8 o'clock, Yike Daily Update | Mixue Bingcheng was reported for exceeding the bacterial content standard; Yu Donglai said that the weekly working hours at Fat Donglai will not exceed 36 hours; Elon Musk said he regretted posting about Donald Trump.
Going Public in Progress
Anjing Food
36Kr learned that according to the Hong Kong Stock Exchange, Anjing Food Group Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange.
Shiyue Daotian
36Kr learned that Shiyue Daotian announced that the company received a record-filing notice from the China Securities Regulatory Commission regarding its application for full circulation of H-shares on June 10 and has completed the record-filing. This full circulation of H-shares involves 9 shareholders planning to convert 646 million domestic non-listed shares into H-shares and intends to apply for listing and trading on the Main Board of the Stock Exchange of Hong Kong after meeting regulatory requirements. The details of the implementation plan have not been finally determined, and the company will announce the progress in due course. Shareholders and investors are required to act prudently.
Yilian Biotech
36Kr learned that, according to reports, people familiar with the matter revealed that Yilian Biotech has hired China International Capital Corporation, JPMorgan Chase, and Morgan Stanley to arrange its planned initial public offering (IPO) in Hong Kong. The company is seeking to raise more than $100 million through the IPO. The relevant considerations are still ongoing, and the details may change.
Top 3 Big News
Mixue Bingcheng Reported for Exceeding Bacteria Limits
According to a report by Nanfang Daily, on June 9, the Food Safety Center of the Food and Environmental Hygiene Department of the Hong Kong Special Administrative Region Government (hereinafter referred to as the "Center") announced that the coliform bacteria count and total bacteria count in a frozen dessert sample exceeded the legal limits. It is reported that the involved store is a Mixue Bingcheng store in Fortune Centre, Sha Tin. A spokesman for the Center said that the Center took the above - mentioned sample from a retail store in Sha Tin for testing. The results showed that the coliform bacteria count in the sample was 170 per gram, and the total bacteria count was 75,000 per gram, exceeding the limits set by Hong Kong laws. The Center has informed the relevant merchant of the above - mentioned violations. The relevant merchant has stopped selling and discarded the relevant food as instructed by the Center. The Center has also provided food safety and hygiene education to the person - in - charge and employees of the relevant merchant and required the relevant merchant to conduct thorough cleaning and disinfection. If there is sufficient evidence, the Center will initiate prosecution.
According to the Frozen Confections Regulations (Chapter 132AC) of Hong Kong, any frozen confection for sale must not contain more than 100 coliform bacteria or more than 50,000 bacteria per gram. Offenders convicted of such an offence are liable to a maximum fine of HK$10,000 and imprisonment for three months. (Xinhua Daily)
Yu Donglai Says Fat Donglai Employees' Weekly Working Hours Will Not Exceed 36 Hours and Annual Leave Will Be No Less Than 40 Days
On June 11th, Yu Donglai, the founder of Fat Donglai, said on a social platform that this year, the average after - tax monthly income of more than 8,000 employees at Fat Donglai is 9,000 yuan. Yu Donglai said that the company's net profit is estimated to be around 1.5 billion yuan. Each employee will receive an average of 100,000 yuan, and managers and technical staff will receive an average of 700,000 yuan each. He also said that in the future, the working hours at Fat Donglai will not exceed 36 hours per week, and the annual leave will be no less than 40 days. (Jiemian News)
Elon Musk Posts: Regrets His Posts About Trump, Says 'It Went Too Far,' Trump Responds
On the 10th local time, Elon Musk, an American entrepreneur and former head of the Office of Government Efficiency, posted on social platform X, saying that he regretted the posts he made about US President Donald Trump last week. "I regret some of the posts I made about President Trump last week. It went too far," Musk said in his latest post.
On the 5th of this month, Trump and Musk had a "war of words," with intense mutual attacks. When Trump was interviewed by CNN on the 6th, he said, "He (Musk) has problems. This poor guy has problems... I won't talk to him for the time being." On the 7th, Trump told media reporters that the relationship between the two had ended and also warned Musk not to fund the Democratic Party, otherwise he would face "serious consequences." In addition, during the intense public dispute with Trump, Musk posted a message on social media, implying that Trump was associated with the "Epstein case." However, many netizens found on the 7th that this post had been deleted by Musk. People familiar with the matter revealed that Musk had calmed down and might hope to repair his relationship with Trump. Musk also reposted Trump's post about the Los Angeles riots on the 8th. CNN reported that this move was to show support for the Trump administration's response.
