9:01 Kr: East Buy denies Sun Dongxu's resignation; experts predict A-share market rally to last 2-3 years; Sanzhiyang and Dongbei Yujie criticized again.

Today's Hotspot Guide

Model Y L will be connected to Doubao and DeepSeek.

Pop Mart officially announced new mini LABUBU products priced at 79 yuan each.

A man who was wrongly detained for 6,370 days applied for 19.11 million yuan in state compensation.

Alibaba made major adjustments to its business structure and re - grouped into four major business segments.

Game Science has applied for multiple trademarks in the Black Myth series, such as "Black Myth: Xiaoqian".

Top 3 Big News

East Selection Responds to Rumors that Former CEO Sun Dongxu May Leave: He Has Not Left

Recently, the news that Sun Dongxu, the former CEO of East Selection, may leave has attracted public attention on the Internet, and the relevant topic has made it onto the hot search list. In response, East Selection issued a statement on August 22, stating that Sun Dongxu is on leave and has not left. Since December 2023, Sun Dongxu has been working as an advisor to East Selection and Yu Minhong. Yu Minhong and Sun Dongxu have always maintained good communication. (The Paper)

Experts say this round of A-share market is expected to last for 2 to 3 years, and the Shanghai Composite Index is expected to reach 4,000 points in the second half of the year

The current bull market in the A-share market is intensifying. On the 22nd, the Shanghai Composite Index broke through the 3,800-point mark, hitting a new ten-year high. The total trading volume in the A-share market exceeded 2 trillion yuan, breaking through the 2-trillion-yuan mark for eight consecutive days (from August 13th to August 22nd), breaking the historical record of the A-share market. In terms of the market, sectors such as semiconductor chips, securities, and computing power hardware led the gains.

Yang Delong, the chief economist of Qianhai Kaiyuan Fund, said that the recent bullish sentiment in the market has been fully released, which fully indicates that this long-term slow bull market has taken shape and is expected to last for 2 to 3 years. In the second half of the year, the Shanghai Composite Index is expected to reach 4,000 points. He believes that the current market is driven by the inflow of five types of funds, namely funds from the bond market, the real estate market, foreign capital inflows, the transfer of household deposits, and funds from industries with overcapacity. A recent report from Morgan Stanley stated that supported by the accelerated loosening of policies and the further mobilization of liquidity from bonds, savings, and retail investors, the upward momentum of the A-share market may last throughout the summer, and the CSI 300 Index may move towards the bull market target of 4,700 points in the short term. (China News Service)

Three Goats and Northeast Sister Yu Are Named Again

On the morning of August 22, the State Council Information Office held a series of themed press conferences on "High - quality Completion of the 14th Five - Year Plan". Luo Wen, the director of the State Administration for Market Regulation, Liu Jun, the deputy director of the State Administration for Market Regulation, Deng Zhiyong, the deputy director of the State Administration for Market Regulation and the director of the Standardization Administration of China, and Yang Sheng, the deputy director of the National Medical Products Administration, were invited to introduce the achievements of high - quality development of market supervision during the 14th Five - Year Plan period and answer questions from journalists.

Deng Zhiyong, the deputy director of the State Administration for Market Regulation and the director of the Standardization Administration of China, mentioned that "tough measures" should be taken against chaos. The State Administration for Market Regulation, together with relevant departments, has continuously carried out special actions for online market supervision. A total of 4.541 million illegal product information on platforms has been urged to be deleted, 58,000 times of online stores have been ordered to stop platform services, and 105,000 online - related cases have been investigated and dealt with. At the same time, it has prominently strengthened the governance of chaos in live - streaming e - commerce, increased the monitoring and disposal of violations, and investigated and handled major cases in the field of live - streaming e - commerce such as "Three Goats" and "Northeast Sister Yu". (China Fund News)

Large Companies/ Major Events

Reached a preliminary settlement, Musk may pay $500 million in severance to 6,000 former Twitter employees

According to a court document, Musk and his social media company X reached a preliminary settlement in a lawsuit filed by former Twitter employees and will pay $500 million in severance to 6,000 employees who were laid off after he took over Twitter. The court document shows that "the two parties have reached a settlement agreement in principle and began negotiating the terms of a long - form settlement agreement on August 19, 2025." Musk acquired Twitter in 2022, then laid off about 6,000 employees, more than half of the total workforce, and renamed the platform X. (Sina Finance)

Model Y L to Integrate Doubao and DeepSeek

On August 22nd, according to Yicai, Tesla has recently reached a cooperation agreement with Volcengine, a subsidiary of ByteDance. Volcengine will provide large - model services for the intelligent cockpit interaction experience of Tesla.

