At 8 o'clock, here's the latest news: Trump said that Israel and Iran have agreed to a full ceasefire, and Iran has accepted the US ceasefire plan; Nayuki was reported to have had a frog found in its drink, and the market supervision and administration has intervened; Ho Yau-kwan has acquired Wang Sicong's startup company.

Going Public in Progress

WeRide

On June 23, according to people familiar with the matter, autonomous driving technology company WeRide has secretly submitted an application for listing in Hong Kong. (Jiemian News)

Top 3 Big News

Trump Says Israel and Iran Agree to a Comprehensive Ceasefire, Iranian Officials Say They've Accepted US Ceasefire Plan

On June 23 local time, US President Donald Trump posted on his social media platform "Truth Social" that Israel and Iran have agreed to a comprehensive ceasefire. Trump made the post at 18:00 Eastern Time on the 23rd. He said the ceasefire between the two sides would begin about six hours later, that is, at midnight on the 24th Eastern Time. The ceasefire agreement involves two 12 - hour ceasefire periods. Iran will initiate the first 12 - hour ceasefire, and Israel will follow with the second 12 - hour ceasefire. After 24 hours, the war will be officially declared over.

After that, CCTV reporters learned on June 23 local time that Iran has accepted the US - proposed ceasefire plan with Israel. Iranian officials confirmed this news to Reuters. In addition, after Iran attacked a US air base in Qatar on the 23rd, US President Donald Trump and Vice - President Mike Pence discussed the ceasefire proposal between Israel and Iran with the Emir (head of state) of Qatar. It is reported that Trump told the Emir of Qatar that Israel had agreed to the ceasefire and asked Qatar to help persuade Iran to also agree to the ceasefire. (CCTV News)

Nayuki Reported for Frog Found in Drink, Market Supervision and Administration Bureau Intervenes

On June 23, it was reported that a netizen exposed on the 21st that a whole dried frog was found in a small box of Nayuki tea. The person involved said that she bought jasmine tea from Nayuki's small box tea. "The dried frog's body looks very similar to the white flowers, so you can't find the frog at all when brewing the tea."

It is reported that Nayuki has contacted the netizen, and the netizen has also handed over the involved product and the foreign object to Nayuki. The netizen said on the online social platform that the market supervision and administration bureau has started to intervene, and the matter between Nayuki and herself has been resolved. After mediation by the market supervision department, the involved Nayuki store will compensate the consumer 1,000 yuan in accordance with the relevant provisions of the Food Safety Law. At present, the consumer has also deleted or hidden the relevant content on the social platform. (The Paper)

He Youjun Acquires a Company Under Wang Sicong and Becomes Chairman of Huanju Business

On June 20th, the product launch event of Huanju was held in Tai'an, Shandong. He Youjun attended the event as the chairman of Beijing Huanju and Xingjing Weiwu Group. Not long ago, He Youjun completed the acquisition of Beijing Huanju Business Management Co., Ltd., and the counterparty of the transaction was Wang Sicong.

According to the Aiqicha App, Beijing Huanju Business Management Co., Ltd. was established in July 2023. The legal representative is Li Ziqi, and the registered capital is 10 million yuan. Its business scope includes enterprise management, commercial complex management services, etc. It is reported that Wang Sicong founded Huanju Business Company and served as its chairman. Huanju Business focuses on trendy entertainment with immersive experiences and scene operation. (Yicai, Dute News)

Large Companies/ Major Events

Hillhouse Capital Participates in Bidding for Starbucks' China Business, Valued at Approximately $5 to $6 Billion

36Kr has learned that, according to foreign media reports, people familiar with the matter revealed that Hillhouse Capital recently participated in the reverse management roadshow for Starbucks' China business, expressing its interest in acquiring Starbucks' China operations. This roadshow also attracted participation from several investment institutions such as Carlyle Group and Xinchen Capital. Currently, the transaction structure has not been finalized. The valuation of Starbucks' China business is approximately $5 to $6 billion, with Goldman Sachs serving as the exclusive financial advisor. The transaction is expected to last until 2026.

12306 Denies 40% Discount on High-speed Rail Tickets for Passengers Aged 70 and Above

Recently, a message has been circulating online, stating that "China State Railway Group Co., Ltd. issued a document on May 17, specifying that starting from July 1, seniors aged 60-69 can enjoy a 30% discount on train tickets outside statutory holidays and the peak summer travel season; those aged 70 and above can enjoy a 40% discount throughout the year, regardless of holidays and the summer travel rush."

