9:00 am, 1st Kr. | The Hong Kong High Court rejected Zong Fuli's appeal application; Cai Lei, former vice president of JD.com, posted a message confirming his loss of language ability; Xibei responded to the claim of "exchanging a bowl of soup for a customer's apartment in Beijing".

On September 26, the Hong Kong court reheard the inheritance dispute case of the founder of Wahaha. Zong Fuli's side appealed against the August ruling, but the court rejected all five of its requests and upheld the original judgment.

Today's Hot News Guide

• Progress of Xiaomi's legal department in combating negative public relations
• China reiterates its stance on the TikTok issue
• Alibaba's Tongyi Qianwen releases the native full - modality large - model Qwen3 - Omni
• Management changes at a Guangzhou company under Xibei
• Apple asks the EU to abolish the Digital Markets Act, and the EU Commission spokesperson responds firmly

TOP3 Big News

The Hong Kong High Court rejects Zong Fuli's appeal application, and the case maintains the original judgment

At 4 p.m. on September 26, the inheritance dispute case of the Zong family, the founder of Wahaha, was heard again in Hong Kong. This hearing mainly focused on the appeal application filed by the defendants (i.e., Zong Fuli and Jian Hao) after the court's ruling on August 1. The case was heard once on August 1. Zong Jichang and three others submitted a written defense on September 1, 2025, to raise objections, and the defendant Zong Fuli submitted a defense on September 8, 2025. Dissatisfied with the original ruling, Zong Fuli's side put forward five reasons for appeal, all of which were rejected by the court, and the original judgment was upheld. (Jiemian News)

The Hong Kong High Court rejects Zong Fuli's appeal application

Cai Lei, former vice - president of JD.com, posts to confirm loss of language ability

Recently, Duan Rui, the wife of Cai Lei, a patient with amyotrophic lateral sclerosis and former vice - president of JD.com, revealed his current situation, saying that Cai Lei has completely lost his language ability, and his arms, feet, and neck are all immobile. Currently, he can only eat a little liquid food. "If he leaves, I will really be very lonely." On the evening of September 25, Cai Lei posted on social media: "I see that everyone is very concerned about my current situation. Indeed, now I am completely paralyzed and unable to speak. Pain, saliva, choking, difficulty swallowing, and breath - holding torture me every day. But I still have my eyes and ears. Please rest assured. I am still leading the team every day. I am still efficiently handling a large amount of work such as scientific research, operation, cooperation, personnel, and finance through eye - control." (Yicai Global)

Cai Lei's Weibo post

Xibei responds to the story of a bowl of soup in exchange for an apartment in Beijing: It's a real story

Recently, netizens dug out a video officially released by Xibei, titled "I gave an old man a bowl of soup, and he wanted to give me an apartment in Beijing", which sparked a lot of criticism.

In this video, Liu Meixia, the store manager of Xibei's Liuliqiao flagship store in Beijing, recounted that once a customer from Inner Mongolia asked for a bowl of mutton soup and a bowl of cold soup but only paid for one bowl. After serving him, she got to know the customer and served him many times from 2002 to 2004. Later, the customer said he was going to a nursing home and wanted to give her his one - bedroom apartment in Beijing. "I was only 17 years old at that time. I was really scared," Liu Meixia said in the video. She declined the old man's kindness and didn't contact him again later.

On September 26, a reporter called Xibei's service hotline. The customer service staff confirmed that the above - mentioned video was indeed first published on the WeChat official account "Xibei Taste Morning Reading". "It's a real story. It was published before, not recently. And we didn't make it public. We just published it on this official account." The official account is mainly used for communication and interaction with Xibei employees. As for whether Liu Meixia started working at Xibei at the age of 15, the customer service staff said they didn't know. The reporter called Xibei's Liuliqiao flagship store in Beijing. The staff said that Liu Meixia was the former store manager and has not worked at the store since March this year. They didn't know other details. (Jimu News)

Big Companies/Big Events

Lei Jun: Competing with Apple is a long and painful process

Lei Jun, the chairman and CEO of Xiaomi Group, talked about his views on Apple during an interview with the media on September 25. Lei Jun believes that competing with Apple may be a long and painful process. Xiaomi still needs to learn from Apple whole - heartedly and do every detail well step by step. "The all - around benchmarking we mentioned is not only about configuration and parameters but also about technology leadership, user experience, etc. We need to benchmark against Apple and even surpass it." (Xinhua Finance)

Holiland's store responds to the 27 - yuan mooncake: It uses richer ingredients

Recently, many netizens complained that Holiland's "Yolk Red Lotus" mooncakes cost 27 yuan each and only weigh 125 grams. Some netizens think that Holiland's mooncakes contain too many additives and have ordinary packaging, which is not worth the price.