According to the updated "Terms of Use for Tesla In - Car Voice Assistant" on the official website of Tesla China, the newly launched Tesla Model Y L will be equipped with the Doubao large model and the DeepSeek model. Both models will be integrated via Volcengine. Among them, the Doubao large model will handle voice command functions, such as setting navigation, controlling media playback, and adjusting the air - conditioning temperature. It also has the function of querying the owner's manual. The DeepSeek model provides AI voice chat services (Yicai).

Didi, T3, Caocao and Other Ride-Hailing Platforms Announce Commission Cuts

Multiple ride-hailing platforms, including Didi, T3, and Caocao, have announced cuts to their commission rates. Didi Chuxing recently posted an announcement on its official WeChat account, stating that by the end of this year, the platform will reduce the maximum commission cap per order from 29% to 27%, and the portion exceeding 27% will be refunded with each order. The Didi announcement mentioned that in 2024, the average commission for all orders on the platform was 14%. "Although currently, only a very small number of orders have a commission rate of over 27%, we hope that through this no-strings-attached adjustment, we can further ensure that all ride-hailing drivers on the Didi platform will benefit." (Beijing Daily)

Love and the Deep Space, Developed by Papergames, Wins the Best Mobile Game Award at Gamescom

36Kr learned that on August 22 (Beijing time), Love and the Deep Space, a surreal 3D immersive dating interactive mobile game developed by Chinese game company Papergames, won the Best Mobile Game Award at the 2025 Gamescom, becoming the first female - oriented game to receive this prestigious award. The project team of Love and the Deep Space stated that as of now, the total number of its global game players has exceeded 70 million. According to SensorTower data, Love and the Deep Space achieved a record - high global revenue in July 2025, with its overseas revenue climbing 48% month - on - month, ranking among the top ten on the "List of Revenue of Chinese Mobile Games in Overseas Markets in July 2025".

Xinba's Kuaishou account renamed to Chu Ruixue, previously announced withdrawal from the internet

On August 22, Jiemian News noticed that the core account "Xin Youzhi, Xinba, 818" of former top anchor Xinba on Kuaishou has been renamed to "Chu Ruixue (Xinba 818)", and the account avatar has also been changed to a photo of Chu Ruixue. Currently, the account is still verified as the founder of Xinxuan Group, with over 99.99 million followers and 340 million likes.

On the evening of August 18, Xinba said in a live broadcast, "I'm saying goodbye to you all. From today on, Xinba is no longer capable of handling the work of live - streaming. I officially announce my withdrawal from the live - streaming industry today." After that, his wife, Chu Ruixue, took over the management of Xinxuan Group. (Jiemian News)

Each costs 79 yuan. Pop Mart officially announces new mini LABUBU products

On August 22nd, Pop Mart officially announced new mini LABUBU products. The products are divided into two series, A and B, each containing 14 regular styles and 1 hidden style. The probability of getting a regular style is 1:14, and the probability of getting a hidden style is 1:168. The price of a single blind box is 79 yuan, and the price of a whole set is 1106 yuan. The online sales of the new products will start at 22:00 on August 28th, and the offline sales will start on August 29th. (Jiemian News)

Apple Adjusts Global App Store Tax Rates, Price Adjustments to Take Effect on September 8

Apple recently notified developers that it will soon adjust the tax rates and prices in the App Store in countries such as Canada, Romania, and Brazil. Some of the tax rate changes have already taken effect on the 22nd, and the price adjustments will be implemented on September 8.