On the 11th of June local time, US President Donald Trump responded to Musk's apology, saying, "I think it's very good of him to do so." (Global Times, CCTV News)
Big Companies/Big Events
To support the healthy development of small and medium-sized enterprises, multiple automobile manufacturers have announced that they will standardize the payment terms for suppliers to within 60 days.
On the evening of June 10th, several automobile manufacturers, including FAW Group, Dongfeng Motor Corporation, and GAC Group, issued separate statements, making commitments regarding "payment terms not exceeding 60 days." On June 11th, multiple automobile companies such as BYD, Xiaomi Auto, Seres, Geely, Avatr, and Leapmotor all announced that they will standardize the payment terms for suppliers to within 60 days. Recently, departments such as the Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission of the State Council have made a series of deployment requirements to ensure the stability of the industrial chain and supply chain and promote the high-quality development of the automobile industry, and multiple automobile manufacturers have actively responded. It is reported that the newly revised "Regulations on Guaranteeing the Payment of Accounts to Small and Medium-sized Enterprises" came into effect on June 1st, 2025. It clearly states that "large enterprises purchasing goods, projects, or services from small and medium-sized enterprises shall make payments within 60 days from the date of delivery of the goods, projects, or services." (Xinhua News Agency)
Ministry of Education: Intends to Approve the Establishment of 10 Schools, Including the University of the Greater Bay Area
36Kr learned that in accordance with relevant regulations such as the Higher Education Law of the People's Republic of China, the Interim Regulations on the Establishment of Regular Institutions of Higher Learning, the Interim Provisions on the Establishment of Regular Undergraduate Institutions, and the Standards for the Establishment of Undergraduate-level Vocational Schools (for Trial Implementation), as well as the inspection and evaluation results of the Eighth National Evaluation Committee for the Establishment of Institutions of Higher Learning, after deliberation at a meeting of the Leading Party Members' Group of the Ministry of Education, it intends to approve the establishment of 10 schools, including the University of the Greater Bay Area, and is now making this public announcement. The public announcement period is from June 11 to June 17, 2025. If you have different opinions on the establishment of these schools during this period, please provide your signature when reporting.
Dong Mingzhu consoles the child of a friend who failed the college entrance examination and invites them to Gree: So what if you don't get in? First realize your own value. At worst, take the exam again next year.
On June 10th, Dong Mingzhu attended an event in Changsha and also went live on the JD.com livestreaming room that evening. During the event, when talking about college entrance examination anxiety, Dong Mingzhu said that the child of one of her friends was taking the college entrance examination this year and was extremely nervous and anxious before the exam. Dong Mingzhu learned that this child was keen on doing livestreaming, so she consoled the child, saying, "So what if you don't get in? If you really don't make it, come to Gree to do livestreaming first. At worst, take the exam again next year." Dong Mingzhu said that these words were actually meant to let the child have no worries, and the child performed quite well in the college entrance examination later. (Xiaoxiang Morning News)
ByteDance Unveils Core Talent Philosophy: Focus on Potential, Not Seniority
On June 11th, ByteDance published an article sharing its six core talent philosophies, aiming to create a high - density talent environment and drive the company's continuous innovation and development. ByteDance believes that outstanding talents are the key to the company's success. By working on challenging tasks with excellent people, the potential of the team can be stimulated, and the organization can maintain its agility and flexibility. (IT Home)
Xiaomi SU7 Ultra Production Version Becomes the Fastest Production Electric Vehicle in Nürburgring History
On June 11th, Xiaomi Auto announced that the production version of the Xiaomi SU7 Ultra made its debut at the Nürburgring and became the fastest production electric vehicle in the history of the Nürburgring. It completed a lap in 7 minutes, 04 seconds, and 957 milliseconds, breaking the lap record for production electric vehicles on the Nürburgring Nordschleife.
