9 a.m. Latest News: Hong Kong High Court Bans Zong Fuli from Using HSBC Account Assets, WeChat Lowers Minimum Withdrawal Handling Fee to 0.01 Yuan, Wuhan University Responds to "Library Incident"

The judgment confirms that the assets in the bank account of Jianhao Venture Capital Co., Ltd. at The Hongkong and Shanghai Banking Corporation Limited are trust properties in which the three plaintiffs, Zong Jichang, Zong Jieli, and Zong Jisheng, have beneficial rights.

Top 3 Big News

First Ruling in Zong Qinghou's Inheritance Dispute: Hong Kong High Court Orders Zong Fuli Not to Use Assets in HSBC Account

On August 1st, the Hong Kong High Court made a ruling in the inheritance dispute case of Zong Qinghou, the founder of Wahaha Group. The ruling confirmed that the assets in the bank account of Jianhao Venture Capital Co., Ltd. under The Hongkong and Shanghai Banking Corporation Limited are trust properties in which the three plaintiffs, Zong Jichang, Zong Jieli, and Zong Jisheng, have beneficial rights. The judge ordered the defendant, Zong Fuli, not to withdraw or transfer any assets from the relevant accounts. The injunction remains in force until the lawsuits in the Hangzhou Intermediate People's Court and the Zhejiang Higher People's Court reach a final verdict. The defendant also has a fiduciary duty to the plaintiffs regarding the trust properties and is required to explain the whereabouts of the trust properties. The plaintiffs request that the defendant pay them interest income based on a principal of $2.1 billion. Meanwhile, the defendant should compensate the plaintiffs for the loss of the trust properties that were transferred without authorization, which is tentatively estimated at $1.085 million. After the trust transition period ends, Party A will no longer participate in any management of the trust, and all management will be undertaken by Party B.

According to media disclosures, the three plaintiffs, Zong Jichang, Zong Jieli, and Zong Jisheng, claim to be Zong Fuli's half - siblings. This is the first time the identities of the three siblings have been exposed. Previously, the public had long believed that Zong Fuli was Zong Qinghou's only daughter. (Phoenix TV)

Tencent Customer Service Responds to WeChat Withdrawal Fee Reduction: Minimum Fee Lowered to $0.01, Full Update on July 25

On August 1, recently, some netizens have posted that the minimum limit of WeChat withdrawal fees has been adjusted to $0.01. In response, Tencent Customer Service stated that a full update was carried out on July 25. For single - service fees less than $0.01, the minimum fee of $0.01 will be charged.

It is reported that in March 2016, WeChat began to charge users a withdrawal fee. Each user has a cumulative free withdrawal limit of $1000. For the amount exceeding $1000, a 0.1% fee will be charged according to the bank's rate, with a minimum of $0.1 per transaction. Other functions such as transfers, face - to - face payments, WeChat red envelopes, and AA collections are free of charge. Regarding the reason for charging the withdrawal fee, WeChat's official response is to "balance the transaction costs on the bank side". It said that the bank charges WeChat for various functions, including payments and transfers that deduct money from bank cards. The excess withdrawal fee is to subsidize the huge costs generated by quick payment. (Jiemian News)

Wuhan University Responds to "Library Incident": Conduct a Comprehensive Investigation and Review of Disciplinary Actions against Xiao and Yang's Degree Thesis

According to the official website of Wuhan University, recently, after the first - instance judgment of the "Case of Yang v. Xiao", it has attracted public attention. The university fully respects the judicial judgment result, makes every effort to safeguard the legitimate rights, interests, physical and mental health of students, and sincerely thanks all sectors of society for their concern, supervision and criticism. The university attaches great importance to the issues that have drawn public attention. It has established a special working group, which is currently conducting a comprehensive investigation and review of disciplinary actions against Xiao and Yang's degree thesis. Based on facts, corresponding actions will be taken in strict accordance with school discipline, regulations, and academic norms.

It is reported that on October 11, 2023, Yang from Wuhan University posted on social media, accusing Xiao of sexual harassment during their time in the library. Two days later, the school imposed a disciplinary warning on Xiao. Xiao's family stated to the public that Xiao has suffered from atopic dermatitis since childhood, and the incident was due to the recurrence of eczema on his legs caused by the hot weather. In June 2024, Yang sued Xiao for the "indecent behavior" that caused her mental damage. On July 25, 2025, the court ruled that Xiao did not constitute sexual harassment and dismissed Yang's lawsuit. After Yang lost the lawsuit, she did not apologize, and the issue of suspected data falsification in her master's thesis has sparked discussions. (CCTV News, China.com)

Large Companies/ Major Events

Dongfeng Liuzhou Motor Responds to Test Video of "Linglong Heavy Truck Losing to Li Auto L8 in Collision"

On the evening of July 31, Dongfeng Liuzhou Motor Co., Ltd. (hereinafter referred to as "Dongfeng Liuzhou Motor") issued a statement regarding the infringement of an unauthorized and distorted dissemination of the collision video of Linglong trucks, a commercial vehicle brand under Dongfeng Liuzhou Motor, by a certain brand. The company stated that this incident has constituted serious infringement.