On June 23, a customer service representative from China Railway 12306 stated that China Railway has never issued the above-mentioned document, and there are no such discounts for seniors aged 60 and above. Another customer service representative said that currently, there are no discount offers for seniors aged 60 and above when purchasing tickets, but they can earn three times the points of ordinary adult passengers when buying tickets. It is understood that the above-mentioned document cannot be found on the official website of China State Railway Group Co., Ltd. or the WeChat official account of "China Railway". (Lanjinger News, China News Jingwei)

Yu Donglai Officially Announces Closure of Multiple Stores, Including a Mall with 800 Million in Sales

Recently, Yu Donglai, the founder of Fat Donglai, once again clearly stated in a live - broadcast that multiple Fat Donglai stores will be closed, including the Life Plaza store, the Renmin Road store, the Wuyi Road store, etc. When referring to the reasons for the closures, Yu Donglai said that the operations of these stores were all good, but since the quality of these old and small stores could no longer keep up, he chose to gradually close them.

Previously, in his speeches in 2023 and 2024, Yu Donglai mentioned several times that the Life Plaza store would be closed or relocated by the end of 2025. Data from the official website of Fat Donglai shows that as of June 21, the sales of the Life Plaza in 2025 exceeded 800 million yuan, ranking fifth among all stores. (Blue Whale News)

Lei Jun, Chairman of Xiaomi Group: There is no plan to build fuel-powered cars

On June 23, Lei Jun, the founder, chairman, and CEO of Xiaomi, replied to netizens' comments on a social platform, stating that Xiaomi has no plan to build fuel-powered cars. In this post, Lei Jun congratulated the ROWE team's No. 98 BMW M4 GT3 EVO for starting from 17th place and bravely winning the championship of this year's Nürburgring 24 Hours endurance race. This is also the 21st victory for the BMW M brand. A netizen in the comment section asked, "Mr. Lei, when will we form a racing team?" Lei Jun replied, "This is a race for fuel-powered cars. We have no plan to build fuel-powered cars." (Jiemian News)

Switch 2 Allegedly Uses Fake HDR, with Peak Brightness in Supported Games Far Below the Standard

Since the release of the Nintendo Switch 2 at the beginning of this month, several bloggers have claimed that its screen display effect fails to meet expectations and it is difficult to provide a satisfactory HDR experience. Subsequently, industry technology expert Alexander Mejia released an in - depth analysis report, stating that the Nintendo Switch 2 allegedly uses "fake HDR" technology in "Mario Kart World". Mejia confirmed through hardware capture and image analysis that "Mario Kart World uses an 'SDR - first content pipeline, adding HDR mapping with limited color and dynamic range only at the final stage', which is not true HDR technology." (IT Home, 36Kr)

Tencent Customer Service Responds to WeChat Moments Supporting Emoji Comments: In Small-Scale Internal Testing, Active Application Not Supported for Now

On June 23, in response to WeChat Moments supporting emoji comments, Tencent Customer Service stated that "after updating WeChat to version 8.0.60, Moments supports adding emojis to comments or uploading pictures from the photo album. This feature is currently in a small-scale internal testing phase. Users who have not been included in the gray release should wait patiently, and we will continuously optimize the product experience. During the internal testing period, users who meet the version requirements can view the emojis and pictures in their friends' comments." (Jiemian News)

Meituan Select Suspends Orders in Multiple Regions; Internal Notice Says It Will Exit Some Loss - Making Cities

36Kr has learned from multiple independent sources that Meituan Select will exit some loss - making cities and retain its operations in Guangdong, Hangzhou and other places. The decision was discussed within the company last week and finalized on June 23. Many members of the Meituan Select team have switched to the newly launched offline business "Project N" and are responsible for the operation of offline stores, while the rest will join other businesses in batches.

Before the wave of instant retailing emerged, reducing losses in new businesses was the main theme for Meituan in the past period, and Meituan Select was the top priority for loss reduction. "Whether to continue or shut it down, there must be pressure," a Meituan employee told 36Kr.

Ele.me and Fliggy Merged into Taotian, Alibaba Transforms into a Mass Consumption Platform

36Kr learned that on June 23, Wu Yongming, CEO of Alibaba Group, sent an email to all employees, announcing that starting from now, Ele.me and Fliggy will be merged into Alibaba's China E-commerce Business Group. Ele.me and Fliggy will continue to maintain a corporate management model, and in terms of business decision - making and execution, they will align their goals with the China E-commerce Business Group and fight as one. "This is a strategic upgrade as we transition from an e - commerce platform to a mass consumption platform. In the future, we will optimize and integrate our business models and organizational forms more from the perspective of users to create a richer and higher - quality life and consumption experience for users." Wu Yongming said in the email to all employees.