According to information from March this year, the Xiaomi SU7 Ultra participating in this Nürburgring challenge is the "same version" as the one in the domestic lap - speed challenge, that is, the production - version model of the SU7 Ultra "equipped with a racing kit and an 80KG full - cage roll cage for track conditions". It is understood that in October last year, the prototype of the Xiaomi SU7 Ultra became the fastest four - door vehicle globally at the Nürburgring, with a lap time of 6 minutes, 46 seconds, and 874 milliseconds. (IT Home)
Former Employee Writes a 10,000-Word Article about Alibaba, Jack Ma Replies: Come Back Often
According to BianNiuShi, in the past two days, a nearly 10,000-word resignation post on Alibaba's internal network has sparked heated discussions. The poster is a product R & D leader of DingTalk (nickname: Yuan An), who has worked at Alibaba for many years. His reporting line is under Wu Zhao-2, and his estimated job level is around P9 or P8. The full text of the resignation post criticizes the current vices and makes impassioned statements. Once it was posted, it quickly caught the attention of many Alibaba colleagues. The page views soon exceeded 10,000, and it received a high degree of recognition. Many employees praised Yuan An as "a true practitioner of Alibaba's values", and even Wu Zhao sent his blessings.
Jack Ma also personally replied on the forum. Jack Ma wrote: "Hello, classmate Yuan An. Thank you for your long letter. It's very well-written. Just like a person's growth, Alibaba's development also has many inevitable paths and processes. Alibaba is undergoing changes. I wish you all the best and hope you come back often to have a look." (Oriental Finance)
The first-generation Labubu was auctioned for 1.08 million yuan, and Zhang Chaoyang regrets returning the limited-edition Labubu
Recently, a netizen posted a photo of the brown Labubu that Hurun, the founder of the Hurun Rich List, gave to Zhang Chaoyang, the founder of Sohu. Zhang Chaoyang later returned it. At the world's first "First-generation Collectible Labubu Art Auction" held by Yongle Auction, which just ended, the same brown Labubu was sold at a high price of 820,000 yuan.
Zhang Chaoyang reposted the auction news on his social platform and said, "I regret returning the Labubu that Hurun passed on to me." Previously, Hurun held a game called "Exchange a 10-yuan phone stand for 1 million yuan." After interacting with each guest, he would use the gift from the previous guest for exchange until he got a gift worth 1 million yuan for charity. During the conversation with Wang Ning, the founder of Pop Mart, Hurun exchanged an artificial sapphire for a brown Labubu. Wang Ning said, "This is the last one from our company," and also signed on its ear. Zhang Chaoyang, as the next person in the exchange chain, received the one personally signed by Wang Ning. (Sina Tech)
Himalaya Responds to Acquisition Rumors: Company's Development Strategy Remains Unchanged, Will Continue to Embrace AI
Regarding the matter of the company being wholly acquired by Tencent Music Entertainment Group, a Hong Kong-listed company, Himalaya stated on June 11 that the merger will be officially completed after all pre - conditions are met. Based on past relevant cases, it usually takes about one year or even longer. Currently, Himalaya is still operating normally as an independent entity. Himalaya said that all kinds of contracts signed with partners will be fulfilled as agreed, and the rights and interests of each customer will also be protected in accordance with the law. At the same time, Himalaya will keep its existing brand, independent operation of existing products, core management team, and the company's strategic development direction unchanged. (Shanghai Securities News)
Personnel Adjustment in Volkswagen Passenger Cars: Zekai Qi to Become CEO in China, Xia Meng to Return to Germany for a New Position