Previously, Li Auto played a video of a collision between an Linglong heavy truck and its all - electric SUV, the Li L8, at the launch event of the Li L8, which attracted wide attention in the industry. Topics such as "Heavy trucks lose to the Li L8 in a collision" quickly caught public attention. Meanwhile, the relevant testing methods and the authenticity of the data have also drawn market attention. (Yicai Global)

Costing about $200 million, Trump pays out of his own pocket to renovate the White House

On July 31 local time, White House Press Secretary Kayleigh McEnany said that President Donald Trump has ordered the modernization of some facilities in the East Wing of the White House and the construction of a new banquet hall. The project is expected to start in September and be completed before the end of President Trump's term. The new banquet hall covers an area of about 8,300 square meters and can accommodate 650 people. It will cost about $200 million, which will be jointly borne by Trump himself and donors whose identities have not been disclosed. (CCTV.com)

Former Alibaba CEO Daniel Zhang Joins Hong Kong Exchanges and Clearing Limited (HKEX)

36Kr learned that in a statement, HKEX said it has appointed Daniel Zhang, the managing partner of Morning One Capital and former chairman of the board of Alibaba Group, as the latest member of its China Business Advisory Committee.

Supreme People's Court Responds to the Abuse of Non - Compete Agreements: Non - Compete Agreements Are Invalid for Non - Confidential Employees

On August 1st, the Supreme People's Court issued judicial interpretations and typical cases on labor disputes. In response to some companies signing non - compete agreements without discrimination and setting high liquidated damages regardless of whether employees have access to trade secrets or other confidential matters, which seriously restricts employees' right to choose occupations, the court made clear regulations on this issue. The interpretation will come into effect on September 1st.

To prevent the leakage of trade secrets and unfair competition, the judicial interpretation stipulates that the on - the - job non - compete clauses lawfully agreed upon by employers and non - compete personnel are legally valid. When employees violate the non - compete agreements, they shall bear liability for breach of contract in accordance with the law. At the same time, in order to curb the "abuse" of non - compete agreements and ensure the orderly flow of talents, the judicial interpretation clarifies the circumstances under which non - compete clauses are ineffective or invalid. It is stipulated that if employees are unaware of or have no access to confidential matters, the non - compete clauses shall not take effect. This means that for employees who are not within the scope of non - compete restrictions, even if a non - compete agreement is concluded, this agreement has no binding force on them. (CCTV News)

Meituan, Taobao Flash Purchase, and Ele.me Issue Statements: Firmly Resist Malicious Competition

Meituan issued a statement titled "Prosper the Industry Ecosystem and Resist Unordered Competition," while Taobao Flash Purchase and Ele.me issued a statement titled "Continuously Improve Services, Promote Healthy Competition, and Ignite the Flames of Consumption." They successively mentioned that selling goods and services at prices significantly lower than the cost seriously distorts price signals, disrupts the market competition order, and causes waste. They firmly resist malicious competition. They will not carry out large - scale irrational promotional activities such as "Free Purchase." (Jiemian News)

Moderna, the COVID-19 vaccine giant, announces a 10% global workforce reduction

On July 31 local time, Moderna, a leading U.S. COVID-19 vaccine manufacturer, announced a 10% global workforce reduction. By the end of this year, the company will cut its staff to around 5,000, a reduction of nearly 1,000 employees. The company stated that this is due to the continuous decline in COVID-19 vaccine sales. Moderna's stock price tumbled more than 8% in after-hours trading that day. Since the beginning of this year, Moderna's financial crisis has been worsening. The company's stock price has dropped by more than 75% in the past year, and its market value has plummeted from nearly $200 billion at the peak of the COVID-19 pandemic to about $11 billion currently. Just last month, Moderna suddenly announced that it would cancel its plan to build an mRNA drug manufacturing plant in Japan due to changes in the global and Japanese business environments. (Yicai Global)

Three major telecom operators unify outbound call numbers to standardize telemarketing

On August 1st, China Telecom, China Unicom, and China Mobile, the three major telecom operators, respectively announced measures to standardize telemarketing and unified their outbound marketing numbers. The only official outbound marketing numbers of the three basic telecom enterprises are: 10001 for China Telecom, 10085 for China Mobile, and 10016 for China Unicom. This indicates that if users receive calls from other numbers promoting SIM card or package applications, they can be sure that these are not from formal channels.

