1 Krypton at 8 o'clock | South Korean media reported that Lee Jae-myung was elected President of South Korea; Balenciaga's half-skirt priced at 4,500 yuan was ridiculed for looking like men's underwear; Jia Yueting shed tears and said that "retail investors saved our lives".
Going Public in Progress
Hansi Aitai Biomedical Technology (Wuhan) Co., Ltd.
36Kr learned that Hansi Aitai Biomedical Technology (Wuhan) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with ICBC International as its sole sponsor.
Top 3 Big News
South Korean Media: Lee Jae-myung Elected President of South Korea
According to a late-night report on June 3 by South Korea's JTBC TV, Lee Jae-myung, the candidate of the Democratic Party of Korea, was elected President of South Korea. (Xinhua News Agency)
Balenciaga's High - priced Skirt at 4,500 Yuan Slammed for Resembling Boxer Shorts
Recently, a women's skirt priced at 4,500 yuan from luxury brand Balenciaga has sparked intense online discussions. Many netizens have criticized the skirt's design, saying it closely resembles boxer shorts, and they've exclaimed that they "can't understand fashion." According to Balenciaga's official website, this dark - blue women's stretch poplin knitted skirt made its debut in Look 50 and Look 54 of the 2025 Fall collection. The skirt is made of a stretch cotton blend poplin knitted fabric. It's a mini skirt in the shape of boxer shorts, featuring a mid - rise design, a crotch cut, and an elastic waistband adorned with the Balenciaga logo. (Jiemian News)
Balenciaga Skirt
Jia Yueting in Tears: Retail Investors Saved FF's Life and Allowed It to Survive
On June 3rd, a video of Jia Yueting's speech at the first "FFAI Annual Shareholder Day" event leaked. It is reported that a stockholder who has been following Jia Yueting's investments in LeEco and FF since the early days of LeEco flew from China to Los Angeles at his own expense to attend the event. He shared his entire thought process of investing in LeEco and FF and expressed his expectation for Jia Yueting to stage a comeback. Jia Yueting choked with sobs several times on the spot. He said, "(FF's survival) is indeed thanks to the support of retail investors. In fact, retail investors saved our lives." (Phoenix Tech)
Big Companies/Big Events
Ministry of Education Releases Precautions for the 2025 College Entrance Examination: Wearing a Smartwatch in the Exam Counts as Cheating Whether Used or Not
On June 3rd, to better assist a large number of candidates in understanding the exam precautions, the Ministry of Education provided "Ten Questions and Ten Answers" regarding common questions from candidates and offered relevant suggestions. In particular, it should be noted that if candidates bring devices with the function of sending or receiving information, such as mobile phones, smartwatches, and smart glasses, into the exam room, they will be deemed to have cheated in the exam regardless of whether they use these devices or not. Using devices such as mobile phones to take pictures of test questions and answer sheets during the exam, and posting information, spreading test questions and answers through QQ, WeChat, and other online platforms are all suspected of being criminal acts and will be referred to the judicial authorities to be held legally accountable. (CCTV News)
Lei Jun: The Xiaomi YU7 will never be sold for 235,900 yuan. The automotive business is expected to turn a profit in the second half of this year.
Lei Jun, the founder of Xiaomi, revealed at the Xiaomi Investor Conference that the price of the newly launched Xiaomi YU7 will not be the rumored 235,900 yuan. The official price will be determined only one or two days before the release. According to Lei Jun, the losses of Xiaomi's automotive business are gradually narrowing, and it is expected to turn a profit from the third to the fourth quarter of this year. The total budget for the intelligent driving R & D of the YU7 has reached 3.5 billion yuan, and the overall investment is at the leading level in the industry. (The Paper)
The White House of the United States announced an increase in import tariffs on steel and aluminum to 50%
On June 3 local time, the White House of the United States issued a statement saying that US President Trump announced that the tariffs on imported steel, aluminum and their derivative products would be raised from 25% to 50%. The tariff policy will take effect at 00:01 on June 4, 2025, Eastern Time in the United States. The statement said that the tariffs on steel and aluminum imported from the UK by the United States will remain at 25%. Starting from July 9, 2025, the United States can adjust the applicable tariff rates according to the provisions of the "Environmental Policy Statement" and set import quotas for steel and aluminum. If the UK is found to have failed to comply with the relevant provisions of the "Environmental Policy Statement", the applicable tariff rate can be raised to 50%. (CCTV News)
Huang Yangtiantian's father recently withdrew from the company and was listed as abnormal in business operations
Recently, Huang Yangtiantian, who has sparked heated discussions due to the "sky - high earrings", has obtained the performance major qualification certificates from three institutions: Beijing Film Academy, Central Academy of Drama, and Communication University of China.