The reporter contacted a Holiland store as a customer to inquire about the ingredients of the mooncakes. The clerk said, "The ingredients are richer, and the added ingredients may be of better quality. There are wheat flour, salted duck eggs, cream, and there are many other ingredients. Don't worry, there are no additives." (Sina News)

Mingchuang Youpin: Plans to spin off its subsidiary TOPTOY through an independent listing of its shares on the main board of the Hong Kong Stock Exchange

36Kr learned that Mingchuang Youpin announced that it plans to spin off its subsidiary TOPTOY through an independent listing of TOPTOY's shares on the main board of the Hong Kong Stock Exchange. The company has submitted a spin - off proposal to the Hong Kong Stock Exchange in accordance with Application Guide 15, and the Hong Kong Stock Exchange has confirmed that the company can proceed with the proposed spin - off. On September 26, 2025, TOPTOY submitted a listing application form (Form A1) to the Hong Kong Stock Exchange through its joint sponsors to apply for the approval of the listing and trading of TOPTOY's shares on the main board of the Hong Kong Stock Exchange. The proposed spin - off is now planned to be carried out through a global offering and distribution. After the completion of the proposed spin - off, TOPTOY will still be a subsidiary of the company.

The National Radio and Television Administration: The number of users of Chinese micro - dramas has reached 696 million

On September 25, the State Council Information Office held a press conference on the theme of "High - quality implementation of the 14th Five - Year Plan". According to the National Radio and Television Administration, during the 14th Five - Year Plan period, micro - dramas have become an important form of new mass literature and art, with rapid development in both user scale and market scale. According to market research institutions, as of July this year, the number of users of Chinese micro - dramas has reached 696 million. On the basis of last year's market scale reaching 50 billion yuan, the market scale this year is expected to achieve greater breakthroughs. (CCTV News)

China reiterates its stance on the TikTok issue

On September 26, Foreign Ministry Spokesperson Guo Jiakun presided over a regular press conference. A reporter asked questions related to TikTok. In response, Guo Jiakun said, "I want to reiterate that China's stance on the TikTok issue is clear. The Chinese government respects the wishes of enterprises and welcomes enterprises to conduct good business negotiations on the basis of market rules to reach a solution that complies with Chinese laws and regulations and balances interests. We hope that the US will provide an open, fair, and non - discriminatory business environment for Chinese enterprises to invest in the US." (CCTV News)

Management changes at a Guangzhou company under Xibei

36Kr learned that according to the Aiqicha app, Guangzhou Xibei Catering Co., Ltd. has undergone industrial and commercial changes. The former shareholders Tao Fazhi, Qi Liqiang, and Jia Wenjun have withdrawn. Qi Liqiang has stepped down as the legal representative, executive director, and general manager, and He Yana has taken over as the legal representative and also serves as a director and manager. The company was established in April 2012 with a registered capital of 10 million yuan. Its business scope includes catering management and catering services. Shareholder information shows that the company is currently wholly - owned by Inner Mongolia Xibei Catering Group Co., Ltd.

Is "Six Walnuts" betting on the semiconductor industry? Yangyuan Beverage has three consecutive daily limit up, and the company responds: It will focus on its main business

On September 26, Yangyuan Beverage, the parent company of "Six Walnuts", achieved three consecutive daily limit up. On September 25, it was reported that Changcun Group, the parent company of YMTC, the only 3D NAND original manufacturer in China, recently held the founding meeting of its joint - stock company and elected the first - term board members of the joint - stock company. This may mean that Changcun Group has completed its joint - stock reform, and the market speculates that its listing process may accelerate. Previously, Yangyuan Beverage obtained a 0.99% stake in Changcun Group through its controlled Quanheng Investment for 1.6 billion yuan. This investment was regarded by some investors as Yangyuan Beverage's bet on the semiconductor industry. In response, the staff answering the phone at Yangyuan Beverage said that the company has no major positive news recently. The investment in Changcun Group is a financial investment, and there is no business synergy between the two. The stake in Changcun Group is less than 1%. The specific investment return rate is not yet known. Currently, the company will still focus on its main business. (21st Century Business Herald)

Aimeike establishes a new technology development company in Tianjin

36Kr learned that according to the Aiqicha app, Tianjin Aimeike Technology Development Co., Ltd. was recently established. The legal representative is Huang Weijun, and the registered capital is 100,000 yuan. Its business scope includes engineering and technology research and experimental development, medical research and experimental development, new material technology R & D, non - residential real estate leasing, cosmetics wholesale, cosmetics retail, information technology consulting services, pharmaceutical production, and commissioned pharmaceutical production. Shareholder information shows that the company is wholly - owned by Aimeike Technology Development Co., Ltd.