Volkswagen announced on June 11 that, effective July 1, 2025, Zekai Qi will succeed Xia Meng as the CEO of Volkswagen Passenger Cars in China and Executive Vice President of Volkswagen Group (China), responsible for managing the Chinese business of this core brand. He will take over Xia Meng's position, and the latter will assume the role of Chairman of the Management Board of Volkswagen Commercial Vehicles in Hanover starting on the same day. (Sina Technology)
JD Logistics Enters Saudi Arabia: It's Rumored That a Team of Over a Thousand People Has Been Recruited Locally
Recently, Saudi netizens noticed that couriers wearing JD Express uniforms were delivering parcels on the streets of Riyadh. A person close to JD revealed that "JD Logistics actually already has a team of over a thousand people in Saudi Arabia at present." In response, a relevant person from JD Logistics said, "We have no comment for now. We will share further information as soon as possible." (Sina Tech)
The three major U.S. stock indexes closed down collectively, and most large technology stocks declined
36Kr learned that at the close on June 11, the three major U.S. stock indexes fell collectively. The Nasdaq dropped 0.5%, the S&P 500 index fell 0.27%, and the Dow Jones Industrial Average declined slightly. Most large technology stocks fell. Intel dropped more than 6%, recording its largest single - day decline in two months; Amazon fell more than 2%, Apple and Meta dropped more than 1%, and NVIDIA and Google declined slightly. Netflix rose more than 1%, and Tesla and Microsoft edged up slightly. Popular Chinese concept stocks showed mixed performance. Bilibili rose more than 8%, Futu Holdings rose more than 6%, Tiger Brokers rose more than 3%, and Tencent Music, NetEase, and Li Auto rose more than 1%. NIO, Alibaba, and New Oriental dropped more than 1%, and iQiyi, XPeng Motors, and JD.com declined slightly.
General Motors to Invest $4 Billion in U.S. Factories to Address Auto Tariffs
General Motors plans to invest $4 billion in three U.S. assembly plants, including moving two models produced in Mexico to U.S. factories or increasing their production in the United States. This investment and adjustment could be seen as a success story of Trump's policies and auto tariffs - the relevant tariffs took effect on imported cars in April and were extended to many auto parts in May. (Sina Finance)
General Mills Reportedly Considering Selling Häagen-Dazs Stores in China
People familiar with the matter revealed that General Mills is considering selling its Häagen-Dazs ice cream stores in China. The U.S. food company is facing challenges in its sales in China. General Mills, headquartered in Minnesota, is working with advisors on potential asset disposals. The people said the process could start this year. The people asked to remain anonymous as the information is not public. General Mills may seek to sell these assets for hundreds of millions of dollars. (Sina Finance)
Disney to Acquire Streaming Platform Hulu Entirely for Nearly $439 Million
Disney will pay nearly $439 million to NBCUniversal, a subsidiary of Comcast, to acquire its stake in Hulu, thereby gaining full control of the streaming platform. This move concludes a multi - year valuation negotiation process. Disney announced in November 2023 that it would acquire a 33% stake in Hulu from Comcast for at least $8.6 billion. According to a regulatory filing, this amount is based on a guaranteed valuation of $27.5 billion for Hulu. (Sina Finance)
Elon Musk: The first Tesla vehicle to drive itself directly from the factory to the customer's home will achieve this on June 28
Tesla CEO Elon Musk said on the X platform on June 10 local time that the first Tesla vehicle to "fully self - drive" directly from the factory production line to the customer's home will roll off the production line on June 28. (Jiemian News)
Switch 2 Sells Over 3.5 Million Units in 4 Days, Setting Company's Console Sales Speed Record
Nintendo announced that within four days after its release on June 5th (from June 5th to June 8th), the global sales of Switch 2 exceeded 3.5 million units, making it the fastest-selling game console in Nintendo's history.