According to the Aiqicha App, on May 29, Shenzhen Shuicimu Beauty Makeup Trading Co., Ltd. was included in the list of abnormal business operations by the Longgang Regulatory Bureau of the Shenzhen Market Supervision and Administration Bureau, with the reason being "unable to be contacted through the registered domicile or business premises". Shenzhen Shuicimu Beauty Makeup Trading Co., Ltd. was established in April 2020 with a registered capital of 10 million yuan.
The change records show that on May 14, the company's name was changed from "Yishantang (Shenzhen) Biotechnology Co., Ltd." to the current name; on the same day, Huang Yangtiantian's father, Yang Wei, also stepped down from the positions of legal representative, executive director, and general manager of the company and withdrew from the list of shareholders. Previously, his shareholding ratio was 100%. (Modern Express)
Hang Seng Bank Responds to Robbery at a Hong Kong Branch: Loss of Approximately HK$300,000
On June 3, Hang Seng Bank in Hong Kong responded to a robbery at one of its branches. At around 5 p.m. on June 2, the Shatin First City Branch of the bank was robbed by a suspect. Hang Seng Bank immediately reported the incident to the police and is fully cooperating with the police investigation. It is reported that the Shatin First City Branch lost approximately HK$300,000 in cash and a small amount of foreign currency. One staff member suffered a minor neck injury during the incident. After being sent to the hospital for treatment, the staff member has been discharged. Customers and other colleagues are safe. Hang Seng Bank will continue to communicate with its colleagues, follow up on their needs, and provide them with various forms of support. (The Paper)
Bloomage Biotechnology Responds to Collagen Controversy: Collagen and "Recombinant" Collagen Are Not the Same Concept
On June 3rd, Bloomage Biotechnology responded to the dispute over recombinant collagen with Genetech Biotech, stating that it opposes the naming game of "recombinant" collagen, not the scientific research and industrial transformation of collagen. The company values the interaction between HA and collagen in the ECM more, and points out that the credibility of domestic brands should not be built on the abuse of concepts. It hopes that the industry can return to the issue of product quality and seek solutions. (National Business Daily)
Swiss Inflation Posts First Negative Growth in Four Years
Switzerland's inflation rate turned negative for the first time since early 2021, putting more pressure on policymakers to cut interest rates later this month. Data from the Swiss Federal Statistical Office showed that consumer prices fell 0.1% year-on-year in May, down from zero growth in April, in line with the median forecast of economists polled by Bloomberg. The negative inflation rate reflects the strength of the Swiss franc - the appreciation of the franc has led to a significant drop in the prices of imported goods, and the impact of external factors on prices has been negative for several consecutive months. This has increased the pressure on the Swiss National Bank (SNB) to take countermeasures, and the market generally expects the bank to cut borrowing costs to zero on June 19. (Sina Finance)
SF Express Same-Day Delivery: The operation scale of unmanned vehicles has increased to 200, and the service network covers 38 major cities across the country
36Kr learned that SF Express Same-Day Delivery announced that the operation scale of its unmanned vehicles has increased to 200, and the service network covers 38 major cities across the country. In May, the number of monthly active routes nationwide exceeded 10,000. It is reported that the White Rhino R5 unmanned vehicles deployed by SF Express Same-Day Delivery are equipped with high-precision lidars, perception cameras and other integrated devices, supporting all-weather operation. This model can achieve 100% unmanned operation in extreme weather such as heavy rain and heavy fog, and accurately handle steep slopes in underground garages and complex road conditions during morning and evening rush hours, completing high - difficulty tasks such as traffic light recognition and detouring around construction roads.