It is understood that this change involves six markets: Brazil, Canada, Estonia, Romania, the Philippines, and Vietnam. In Brazil, a 3.5% Financial Operations Tax (IOF) is imposed on app and in - app purchase revenues. Canada has abolished the original Digital Services Tax (DST). In Estonia, the Value - Added Tax (VAT) has been raised from 22% to 24%. In Romania, the standard VAT rate has been increased from 19% to 21%, and the preferential tax rate for news, magazines, books, and audiobooks has been raised from 5% to 11%. The Philippines has introduced a 12% VAT on overseas developers for the first time. The tax adjustment in Vietnam is more complex. The VAT for overseas organizations has been raised from 5% to 10%. Individual developers will be subject to a 5% personal income tax instead of the original corporate income tax, and news, magazines, and book content will be taxed at the standard rate uniformly. (IT Home)

Man Detained Wrongfully for 6,370 Days Applies for 19.11 Million Yuan in State Compensation

Earlier, The Paper reported that on the evening of March 25, 1993, Li Moumou, a villager from the Fourth Group of Pojiao Village, Qudong Township, Yongping County, Yunnan Province, was killed in the main room of his house. After more than three months of investigation, the Yongping County Public Security Bureau failed to identify the suspect. On the next day (July 3, 1993) after receiving an "anonymous tip - off letter", Yang Xuqiu was taken into custody for review. On November 9 of the same year, he was arrested upon the decision of the Yongping County Procuratorate on suspicion of rape and intentional homicide.

Yang Xuqiu, 77 years old, told The Paper that he had filed a claim of 19.11 million yuan with the Higher People's Court of Yunnan Province. The claim includes more than 3.02 million yuan in compensation for the infringement of personal freedom, more than 9.08 million yuan in mental damage compensation, a housing unit, and 5 million yuan for future medical treatment and physical maintenance. On June 22 this year, the Higher People's Court of Yunnan Province deemed that his application for state compensation met the filing conditions and decided to accept it. (The Paper)

12306 Responds to Whether It's Reasonable for High - speed Rail Standing Tickets to Have the Same Price as Second - class Seats

Recently, some netizens posted online questioning, "Is it reasonable for high - speed rail standing tickets to have the same price as second - class seats?" This topic has sparked intense discussion. On August 21st, a staff member from China Railway 12306 responded regarding the pricing standard and specific usage rules for standing tickets: Currently, the price of high - speed rail standing tickets is basically the same as that of hard seats or second - class seats. Regarding seat usage, although passengers with standing tickets don't have fixed seats, they can temporarily take the empty seats in the carriage. When the ticket - holder of that seat boards the train, passengers with standing tickets need to offer their seats voluntarily. This rule aims to balance the travel needs of passengers with standing tickets and the rights and interests of passengers with seats, and it falls within the scope of reasonable pricing. (Jing Shi Live)

Prospective owners of the Xiaomi SU7 Ultra claim they are required to pay the balance within 30 days before vehicle delivery, or else the 20,000-yuan deposit will not be refunded

Recently, Xiaomi Auto has come under the spotlight for asking users to pay the balance in advance before vehicle delivery. Some prospective owners of the Xiaomi SU7 Ultra told Red Star Capital Bureau that they received a notice stating that if they fail to pay the balance within 30 days, their orders will be cancelled.

It is understood that most of the prospective owners who received the notice to pay the balance in advance ordered the "perforated version" of the SU7 Ultra. They do not accept Xiaomi's explanations and compensation, and suspect that Xiaomi is involved in false advertising. A Xiaomi Auto salesperson said that consumers who show signs of not wanting the car or delaying car pickup may be required to pay the balance in advance to ensure the stability of the transaction. (Red Star Capital Bureau)

Li Bin Responds to NIO's New Car Pricing: Survival is the Most Important

On the morning of August 22nd, Li Bin, the CEO of NIO, said at the media communication meeting for the launch of the new ES8 that it would be difficult for NIO to participate in market competition if it continued to maintain high prices. The cost of the new ES8 is much lower than that of the old ES8 at that time, and there is still a gross profit at the current price. "It is the most important for NIO to survive." (Yicai Global)