Lei Jun reveals that Chen Nian paid off a 1 - billion - yuan debt in 10 years, and the repayment process was lower - key than Luo Yonghao's

On September 25, Lei Jun's annual speech kicked off. At the speech, Lei Jun revealed that after Chen Nian encountered a crisis in his business of Vancl, he owed about one billion yuan and spent a full 10 years repaying the debt. He finally paid it off around 2022. Chen Nian's repayment process was lower - key than Luo Yonghao's. Currently, Chen Nian is engaged in live - streaming e - commerce in Hangzhou. Lei Jun said that his experience in building cars inspired Chen Nian to enter the live - streaming e - commerce industry across industries in middle - age. And Chen Nian's experience also made Lei Jun sigh: "Sure enough, one's fifties are the age to take risks." (Cover News)

Panasonic applies to delist from the Nagoya Stock Exchange

On September 26, Panasonic announced that its board of directors has decided to apply for the delisting of its shares listed on the main board of the Nagoya Stock Exchange. Panasonic said that its shares are currently listed on both the Tokyo Stock Exchange and the Nagoya Stock Exchange. To reduce the management costs of dual - listing and optimize administrative operations, the company has decided to apply to the Nagoya Stock Exchange to cancel the listing of its shares. (Jiemian News)

The first Taobao Vision Future Flagship Store in Shanghai opens

36Kr learned that on September 26, the first Taobao Vision Future Flagship Store in Shanghai opened. It is understood that the Taobao Vision Future Flagship Store is a future - oriented shopping space newly created by Taobao. Through the integration of "AI + 3D + XR" technologies, it provides a solution for brands to improve the efficiency of offline stores and supports brands to display an unlimited number of SKUs in a limited space.

China Nerin: Elects Wu Runhua as the chairman

36Kr learned that China Nerin announced that its board of directors has elected Wu Runhua as the new chairman, with a term until the end of the term of the third - session board of directors. At the same time, Director Zhang Xiaobo will no longer serve as a director of the third - session board of directors and a member of the board's special committees due to age reasons. Zhang Ming and Lin Yang will no longer serve as directors of the third - session board of directors and members of the board's special committees due to work reasons.

The National Development and Reform Commission: Encourages qualified regions to explore issuing "data vouchers" and "algorithm vouchers" to reduce the cost of data governance and utilization

36Kr learned that the National Development and Reform Commission issued a notice on "Several Measures to Strengthen the Cultivation of Digital Economy Innovative Enterprises" today, which mentioned that local governments are encouraged to accelerate the establishment of a public data authorization operation mechanism and an application innovation ecosystem to promote the sustainable supply, development, and utilization of public data. On the premise of ensuring data security and compliance, digital innovation enterprises are supported to fairly participate in the development and utilization of public data resources. It is explored to ensure the early - stage data utilization needs of digital innovation enterprises in the innovation practice of public data resource development and utilization through cost - sharing, revenue - sharing, etc. Qualified regions are encouraged to explore issuing "data vouchers" and "algorithm vouchers" to reduce the cost of data governance and utilization.

Norwegian Air will purchase an additional 30 Boeing 737 aircraft

On September 26, Norwegian Air issued a statement saying that it will exercise its option to purchase an additional 30 Boeing 737 MAX 8 aircraft, expanding its existing Boeing order. This will increase the total confirmed order volume to 80 aircraft. To accommodate this additional purchase, Norwegian Air and Boeing have reached an agreement on adjusting some delivery dates. The last batch of aircraft in this order is now scheduled to be delivered in 2031. (Jiemian News)

Scalpers mark up the tickets for the League of Legends S15 final by 1,000 yuan, and the tickets are resold for up to 5,000 yuan

The 2025 League of Legends World Championship (S15) will return to China and will be held from October 14 to November 9. On September 25, the official League of Legends event released a notice on ticket sales, stating that the championship final will be held in Chengdu on November 9, and unified ticket sales will start at 12 noon on October 3, Beijing time. The championship final tickets are divided into six grades, with the lowest price being 688 yuan and the highest being 1,788 yuan.

A reporter from LanJing News found that although the tickets have not gone on sale yet, there are already a large number of messages on second - hand trading platforms and social media about mark - up ticket - booking on behalf of others and ticket entry. The marked - up prices are much higher than the original prices. The reporter's investigation found that the mark - up ranges for different sessions from the group stage to the final vary significantly. Taking the highest - level final as an example, the scalpers' ticket - booking price