In addition, the three basic telecom enterprises also require that if users clearly reject telemarketing services, they should not be disturbed by further calls; telemarketing must comprehensively and accurately introduce the marketing content, without false promotion or inducing consumption, and without concealing key information such as tariff standards, applicable scenarios, validity periods, and restrictive conditions. All tariff plans promoted to users should be publicly announced on the online business hall and the official App. (CCTV News)

Fat Donglai Clarifies: Never Issued the Statement 'If E-commerce Collapses, 5 Million People Will Lose Their Jobs'

On the evening of July 31st, Fat Donglai released a "Statement Regarding the Online Publication of 'Fat Donglai: If E-commerce Collapses, 5 Million People Will Lose Their Jobs'". The statement mentioned that recently, a large amount of information such as "Fat Donglai: If e-commerce collapses, 5 million people will lose their jobs; Physical stores: If physical stores make a full comeback, 500 million jobs can be created..." has been widely circulated on various online platforms. Fat Donglai has never issued such topics or copy, and the relevant false information has a seriously misleading impact. Fat Donglai further stated that it will pursue legal liability for the infringement of maliciously publishing false information through legal channels. (Jiemian News)

The video platform homepage of well - known screenwriter "Chai Jidan" has no works, and there was a previous enforcement case involving 36.99 million yuan with Tencent

On August 1st, reporters found that the video platform homepage of well - known screenwriter "Chai Jidan" had been cleared and there were no works left.

Previously, according to media reports, Tencent applied to the court to enforce well - known producer "Chai Jidan" and his company to pay nearly 37 million yuan to Tencent. Reporters checked judicial materials and found that in 2016, Tencent paid 12.5 million yuan to "Chai Jidan"'s company to purchase the exclusive online broadcasting rights of the online drama "Shèng Shì". Since the drama was not broadcast later, the two parties signed a supplementary agreement, and Tencent returned the exclusive broadcasting rights and other rights to "Chai Jidan" and his company.

The Aiqi Cha App shows that Chai Jidan (real name: Zhu Wenjiao) is associated with 3 enterprises, covering the fields of communication, media, and film and television. Currently, only Beijing Fengmang Culture Communication Co., Ltd. is in operation. Chai Jidan serves as the legal representative, manager, executive director, etc. in the above - mentioned company. (Red Star News)

Railway authorities optimize ticket - purchasing services for students: Students can submit reservation requests from the 20th to the 17th day before departure

12306, the official railway ticketing platform, has upgraded the reservation ticketing service for students. Starting from August 1st, students can submit reservation requests from the 20th to the 17th day before departure, and freshmen enrolling in school can also enjoy this service. A single account can submit a maximum of 3 orders, and each order can select 5 combinations of train numbers and seat types. After a successful ticket reservation, the ticket payment must be made on the same day. (IT Home)

Tencent Customer Service Responds to WeChat Pay Lost Item Reminder: Only Some Merchants Support This Function

On August 1st, the WeChat Pay lost item reminder function sparked heated discussions among netizens. It is understood that this function allows merchants to send reminder messages to users through the WeChat Pay backend when users leave items behind after consuming at the merchants, enabling users to retrieve their lost items based on the reminders.

In response to this function, Tencent Customer Service stated that currently only some merchants support this function. If a merchant does not offer this service, they will also try to contact the customer service to notify the user. Regarding whether merchants can see personal information, Tencent Customer Service said that only the WeChat Pay official account will send messages, which will only display the transaction information of that payment and no other information. (Sohu Technology)

Weibo Apologizes for "Apple Support" Account Posting Samsung Phone Promotion Video: Caused by Factors Such as Network Loading and Caching

Recently, some netizens found that the official Apple account "Apple Support" posted a message on Weibo. The text was an introduction to the parental control function of Apple devices, but the accompanying video was a promotional video for the Samsung Galaxy Z Flip7, which sparked controversy.

In response, the official account of the Weibo Assistant posted a response: In the Weibo Lite client, due to factors such as network loading and caching, when users browsed the Weibo video posted by the "Apple Support" account at 9:58 on July 29, the system failed to correctly load the original video of this Weibo. Instead, it incorrectly retrieved a locally cached video from another account. Weibo sincerely apologizes to users and brands for the misunderstanding caused by this situation. It will promptly upgrade and resolve the relevant issues to avoid similar situations from happening again. Hereby clarify. (Sohu Technology)

Tim Cook says iOS 26 is the most popular system in Apple's history

After the U.S. stock market closed on Thursday (July 31st) Eastern Time, Apple Inc. released its financial report for the third fiscal quarter of fiscal year 2025 (ending on June 28th). The overall performance far exceeded Wall Street's expectations, achieving the strongest quarterly revenue growth since December 2021.