Change of President of Citigroup in China Region, Previous One Served Less Than a Year
On June 2nd, Citigroup announced on the same day that it had appointed Zhang Wenjie as the President of Citigroup in China Region and the President and Executive Director of Citibank (China) Co., Ltd. This appointment will take effect officially after regulatory approval. (Jiemian News)
TSMC Chairman Wei Zhejia Says the Company Will Not Set Up Factories in the Middle East
On June 3rd, TSMC held its annual general meeting of shareholders. In response to the news about setting up factories in the Middle East, Wei Zhejia, the chairman and president of TSMC, replied at the meeting that the answer was "no". Wei Zhejia said that there were so many rumors. The last time he answered questions related to Intel, this time it was about the Middle East, and next time he might have to answer questions about Africa, but the answer to all these questions was no. (Jiemian News)
Google Reaches $500 Million Settlement in Shareholder Antitrust Lawsuit
According to Reuters, settlement documents show that Google has agreed to invest $500 million over 10 years to overhaul its compliance system to resolve a lawsuit initiated by shareholders. The lawsuit alleges that Google violated antitrust laws. A preliminary settlement agreement for the so - called "derivative lawsuit" against executives of Google's parent company, Alphabet, was filed in court late last Friday and still needs to be approved by U.S. District Judge Rita Lin of the Northern District of California. The executives involved in this case include Google CEO Sundar Pichai, as well as Google co - founders Sergey Brin and Larry Page. (Phoenix Tech)
Business of Recycling Pop Mart Empty Boxes Emerges in the Second - hand Market, with Unit Prices Ranging from $3 to $10
Recently, some netizens reported that when they bought Pop Mart dolls in the second - hand market, the anti - counterfeiting codes on the boxes were genuine, but they found fake dolls inside after opening the boxes.
On June 3rd, when searching the second - hand market, it was found that many merchants were recycling Pop Mart empty boxes at unit prices ranging from $3 to $10. The recycling pages of the merchants showed that they required genuine boxes with anti - counterfeiting labels. Regarding the use of the empty boxes, many merchants said it was inconvenient to disclose. However, some merchants said that the main purpose of recycling empty boxes was to remove and sell the anti - counterfeiting labels. According to one merchant, after purchasing Pop Mart empty boxes at a recycling price of $5 each, after removing the anti - counterfeiting labels and accounting for losses, they could earn $1 - $2 per label. Another merchant said that the price would be higher for large quantities. If they recycled at least 100 boxes a day, they could earn $0.5 per box when recycling at $3 each. In addition, some merchants were directly selling genuine Pop Mart anti - counterfeiting labels at unit prices ranging from $1 to $10, and said that the labels had been removed and could be directly pasted. One merchant said that he once sold 2000 anti - counterfeiting labels at $8 each in a day, saying, "They are guaranteed to be genuine, and many people buy them."
In response to the situation of "scanning genuine codes but getting fake dolls", Pop Mart's customer service said that they would record and report the situation truthfully, and advised consumers to purchase through official channels, as all products sold through official channels are genuine. (NetEase Finance)
Toyota Group Plans to Privatize Toyota Industries to Accelerate Transformation into a Mobility Company
The Toyota Group announced on June 3 that Toyota Motor, Aisin, Denso, and Toyota Tsusho are participating in a series of transactions aimed at privatizing Toyota Industries through a tender offer for its shares and related transactions. To achieve the privatization of Toyota Industries, the parties will establish a new holding company. Toyota Real Estate will invest approximately 180 billion yen for cooperation with the Toyota Group. As part of the transaction commitment, Akio Toyoda, the chairman of Toyota Motor, will invest 1 billion yen. In addition, Toyota Motor will invest approximately 700 billion yen to purchase non - voting preferred shares. (Jiemian News)
Spotify Fined 58 Million Swedish Kronor for Data Protection Violations
On June 3rd, the Stockholm Court of Appeal in Sweden stated that since the music streaming platform Spotify was found to have failed to handle the rights of data subjects in accordance with the EU's General Data Protection Regulation, the court ruled to fine Spotify 58 million Swedish kronor. (Jiemian News)
The three major U.S. stock indexes closed higher collectively, while large technology stocks showed mixed performances
36Kr learned that at the close on June 3rd, the three major U.S. stock indexes rose collectively. The Nasdaq rose 0.81%, the Dow Jones Industrial Average rose 0.51%, and the S&P 500 Index rose 0.58%. Large technology stocks showed mixed performances. Intel and Nvidia rose more than 2%, while Tesla, Apple, and Microsoft had slight increases. Google fell more than 1%, and Meta, Amazon, and Netflix had slight declines. Most popular Chinese concept stocks rose. Li Auto rose more than 6%, iQiyi rose more than 3%, and Pinduoduo, XPeng Motors, Futu Holdings, and Zhihu rose more than 1%. Pony.ai fell more than 20%, Bilibili fell more than 2%, and Tiger Brokers and JD.com fell more than 1%.