Doug Bowser, President and Chief Operating Officer of Nintendo of America, said, "Global fans have shown great enthusiasm for the Nintendo Switch 2. It is an upgraded product that can be used both at home and on the go. We appreciate their response and are delighted to see that they have started to enjoy the fun brought by the Nintendo Switch 2, exploring new features and games that bring friends and family together in new ways." (IT Home)
The Trump administration plans to cut environmental protection, and Biden's power generation emission limit order may become a dead letter
According to media reports, people familiar with the matter revealed that the Trump administration will propose as early as June 11 to repeal the climate regulations of the Biden administration that require power plants across the country to cut greenhouse gas emissions. People familiar with the matter said that the U.S. Environmental Protection Agency (EPA) will also advance a plan to revoke restrictions on power plants' emissions of mercury and other toxic air pollutants. These proposals are regarded as one of the most important regulatory relaxation measures of the Trump administration in environmental protection policies. (Caixin Press)
The forefront of AI
Starbucks Collaborates with Tech Giant to Develop AI Assistant, Aims to Shorten Each Order to Four Minutes
Starbucks plans to roll out a generative AI assistant developed in collaboration with Microsoft Azure's OpenAI platform to 35 stores this month as part of its strategy to simplify baristas' work and improve service speed at coffee shops. On Tuesday, at a leadership experience event in Las Vegas, the coffee chain demonstrated this new technology to more than 14,000 store managers in North America. The "Green Dot Assist" platform is scheduled to be fully launched in the United States and Canada in fiscal year 2026, starting in the fall. (Sina Finance)
Progress of ByteDance's AI Glasses Collaboration: Doubao Provides Technical Support for Lao Feng Xiang, Expected to Be Launched in July
According to sources familiar with the matter, multiple models of AI glasses jointly developed by Lao Feng Xiang and Volcengine, a subsidiary of ByteDance, are set to be officially released in July. As Lao Feng Xiang's first foray into the field of AI smart glasses, the back - end of these glasses is powered by the Doubao large - language model. Lao Feng Xiang's cross - border AI glasses products will support functions such as visual understanding, voice dialogue, semantic recognition, and call answering, and are mainly targeted at the elderly population. (Sina Tech)
Volcengine Releases Doubao Big Model 1.6 to Accelerate Large-scale Application of Agents
36Kr learned that on June 11th, Volcengine, a subsidiary of ByteDance, held the Force Primeval Power Conference, releasing new models such as Doubao Big Model 1.6 and the video generation model Seedance 1.0 pro, and upgrading AI cloud-native services such as the Agent development platform. Liang Rubo, the CEO of ByteDance, said, "ByteDance is committed to becoming an excellent innovative technology company. We will firmly make long-term investments, pursue intelligent breakthroughs, and serve industrial applications. Through Volcengine, we will continuously open up new models and technologies to enterprise customers." Currently, the Doubao Big Model covers model categories such as multimodality, video, image, voice, and music, comprehensively promoting intelligent improvement and application implementation.
WeChat contact "Yuanbao AI" announces an upgrade and will continue to connect with more Tencent products
36Kr learned that on June 10th, the WeChat contact "Yuanbao AI" announced an upgrade. Users only need to send a Video Account link to "Yuanbao AI", and Yuanbao can understand the content of the Video Account and provide detailed answers. The product interface shows that Yuanbao AI can automatically extract the key points of the Video Account content, generate summaries, and summarize the video content and captions. This ability is based on Tencent's Hunyuan large - model's multimodal understanding ability and has been fully launched in the WeChat contact "Yuanbao AI". Tencent said that Yuanbao will continue to connect with more Tencent products, unleash AI capabilities in user - accessible usage scenarios, and provide users with "useful AI".
Financial reports of large companies
Oracle Reports $57.4 Billion in Revenue and $12.4 Billion in Net Income for Fiscal Year 2025
On June 11th local time, Oracle Corporation released its financial results for the fourth quarter and the full fiscal year 2025. In U.S. dollars and at constant currency, total revenue for the fourth quarter increased 11% year-over-year to $15.9 billion; GAAP net income was $3.4 billion. For the full fiscal year 2025, total revenue reached $57.4 billion, up 8% in U.S. dollars and 9% at constant currency; GAAP net income was $12.4 billion. The Board of Directors declared a quarterly cash dividend of $0.50 per common share. (Jiemian News)
Cool Products
New Leaks about the iPhone 17 Series: iPhone 17 May Support High Refresh Rate Across the Board
At noon on June 11th, the blogger Digital Chat Station released some leaks about Apple's iPhone 17 series: it's confirmed that all models in the series will have a high refresh rate. The concurrently launched A19 Pro also has a "very high" performance setting. It's estimated to score over 4000 in the single - core test and over 10000 in the multi - core test of GB6. For comparison, the A18 Pro scores over 3500 in single - core and over 9000 in multi - core.