During the earnings conference, Apple CEO Tim Cook stated that the developer beta versions of iOS 26, iPadOS 26, and macOS 26 are the most popular systems in Apple's history.

It is reported that Apple launched iOS 26 at the 2025 Worldwide Developers Conference in June. Currently, the public beta version of iOS 26 is available. Cook did not disclose the specific installation volume of iOS 26 and did not comment on the public beta version. (Caixin Press)

Internal employees of Romoss respond to rumors of bankruptcy proceedings: The end of September is a critical moment. If the certificate is not restored, the inventory may be destroyed

On July 31, it spread in the market that Romoss had entered bankruptcy proceedings. An employee of Romoss told the media, "There should be a result before the National Day. Since the suspension of the certificate cannot exceed three months, if it is still not restored by the end of September, all inventory products will be destroyed." (Blue Whale News)

DAC Mall Properties plans to go private and delist, and plans to spend HK$2.932 billion to repurchase shares

On July 31, CapitaLand (000031.SZ) announced that its controlling subsidiary, DAC Mall Properties (00207.HK), intends to propose a privatization offer to shareholders other than the company and Demao. It plans to repurchase shares through a scheme of arrangement and apply to The Stock Exchange of Hong Kong Limited to cancel its listing status.

CapitaLand said that in recent years, under the influence of the cyclical development of the industry, the market performance of DAC Mall Properties has shown periodic fluctuations, and its liquidity has also come under pressure. This transaction is a strategic measure to actively respond to changes in the market environment, which will significantly optimize the corporate governance framework and integrate the organizational structure and equity structure. After the completion of the transaction, the company will increase its equity in DAC Mall Properties, which is conducive to improving the company's net profit attributable to the parent company. (Jiemian News)

TikTok Merges Core Product and Trust and Safety Teams

On August 1st, TikTok CEO Shou Chew sent an email to all employees, stating that, considering ecological security, the company will adjust its organizational structure and personnel. The core product team and the trust and safety product team will be merged to form a platform responsibility team, which will be led by Adam Wang, the former head of live streaming, and report to Ying Zhi, the head of product operations. Jingxin Zi, who has previously been in charge of TikTok's e - commerce business in Southeast Asia, cross - border business, and strategy, will take over as the head of live streaming and also report to Ying Zhi. At the ByteDance all - hands meeting on July 31st, Shou Chew and other executives made it clear that future priorities for TikTok's business will include focusing on user experience and ensuring the safety of minors. (Cailian Press)

Goldman Sachs Prepares to Acquire Ice Cream Maker Froneri at a Valuation of $17.13 Billion

According to a report by the Financial Times on August 1st, Goldman Sachs is preparing to acquire ice cream producer Froneri at a valuation (including debt) of 15 billion euros ($17.13 billion). The report cited sources as saying that the deal could be signed as early as September, and Goldman Sachs' asset management division will become the main investor in a continuation company established by French private equity firm PAI Partners. Froneri is a joint venture established in 2016 by Switzerland-based Nestle and R&R Ice Cream, a company under PAI. The two companies merged to conduct European ice cream business in 20 countries. (Sina Finance)

Adrian Mardell, Global CEO of Jaguar Land Rover, Announces Retirement at the End of the Year

According to a report on the morning of August 1st, Adrian Mardell, one of the most senior employees at Jaguar Land Rover and its Global CEO, will officially retire on December 31, 2025. His successor will be announced later. (Sina Finance)

Google Dispels Rumors of Resuming Services in Mainland China, Stating That the Related Screenshots Circulating Online Are Not from the Official Source

Recently, a screenshot of a so - called "Google China Announcement" circulating online claimed that starting from September 1st, 2025, Google has been approved to fully resume its services in Mainland China (including Search, Gmail, YouTube, etc.). The domain name will still be google.cn, and its headquarters will be located in Haidian District, Beijing.