Nvidia Overtakes Microsoft to Reclaim Title of World's Most Valuable Company for First Time Since January
Nvidia's market value surpassed that of Microsoft on Tuesday, once again becoming the world's most valuable publicly traded company. The share price of this artificial intelligence chip manufacturer rose about 3% on Tuesday to $141.40, soaring nearly 24% in the past month. Despite concerns about export controls and tariffs, Nvidia's growth momentum has continued. The company's current market value is $3.45 trillion. Microsoft's market value stood at $3.44 trillion at the close on Tuesday. (Sina Finance)
Nearly 20 Towns in China Have a GDP of 50 Billion Yuan
As of the end of 2024, there are 6 towns in China with a GDP of over 100 billion yuan, and nearly 20 towns with a GDP of 50 billion yuan. The National Development and Reform Commission stated that in the next step, it is necessary to comprehensively consider resource endowments such as location, population, economy, and ecology, as well as development trends, and guide the development of the town - level economy according to local conditions and by category. (CCTV Finance)
Hamasaki Ayumi issued a statement saying that the father of her child is not Musk, who once boasted that a Japanese pop diva gave birth to his child
Elon Musk, the CEO of Tesla in the United States, was recently exposed to have boasted to writer Ashley St. Clair that he "has children all over the world", including one born to a "Japanese pop diva". The revelation speculatively pointed to Hamasaki Ayumi, who has two children out of wedlock. On June 2nd, Hamasaki Ayumi took to social media to deny it. It is reported that both of Hamasaki Ayumi's children have the same father, but his identity has not been made public. (News Morning Post)
The Cutting - edge of AI
Microsoft to Invest $400 Million in AI Infrastructure and Cloud Computing in Switzerland
Microsoft recently announced in Bern, Switzerland, that it will invest $400 million in the country for artificial intelligence infrastructure and cloud computing. This funding will be used to expand and upgrade four of Microsoft's data centers near Geneva and Zurich to meet the growing demand for artificial intelligence and cloud computing services in Switzerland. This expansion will serve both existing and new customers and ensure that data is stored within Switzerland, which is an important requirement for industries such as healthcare, finance, and government. Microsoft will also expand its cooperation with small and medium-sized enterprises and increase training efforts to help people use artificial intelligence and digital tools. (The Paper)
The Global Launch of the Dunhuang "Digital Scripture Cave" Database Platform, with Tencent Providing Technical Support
36Kr learned that on May 31st, the Dunhuang Academy announced the official launch of the "Digital Scripture Cave" database platform. The digital versions of more than 9,900 volumes of Dunhuang manuscripts and over 60,700 images will be accessible to global users without any barriers. The content covers Buddhist scriptures, legal codes, contracts, silk paintings, etc. Based on the Hunyuan large - model and intelligent retrieval technology, Tencent has helped the website achieve more intelligent platform capabilities, providing users with functions such as ancient book retrieval, multilingual translation, translation between classical and modern Chinese, intelligent Q&A, and AI summarization, enabling the rich and profound Dunhuang cultural content to be better presented and understood.
Financial Reports of Large Companies
Trulink: Revenue Reached RM259 Million in the First Quarter, with Daily Parcel Volume Exceeding 500,000 Pieces
36Kr learned that Trulink released its financial report for the first quarter of 2025. The report shows that the company's operating revenue in the first quarter was RM259 million; Trulink's daily parcel processing volume reached a maximum of 509,000 pieces, a year-on-year increase of 15%. E-commerce revenue reached RM81 million, a significant year-on-year increase of 39%, and the number of parcels processed was as high as 27.8 million. The cargo transportation revenue of the air cargo transportation business reached RM176 million, a year-on-year increase of 7%, and the cargo transportation volume reached 77,600 tons.
