euros in additional revenue to the Louvre each year. (Global Times)

Ministry of Commerce: China Urges the US to Completely Eliminate Unilateral Tariff Impositions

At the regular press conference of the Ministry of Commerce held on the afternoon of May 29, the spokesperson stated that China urges the US to completely abandon its wrong practice of unilaterally imposing tariffs. He Yongqian, the spokesperson of the Ministry of Commerce, said that China has noted that on May 28 local time, the US Court of International Trade ruled that Trump's global tariffs, retaliatory tariffs, and "fentanyl" tariffs were illegal and ordered their revocation and permanent cessation. China has always advocated that there are no winners in a trade war, and protectionism leads nowhere. Since the US introduced unilateral tariff measures, it has not solved any of its own problems. Instead, it has seriously disrupted the international economic and trade order, severely interfered with the production and operation of enterprises and the daily consumption of the public, harming others without benefiting itself, and has also sparked a lot of opposition within the US. China urges the US to face up to the rational voices from the international community and various domestic parties and completely eliminate the wrong practice of unilaterally imposing tariffs. (CCTV News)

Ford Recalls Over One Million Vehicles in the US Due to Software Issues

According to a report by ABC on the 29th local time, the US government's automotive regulatory agency said that Ford Motor Company is recalling more than one million vehicles across the United States due to software issues. The report stated that Ford reported this software problem to the National Highway Traffic Safety Administration earlier this month. The problem may cause malfunctions such as delays, freezes, or non - display of the rear - view camera image when the vehicle is reversing, increasing the risk of accidents. It is reported that this problem will be resolved by vehicle dealers or through remote software upgrades. (CCTV News)

62-year-old Yu Minhong fell while cycling and reported that he was safe: He dozed off a bit while cycling

On May 29th, Yu Minhong accidentally fell while live - streaming his cycling in Qinghai. His knees and other parts were scraped and bleeding, which attracted the attention of many netizens. Early on the 30th, Yu Minhong posted a message to report that he was safe, saying that he only had skin injuries and his bones were fine, and he thanked everyone for their concern. "I dozed off a bit while cycling today and had a fall. Thank you, dear friends, for your concern. It's just a skin injury. Don't worry. I'm reporting that I'm safe."

Public information shows that Yu Minhong was born on September 4th, 1962, in Jiangyin City, Jiangsu Province. He graduated from the Department of Western Languages at Peking University. He is the founder of New Oriental, the chairman and president of New Oriental Education & Technology Group, and the co - founder of Hongtai Fund. (Guangming Net)

The forefront of AI

Kingsoft Office Releases WPS AI Private Deployment Solution

36Kr learned that the "WPS 365 AI Office Tour in China" has come to Xi'an. Kingsoft Office launched the enterprise-level private deployment solution for WPS AI on-site, systematically opening up the proven AI capabilities on the public network to enterprise users. It is also compatible with mainstream domestic chips and operating systems to meet the needs of enterprise users for local deployment of AI office applications. A relevant person in charge of Kingsoft Office said, "The WPS AI private deployment solution simplifies the deployment process and offers powerful AI capabilities, lowering the threshold for enterprises to deploy AI. On the premise of ensuring enterprise data security, it can accelerate the process of transforming enterprise data into knowledge and improve the intelligence level of enterprise office systems and business systems."

Alibaba Cloud Launches Tongyi Lingma AI IDE

36Kr learned that Alibaba Cloud has launched its first AI-native development environment tool, Tongyi Lingma AI IDE. It is deeply adapted to the latest Qianwen 3 models and fully integrates the capabilities of the Tongyi Lingma plug-in. It features programming agents, line-by-line suggestion prediction, line-by-line conversations, etc. It can not only assist in writing code and fixing bugs but also has capabilities such as autonomous decision-making, MCP tool invocation, project awareness, and memory awareness, which can help developers complete complex programming tasks.

Panasonic Home Appliances to Integrate Tongyi Qianwen and Explore AI Agents for Home Appliances

36Kr learned that on May 30th, Panasonic Home Appliances China and Alibaba Cloud officially announced an AI cooperation agreement. They will upgrade the intelligent functions of home appliances such as washing machines and refrigerators under their brands based on Alibaba's Tongyi Qianwen. In the future, powered by large - model - driven AI agents, home appliances will be equipped with functions such as intelligent laundry, intelligent cooking, and intelligent food management. At the same time, the environmental perception capabilities of the appliance side will be upgraded to achieve "proactive service".

Financial Reports of Large Companies

CHAGEE: Net profit reached 677 million yuan in Q1, a year-on-year increase of 13.8%

36Kr learned that CHAGEE released its first financial report after going public. The report shows that as of March 31, 2025, in the first quarter of the year, the number of its global stores reached 6,681, and the total quarterly GMV reached 8.23 billion yuan, a year-on-year increase of 38%. In this quarter, the total net revenue reached 3.39 billion yuan, a year-on-year increase of 35.4%; the net profit reached 677 million yuan, a year-on-year increase of 13.8%; the number of registered members on its mini-program exceeded 190 million, and the number of quarterly active users reached 44.9 million.

Cool Products

Leaked: Screen Size of iPhone 17 Standard Version to Increase from 6.12 Inches to 6.27 Inches

On May 30th, Ross Young, the CEO of screen supply chain consulting firm DSCC, posted a tweet on the X platform, sharing the screen size adjustments of Apple's iPhone 17 series. The screen of the standard - version iPhone 17 will increase from 6.12 inches to 6.27 inches, which is comparable to the screen size of the current iPhone 16 Pro. (IT Home)

The Hermès over - ear headphones are priced at $15,000

Hypebeast reported on May 25th that Hermès recently launched its first over - ear headphones in the brand's history. This luxurious new product, priced as high as $15,000 (approximately 1.08 million RMB at the current exchange rate), is from the brand's top - tier workshop, Ateliers Horizons, and combines advanced audio technology with the brand's iconic aesthetics. (IT Home)

Lemmo Collaborates with NIO to Launch Innovative Folding Electric Bicycle

36Kr learned that Lemmo, a smart short-distance travel brand from Berlin, Germany, recently collaborated with NIO to jointly announce the launch of the Lemmo Zero dual-mode smart folding electric bicycle and created a special version exclusively for NIO. The body size of this electric bicycle is more than 20% smaller than that of traditional folding bicycles, and it is equipped with a dedicated storage structure that allows it to be pushed flat into the trunk of the new ET5T. In addition, the Lemmo Zero also supports deep interconnection with NIO's in-vehicle system, enabling automatic synchronization of trip and battery information.

Compiled | Yuan Si