In response, Google told many media reporters that the screenshot was not from Google. Public information shows that since Google was blocked, there have been several similar rumors circulating online, all of which have been denied by the official. (Kuaikeji)

Microsoft to Block Potentially Threatening Links for Excel Users

Technology media bleepingcomputer published a blog post on July 31, reporting that Microsoft announced it will disable external workbook links in locked Excel files by default between October 2025 and July 2026. When users reference external workbook links in locked Excel files, they will see a "BLOCKED" error or be unable to refresh, thus eliminating the security risks associated with accessing unsupported or high - risk file types (including but not limited to phishing attacks that redirect workbooks to malicious payloads). (IT Home)

The Cutting - Edge of AI

OpenAI to Introduce "Stargate" Project to Europe

OpenAI announced on July 31 local time that it is about to launch the "Stargate" project in Norway. This is OpenAI's first AI data center project launched in Europe. Partners of the "Stargate" Norway project include Nscale and Aker. The site will be designed and constructed by Nscale and is expected to be jointly owned by a 50/50 joint venture established by Nscale and Aker. (Caixin)

Manus Announces the Launch of Wide Research Function

36Kr learned that on August 1st, Manus announced the launch of the Wide Research function. This function supports the parallel operation of over a hundred intelligent agents in a single scheduling, which is used to handle complex, multi - dimensional large - scale research tasks. After users initiate a task on the platform, the system will automatically call the fully - functional Manus sub - intelligent agents. Each sub - intelligent agent independently handles a subtask and finally collaborates to output the results.

OpenAI Reportedly Made ChatGPT Shared Conversation Content Public to Search Engines, Then Halted It Due to Privacy Risks

On August 1st, OpenAI announced that it had removed the feature in ChatGPT that allowed users to make their conversations visible to search engines. The company said that this short - term experiment "posed an unacceptably high risk of users inadvertently revealing their privacy." (IT Home)

Financial Reports of Large Companies

Nintendo's net sales in the first quarter reached 572.36 billion yen, a year-on-year increase of 132.1%

On August 1st, Nintendo released its first-quarter financial report. The report shows that this quarter, the net sales reached 572.36 billion yen, a year-on-year increase of 132.1%; the operating profit was 56.93 billion yen, a year-on-year increase of 4.4%; the net profit was 96.03 billion yen, a year-on-year increase of 18.6%. (Jiemian News)

Investment and Financing

"Nova Fusion" Completes 500 Million Yuan Angel Round of Financing, Breaking the Single - Round Financing Record of Domestic Private Fusion Companies

36Kr learned that according to the official WeChat account of Nova Fusion, on August 1st, "Nova Fusion" announced the completion of a 500 million yuan angel round of financing, setting a new high for single - round financing of domestic private nuclear fusion companies. This round of financing was jointly composed of industrial capital, social capital, and state - owned funds, including the Zhongguancun Special Fund for Independent Innovation of the Social Security Fund (managed by Legend Capital), Legend Capital, Lightspeed China Partners, Banyan Capital, Huarong Capital, Mingshi Venture Capital, Lingang Science and Technology Innovation Investment, and other institutions and strategic investors. The funds from this financing will be mainly invested in the research and development of China's first small modular nuclear fusion reactor to precisely meet the power supply needs of AI.

“Wutong Sensing and Control” Completes Series of Financing Worth Tens of Millions of Yuan

36Kr learned that “Wutong Sensing and Control”, a flexible tactile sensing technology company, recently completed a series of financing worth tens of millions of yuan. In the Pre-A round, Shangshi Capital led the investment, followed by Shimuyuan Venture Capital. In the Pre-A+ round, Ruiyuan Capital of GF Fund led the investment. The company completed its angel round of financing at the end of 2023, led by Shimuyuan Venture Capital, with institutions such as the Global Health Industry Innovation Center (GHIC) and the Beijing Medical Robot Industry Innovation Center (IMC) following the investment.

Cool Products

Specifications of Sony PS6 Console/Handheld Device Exposed, Estimated Rasterization Gaming Performance 3/0.5 Times That of PS5

On August 1st, YouTube channel Moore’s Law Is Dead (MLID) released a new video, disclosing a 2023 presentation document from AMD, which revealed the specifications of Sony's PlayStation 6 (codenamed Orion) and PlayStation 6 handheld device (codenamed Canis). The target power consumption of PlayStation 6 is 160W, using 8 Zen 6 cores and 40 to 48 RDNA 5 computing units; while the handheld device Canis is equipped with 4 Zen 6C cores and 12 to 20 RDNA 5 computing units.

Overall, the rasterization performance of PlayStation 6 is expected to be more than three times that of the base - model PlayStation 5 and about twice that of the new PlayStation 5 Pro. This will make the performance level of PlayStation 6 roughly equivalent to that of GeForce RTX 4080. In terms of price, Sony plans to start mass - production in 2027 and launch it at the end of 2027 or early 2028, with a price of about $499. (IT Home)

Compiled | Xiaoguo