NIO: Delivery guidance for the second quarter is 72,000 - 75,000 units, a year-on-year increase of 25.5% - 30.7%
36Kr learned that NIO released its financial report for the first quarter of 2025. The financial report shows that NIO incurred a net loss of 6.75 billion yuan in this quarter, a year-on-year increase of 30.2%. The delivery guidance for the second quarter is 72,000 - 75,000 units, a year-on-year increase of 25.5% - 30.7%.
Investment and financing
Neuralink, the brain-computer interface company under Elon Musk, completed a $650 million Series E financing
On June 3rd Beijing time, Neuralink, the brain-computer interface company under Elon Musk, announced the completion of a $650 million Series E financing. This round of financing was participated in by major investors such as ARK Invest, DFJ Growth, Founders Fund, G42, Human Capital, Lightspeed, Qatar Investment Authority, Sequoia Capital, Thrive Capital, Valor Equity Partners, and Vy Capital. (Jiemian News)
Tianchen Biotech Completes Over 200 Million Yuan Series C Financing
36Kr learned from Tianchen Biotech's official WeChat account that "Tianchen Biotech" announced the completion of over 200 million yuan in Series C financing. This round of financing was jointly led by Honghui Capital and existing shareholder Qiming Venture Partners, with Linchuang Blue Bay Fund, Beida Fund, and Zhenmai Fund participating as follow - on investors. Existing shareholders such as Sanyi Capital and Shanxi Securities Innovation continued to increase their investments. The financing funds will be mainly used for the Phase III clinical trials of the core pipeline - the new - generation anti - IgE antibody LP - 003 and subsequent commercialization preparations, as well as the Phase II clinical development of multiple indications for the world - first complement dual - function antibody LP - 005, further consolidating Tianchen Biotech's innovative advantages in the fields of allergic and complement diseases.
Hefei Xinyihua Completes Over 300 Million Yuan Series B+ Round of Financing
36Kr learned that according to the official WeChat account of Hefei Xinyihua, recently, funds such as the National Development and Reform Commission Manufacturing Transformation and Upgrading Fund, Chaoxi Capital, Anhui High - tech Investment, Guozhong Capital, Ultra - HD Video Industry Investment Fund, and Jinan Yuntong have completed a Series B+ round of investment of over 300 million yuan in Hefei Xinyihua Intelligent Machinery Co., Ltd. (hereinafter referred to as "Xinyihua Intelligence"), a high - end equipment manufacturer in the pan - semiconductor field.
Cool Products
Huawei to Release Its First HarmonyOS AI Smartwatch
36Kr learned that Huawei Terminal officially announced today that the first HarmonyOS AI smartwatch, the Huawei WATCH 5, will be released on June 11. The new - generation WATCH 5 features a technical architecture that coordinates three major technological foundations: the device end, software, and cloud. It reshapes the experience of Huawei's wearable devices and marks that Huawei's wearables are the first to enter the AI era. It is understood that the WATCH 5 will be equipped with an NPU (Neural Processing Unit) for the first time. It will also support the new eSIM pioneer communication, Wi - Fi 6, and NearLink connection technology, bringing a faster, more stable, and smoother network experience.
Zhike Era Releases Serialized Coating Robots for "Three-High Materials"
36Kr learned that recently, Suzhou Zhike Era Robot Co., Ltd. released serialized coating robots for "three-high materials" (high viscosity, high curing speed, and high adhesion). It is reported that the serialized coating robots of Zhike Era have overcome three core technologies, enabling intelligent, efficient, and safe coating of "three-high materials". They can increase construction efficiency by 300%, reduce material waste by over 25%, and reduce the risk of high-risk operations by 90%. The engineering prototype will undergo on-site testing within this year, and will later be applied to the restoration of hydropower stations such as the Three Gorges Dam and Xiangjiaba Dam of China Yangtze Power Co., Ltd. as promised.