Previously, there were reports indicating that the screen size of the standard version of the iPhone 17 will be increased from 6.12 inches to 6.27 inches, which is comparable to the current iPhone 16 Pro. All four models (Standard/Air/Pro/Max) of the Apple iPhone 17 series will support a 120Hz ProMotion refresh rate across the board, and will be equipped with a 24 - megapixel front - facing camera and a more powerful A19 chip. (IT Home)
DJI Global Launches Flight Platform Matrice 400
36Kr learned that on June 10th, DJI officially launched its flagship flight platform, DJI Matrice 400. It is understood that the Matrice 400 has achieved significant upgrades in terms of battery life, payload capacity, obstacle avoidance, and image transmission. With additional payloads, the Matrice 400 can achieve a forward flight endurance of up to 59 minutes and a hovering time of up to 53 minutes. It can also avoid large obstacles such as buildings and mountains at a flight speed of 25 meters per second.
Huawei Launches Pura 80 Series Phones
36Kr learned that on June 11th, Huawei launched the Pura 80 series of mobile phones. This series comes pre - installed with the HarmonyOS 5.1 operating system and uses the eighth - generation ISP across the board, paired with a one - inch RYYB large - sensor. In terms of price, the Huawei Pura 80 Pro starts at 6499 yuan, the Huawei Pura 80 Pro+ starts at 7999 yuan, and the Huawei Pura 80 Ultra starts at 9999 yuan.
Snap to Launch New Lightweight Augmented Reality Smart Glasses in 2026
On June 10th, social media company Snap issued a statement saying that it will launch its first augmented reality smart glasses, Specs, for all consumers next year. Snap stated that the smart glasses will feature a lightweight design, understand the surrounding world through advanced machine learning technology, introduce AI-assisted functions into the three-dimensional space, support sharing games and experiences with friends, and provide a flexible and powerful workstation for functions such as browsing and streaming. (Jiemian News)
Investment and Financing
Nissan Supplier Marelli Files for Bankruptcy Protection and Secures $1.1 Billion in New Financing
Japanese automotive parts company Marelli Corp said in a statement on Wednesday that it has filed for Chapter 11 bankruptcy protection in the United States. There had been uncertainty in its negotiations with creditors in the months leading up to this. The automotive interior and lighting equipment manufacturer, majority - owned by private equity firm KKR, said it has secured $1.1 billion in financing commitments from lenders, and about 80% of its creditors have signed agreements supporting its restructuring. "Throughout the process and in the future, Marelli expects that the Chapter 11 bankruptcy proceedings will not have any impact on its operations," the company said in the statement. (Sina Finance)
3D Large Model Company "VAST" Secures Another Tens of Millions of Dollars in Financing
36Kr has learned that the 3D large model company "VAST" has once again completed a Pre-A+ round of financing worth tens of millions of dollars. This round of investment was led by the Beijing Artificial Intelligence Industry Investment Fund, with Jingya Capital participating as a follow-on investor. VAST's previous investment shareholders include Oasis Capital, Fortune Capital, Primavera Venture Capital, Inno Angel Fund, and the Tsinghua Alumni Seed Fund, among others. Meanwhile, VAST has officially launched Tripo Studio, the world's first AI-driven one-stop 3D workbench, and is about to introduce a new algorithm, Tripo 3.0.
"Infinite Exploration" Secures Ten Million Yuan in Angel Round Financing
36Kr learned that on June 11th, Infinite Exploration (Jinan) Brand Management Co., Ltd. officially announced the completion of a 16 million yuan angel round financing. This round of financing was led by a well - known institution, and the funds will be used for brand upgrading, product innovation, and the expansion of national market channels to accelerate the ecological layout of "innovative fruit tea".
Maipa Secures 10 Million Yuan in Angel Round Financing
36Kr has learned that recently, Maipa, a brand under Mai Ba (Liaoning) Entertainment Management Co., Ltd., has obtained 10 million yuan in angel round financing. The financing funds will be used to expand the market, with universities, commercial complexes, and transportation hubs being the key coverage areas. Meanwhile, Maipa will increase investment in technology R & D, such as developing cutting - edge technologies like AR holographic stages and AI virtual chorus, to further enhance the user experience.
Compiled | Dingding Fried Noodles