BYD Responds to Rumors Such as "Solid-State Batteries to Be Installed in Seal Models": False Information

In response to rumors such as "solid-state batteries to be installed in Seal models", BYD responded on June 23 that this is false information. "Currently, everything is unknown. Neither the first model nor the parameters have been officially reported." Recently, there were reports in the market that BYD's solid-state batteries would be installed in the Seal models, with an energy density of 400Wh/kg and the ability to travel 1,500 kilometers after a 12-minute charge. Previously, Sun Huajun, the CTO of Shenzhen BYD Lithium Battery Co., Ltd., revealed that BYD will start the batch demonstration application of all-solid-state batteries in vehicles around 2027 and achieve large-scale installation after 2030. (Caixin)

Prada Brand CEO to Leave at the End of June

Prada said on June 22 that its brand CEO, Gianfranco D’Attis, will leave the Italian luxury company on June 30, adding that this is a result “by mutual agreement.” The Prada Group told Reuters that Andrea Guerra, the group's CEO, will temporarily serve as the brand's CEO. (Sina Finance)

The three major U.S. stock indexes closed higher collectively, and most large technology stocks rose

36Kr learned that at the close on June 23, the three major U.S. stock indexes rose collectively. The Nasdaq rose 0.94%, the S&P 500 index rose 0.96%, and the Dow Jones Industrial Average rose 0.89%. Most large technology stocks rose. Tesla rose more than 8%, Meta rose more than 2%, Microsoft and Netflix rose more than 1%, and NVIDIA and Apple rose slightly. Google and Amazon fell slightly. Popular Chinese concept stocks were mixed. Li Auto rose more than 7%, New Oriental rose more than 5%, XPeng Motors rose more than 4%, NetEase rose more than 1%, and Bilibili, Pinduoduo, NIO, Baidu, and Alibaba rose slightly. Pony.ai fell more than 3%, and Futu Holdings and Weibo fell more than 1%.

Ford Motor Company Recalls Nearly 200,000 Electric Vehicles

On June 23 local time, the National Highway Traffic Safety Administration (NHTSA) in the United States stated that Ford Motor Company, headquartered in Michigan, is recalling 197,432 units of the 2021 - 2025 "Mustang Mach - E" midsize sport - utility vehicles (SUVs) because the door locks may malfunction, potentially trapping rear - seat passengers. (CCTV News)

Dayao Drinks Responds to Rumors of 85% Stake Acquisition by KKR: No Comment

On June 23, in response to rumors that US private equity firm KKR plans to acquire 85% of the shares of Dayao Drinks, Dayao Drinks stated, "No comment." In January this year, there were rumors that Dayao Drinks was considering a $500 million IPO in Hong Kong and might seek to list in Hong Kong in the second half of 2025. At that time, Dayao Drinks said that the company focuses on business development and has not considered IPO matters for the time being. All information should be based on the official response. (The Paper)

Jiangsu Police Cracks Down on "Scalpers" Reselling "Su Chao" Tickets: 105 People Arrested

Recently, the "Su Chao" league has become extremely popular, with tickets in high demand and hard to come by. As a result, the phenomenon of "scalpers" reselling tickets at inflated prices has emerged. Recently, the Haizhou Branch of the Lianyungang Public Security Bureau arrested a suspect, Zhang Moumou, for illegal activities. After investigation, from June 13th to June 14th, Zhang Moumou used second - hand trading and social platforms to resell 13 "Su Chao" tickets for profit. Currently, Zhang Moumou has been detained for 10 days and fined 500 yuan. In response to the fourth round of the league, a total of 105 "scalpers" have been arrested across the province. Among them, 59 were arrested during on - site inspections. Currently, 1 person has been taken into criminal custody, 37 have received administrative penalties, and 67 have been criticized and educated. (WeChat official account of Jiangsu Police)

Douyin Officially Denies Rumors of Departure of Commercialization Vice President

On June 23, there were reports that Pu Yanzi, the vice president of ByteDance's commercialization, was about to leave the company due to resource allocation issues with the AI department. In response, Douyin officially stated that this was false information. The earliest source of the relevant information was an obvious rumor generated by AI, which has now been deleted. Public information shows that Pu Yanzi joined ByteDance in December 2013 and has long been engaged in commercialization and sales-related work. In November 2023, Pu Yanzi, who served as the vice president of ByteDance's commercialization sales, began to concurrently serve as the person in charge of Douyin Group's local life services business. (Yicai Global)

NetEase Cloud Music Collaborates with Police to Crack Down on Criminal Gang Selling Platform Nicknames Illegally

On June 23rd, NetEase Cloud Music's official Weibo account reported that, with the active support of users' reported leads, the platform collaborated with the police to successfully dismantle a criminal gang that stole and sold platform nicknames through illegal means. Multiple suspects were arrested, and suspects Zhou and Zhang have been taken into criminal custody by the public security organs.