Alibaba Overhauls Business Structure, Reclassifies into Four Business Segments

On August 22, the "Our Business" section on Alibaba's official website was updated. The previous structure of six business groups plus other businesses has been changed to Alibaba China E-commerce Group, Alibaba International Digital Business Group, Cloud Intelligence Group, and all other businesses. Ele.me and Fliggy have been incorporated into Alibaba China E-commerce Group, while Amap, Cainiao, Youku, Damai Entertainment, etc. have been included in "all other" businesses. It is understood that the reclassification of business segments on Alibaba's official website does not represent an organizational structure adjustment, and there have been no changes in internal reporting for now. (Yicai Global)

Apple's streaming service, Apple TV+, raises prices by 30%, with monthly fees increasing to $12.99

On August 21st local time, Apple announced that the monthly subscription price for its streaming service, Apple TV+, has increased to $12.99. This price took effect on August 21st in the United States and some international markets, representing a 30% increase compared to the previous price of $9.99. (Jiemian News)

Musk Says SpaceX's Revenue Will Exceed NASA's Budget Next Year

Musk posted on the X platform on Thursday, saying, "SpaceX will receive about $1 billion in revenue from NASA this year, accounting for about 7% of the total revenue of $15 billion." A user commented, "Soon, SpaceX's revenue may exceed NASA's entire budget." Musk replied, "Next year." According to the federal spending budget proposal for fiscal year 2026 released by the White House in May this year, the allocated budget for the National Aeronautics and Space Administration (NASA) in fiscal year 2026 is $18.8 billion, a nearly 25% decrease from the actual $24.9 billion received in fiscal year 2025. (Sina Finance)

Game Science has applied for multiple trademarks in the Black Myth series, including "Black Myth: Xiaoqian"

36Kr learned that recently, the name of the official WeChat account of "Black Myth: Wukong" has been changed again. After this renaming, the verified name of the account has been simplified from "Black Myth Wukong" to "Black Myth", and the iconic words "Wukong" have officially disappeared from the name of the WeChat account. Public information shows that "Black Myth: Wukong" is a 3A action role - playing game developed by Game Science, themed around "Journey to the West". According to the Aiqicha App, Shenzhen Youke Interactive Technology Co., Ltd., an affiliated company of Game Science, has applied to register multiple trademarks in the Black Myth series, such as "Black Myth: Jiang Ziya", "Black Myth: Wukong", "Black Myth: Zhong Kui", and "Black Myth: Xiaoqian". The international classifications involve education and entertainment, advertising and sales, scientific instruments, etc. Currently, most of the above - mentioned trademarks have been successfully registered.

“Anime-themed” gold sells out rapidly, with “Pain Gold” being bid up to $2800 per gram

As gold investment continues to heat up, “Pain Gold” (anime-themed gold jewelry) is becoming popular among young consumers. Since 2025, the unit prices of many gold “goods” products have been bid up to nearly twice the daily gold price, leading to a temporary shortage of supply. These products are regarded by young people as “the most value-preserving goods”. A collector introduced that a 1000-gram high-end gold collection launched by Lao Feng Xiang in July 2024, with an original price of 880,000 yuan, is now worth over 1 million yuan according to the current gold price. Considering its collectible value as “a global limited edition of only 10 pieces”, the actual appreciation is even higher. The gold pendant jointly launched by Chow Tai Fook and Chiikawa is sold at a staggering $2800 per gram. According to merchants, “Pain Gold” has the attributes of emotional projection and social currency. The emotional connection brought by the IP makes young people willing to pay a premium, and gold is less likely to be damaged compared to paper items and iron badges. Merchants remind that the current price fluctuations are significant, and consumers need to be cautious when making high-price purchases in the second-hand market. (China Business Journal)

JD.com has applied for multiple trademarks related to JD Pinpin

36Kr learned that recently, JD.com has re-entered the community group-buying track. After opening its first store in Fangshan, Beijing in April this year, there are reports that JD Pinpin, the community group-buying business under JD.com, has successively opened multiple stores in Beijing. According to the Aiqicha App, Beijing Jingdong Sanbailiushidu E-commerce Co., Ltd. has applied to register multiple trademarks such as "JD Pinpin" and "JD Pinpin Group-Buying Store", with international classifications covering advertising and sales, transportation and storage. Currently, some of these trademarks have been successfully registered.