NetEase Cloud Music stated that it will continue to strengthen the crackdown on black - market activities. In response to the new trends of online fraud, the platform recently launched a special campaign called "Clear Space · Anti - fraud Sword" to conduct full - chain governance. At the same time, it reminds users to be vigilant against online fraud risks. (IT Home)

The Cutting - Edge of AI

Microsoft's Chief Scientist Warns: Trump Administration's Proposal to Ban States from Regulating AI Will Hinder Technological Development

On June 23, it was reported that the Trump administration proposed to ban U.S. states from enacting "any laws or regulations that restrict, constrain, or otherwise regulate artificial intelligence models, artificial intelligence systems, or automated decision-making systems" in the next decade. In response, Dr. Eric Horvitz, Microsoft's chief scientist, warned that Trump's proposal to ban U.S. states from formulating AI regulatory measures would hinder rather than accelerate the development of this cutting - edge technology.

According to a report by the Financial Times last week, Microsoft is lobbying the U.S. Senate to pass a decade - long ban to prevent states from legislating on AI regulation on their own. This ban has been included in the "Big Beautiful Bill" that Trump hopes to pass before the Independence Day on July 4. (IT Home)

Cool Products

Apple plans to reduce the size of the Dynamic Island on the new iPhone to be launched next year

On June 22, Gurman revealed in his "Power On" newsletter that Apple plans to reduce the size of the Dynamic Island on the new iPhone to be launched next year. He expects that by 2027, Apple will release a brand - new 20th - anniversary edition iPhone. According to Gurman's previous statement, this commemorative model will be equipped with curved glass edges, ultra - narrow bezels, and a true notchless full - screen display. (IT Home)

Investment and Financing

Feixi Technology Completes Hundreds of Millions of US Dollars in Series C Financing

36Kr learned that on June 23, Feixi Technology officially announced that the company has completed hundreds of millions of US dollars in Series C financing. The Series C investment was jointly led by Yonggui Fund and GF Xinde, followed by Hongtai Fund, Huakong Fund, etc. Meanwhile, existing shareholders Gaorong Capital, eGarden Ventures, and Mfund continued to participate in the investment. The funds from this round of financing will be mainly used for production expansion, R & D, and ecosystem development.

Hello's Robotaxi business completes over 3 billion yuan in financing, introducing strategic investments from Ant Group and CATL

36Kr learned that on June 23, "Shanghai Zaofu Intelligent Technology Co., Ltd.", jointly initiated and established by Hello, Ant Group, and CATL through their affiliated investment entities, was registered in Shanghai. The company's registered capital is 1.288 billion yuan, and it will focus on the R & D, safety application, and commercialization of L4-level autonomous driving technology. "Zaofu" was a famous charioteer in Chinese history with superb driving skills. The new company is jointly held by Shanghai Yundang Enterprise Management Consulting Co., Ltd. (Ant Group), Shanghai Junha Network Technology Co., Ltd. (Hello), and Ningbo Meishan Bonded Port Area Wending Investment Co., Ltd. (CATL). The three parties' initial total investment exceeds 3 billion yuan.

Former co-founder of XPeng completes tens of millions of dollars in financing and launches the first electric motorcycle with intelligent driving function in Indonesia

36Kr learned that OMOWAY, a rising star brand in intelligent electric motorcycles, recently completed tens of millions of dollars in seed and angel round financing. This financing was jointly supported by ZhenFund, Sequoia China, and Huiyou Capital, with He Tao himself and the core team participating in the follow-on investment. It is worth noting that Huiyou Capital was founded by Yang Longzhong, a co-founder of BYD, and focuses on industrial investment.

Taihu Robotics Secures Over 100 Million Yuan in Financing from China Mobile and Ant Group

36Kr learned that Taihu Robotics recently completed a new round of financing exceeding 100 million yuan, with investors including China Mobile and Ant Group. This is the first time that the Alibaba ecosystem has entered the core joints of humanoid robots, and China Mobile's government and enterprise resources may open up new business possibilities for it. According to the Aiqicha App, Taihu Robotics Technology (Shanghai) Co., Ltd. was established in August 2020, with Yi Gang as the legal representative. Its business scope includes the R & D of intelligent robots, the sales of intelligent robots, the sales of artificial intelligence hardware, technical consulting services for artificial intelligence public service platforms, artificial intelligence public data platforms, etc.

"A Mini Survey on College Entrance Examination Volunteer Filling"

Every step in a Chinese person's life is truly "crucial." Studying is crucial, the college entrance examination is crucial, and filling out college application forms is even "the most crucial of all." If the college entrance examination determines whether you'll board a Boeing 787 or a domestic large - aircraft, then filling out the application forms determines whether your seat will be a common window seat or the life - saving A11.

Do you still remember how you filled out your college application forms back then? Do you have any regrets? Have you suffered any setbacks? Did you make all the decisions about choosing majors and schools on your own? Are there any "I wish I had done differently" stories you'd like to share with everyone? Welcome to scan the QR code and participate in the "College Entrance Examination Volunteer Filling" mini - survey, and share with us the stories about "choosing college applications"!

Scan the QR code to participate in the survey

Compiled | Yuan Si