The Forefront of AI

OpenAI to Set Up Office in India

On August 22, OpenAI announced that it will open its first corporate office in India in New Delhi later this year and has started recruiting to expand its local team. (Jiemian News)

OpenAI's Chief People Officer to Leave and Pursue AI Popularization

OpenAI has confirmed that its Chief People Officer, Julia Vergara, will leave the company this Friday. According to her LinkedIn profile, Vergara joined the artificial intelligence company in February 2024 as the head of human resources. Vergara is leaving to pursue her personal aspiration - to help people understand the transition to general artificial intelligence through art, music, and storytelling. (Zhitong Finance)

KeLing AI Officially Launches New First and Last Frame Function Based on Model 2.1

36Kr learned that on August 22nd, KeLing AI officially launched a new first and last frame function based on Model 2.1. Its effectiveness has been improved by 235% compared to Model 1.6, further enhancing the controllability of AI video generation. It is widely applicable to creative production scenarios such as advertising and marketing, film and television, short dramas, and animation.

VAST's AI 3D large model officially launches the Tripo 3.0 version

36Kr learned that on August 21st, VAST's AI 3D large model officially launched the Tripo 3.0 version. According to official data, VAST has provided services to over 3 million professional developers globally and more than 700 large enterprise customers, and the cumulative number of high - quality 3D native datasets generated has exceeded 40 million.

Financial Reports of Large Companies

Li-Ning: Revenue Reached 14.82 Billion Yuan in the First Half, Up 3.3% Year-on-Year

36Kr learned that on the evening of August 21st, Li-Ning released its mid-year performance announcement for 2025. In the first half of 2025, Li-Ning's revenue reached 14.82 billion yuan, a year-on-year increase of 3.3%. The gross profit margin decreased by 0.4 percentage points to 50%, and the net profit was 1.74 billion yuan, with a net profit margin of 11.7%. As of June 30th, 2025, Li-Ning's cash balance was 19.19 billion yuan.

Intuit's net revenue in the fourth fiscal quarter reached $3.83 billion, exceeding market expectations

Intuit's net revenue in the fourth fiscal quarter was $3.83 billion, while analysts had expected $3.75 billion. The company expects its revenue in fiscal year 2026 to be between $21.00 billion and $21.19 billion, while analysts' expectation is $21.08 billion. (Caixin)

Shede Spirits: Net profit in the first half of the year was 443 million yuan, a year-on-year decrease of 24.98%

36Kr learned that Shede Spirits released its semi - annual report. The report shows that in the first half of 2025, it achieved an operating income of 2.701 billion yuan, a year-on-year decrease of 17.41%; the net profit reached 443 million yuan, a year-on-year decrease of 24.98%.

Investment and Financing

"Mengtong Intelligence" Completes Pre-A Round Financing of Tens of Millions of Yuan

36Kr learned that "Mengtong Intelligence" recently completed a Pre-A round financing of tens of millions of yuan. This round was strategically invested by A-share listed company Zhidongli, and Gaoshi Capital served as the exclusive financial advisor. The financing funds will be mainly invested in product R & D, team expansion, and ecological implementation. Mengtong Intelligence was founded in 2022 and focuses on the independent R & D of software and hardware AI terminal products centered on "AI + AR glasses" and the ecological construction centered on the "Spatial AIOS System" as the computing center to realize the AI intelligent agent in the era of spatial intelligence.

“Innovent Biologics” Completes Series C Financing of Over $34 Million

36Kr learned from the official WeChat account of Kunlun Capital that recently, “Innovent Biologics,” an innovative drug R & D company focusing on the treatment of drug - resistant solid tumors, announced the completion of a Series C financing of over $34 million. This round of financing was led by Fujian Capital, with investments from Bixinxing Venture Capital, Chengxiang Capital, and Kunlun Capital. The existing shareholder, Enran Venture Capital, continued to increase its investment.

Compiled | xm