8:00, 1 Krypton: Wang Jianlin Under High - Consumption Restriction, Jia Guolong of Xibei Clears Multiple Accounts' Content, Zong Fuli May Be Banned from Using "Wahaha" Trademark

On September 28th, it was reported that recently, Dalian Wanda Group Co., Ltd. and its legal representative Wang Jianlin have been restricted from high - end consumption.

Today's Hotspot Guide

Zhu Jiangming, the founder of Leapmotor, responds to being "restricted from high - end consumption"
Wei Jianjun says he rejects excessive marketing, and Great Wall executives who exaggerate excessively at press conferences will be punished
91 Assistant stops all services, and user data will be permanently discarded
The sales rights of Zhejiang Wahaha Drinking Water Co., Ltd. have changed, and orders have been transferred to a subsidiary of Masterkong Beverage
Fat Donglai's sales in the first nine months have exceeded last year's total, reaching 17 billion yuan

Top 3 Big News

Wang Jianlin and Dalian Wanda Group Restricted from High - end Consumption, Previously Subject to Compulsory Execution of 186 Million Yuan

On September 28th, it was reported that recently, Dalian Wanda Group Co., Ltd. (hereinafter referred to as Dalian Wanda Group) and its legal representative Wang Jianlin have been restricted from high - end consumption. The case hearing process shows that previously, Dalian Wanda Group, Wanda Real Estate Group Co., Ltd., Wang Jianlin and others were subject to compulsory execution of 186 million yuan. The executing court is the Intermediate People's Court of Lanzhou City, Gansu Province.

The amount of execution against Dalian Wanda Group is approximately 1.4293 billion yuan, and there are a total of 57 pieces of equity freezing information. Among them, since September this year, there have been 5 pieces of equity freezing information, and the frozen equity amounts to 1.4533 billion yuan. Currently, Wang Jianlin has 42 companies under his name, only 10 of which are in the state of operation or relocation, and the rest are in the state of revocation or cancellation.

In addition, a person familiar with the situation at Wanda said, "This is due to an economic dispute of a project company under Wanda. In fact, the two parties have been trying to resolve the issue through various means. We are also in the process of understanding the specific situation. This may be caused by information asymmetry at the execution level." (Jiemian News)

Jia Guolong Clears Multiple Social Media Accounts

On September 28th, it was reported that Jia Guolong, the founder of Xibei Catering, cleared multiple social media accounts. Currently, there are no posts on his video account and Xiaohongshu account. His Douyin account has 120,000 followers and only retains one video post published on September 30th, 2024. In this video, Jia Guolong talked about the growth history of Xibei Catering and said that the company's annual revenue reached 6.2 billion. (Jiemian News)

Zong Fuli may not be able to use the "Wahaha" trademark, and Hongsheng Group companies are ready to use "Wa Xiaozong"

In February this year, Wahaha was embroiled in an uproar over trademark transfer. Wahaha stated that a total of 387 trademarks in the "Wahaha" series are being applied to be transferred from Hangzhou Wahaha Group Co., Ltd. (hereinafter referred to as "Wahaha Group") to Hangzhou Wahaha Food Co., Ltd. (hereinafter referred to as "Wahaha Food").

It is reported that due to various historical legacy issues, under the current equity structure, the use of the "Wahaha" trademark requires the unanimous consent of all shareholders of Wahaha Group. Otherwise, no party has the right to use it. Therefore, even Zong Fuli may face the situation of being unable to continue using the "Wahaha" trademark.

Now, not only Shanghai Wahaha cannot use the "Wahaha" trademark. Due to the historical legacy issues of Wahaha's trademark rights, Zong Fuli and Hongsheng Group also seem to be preparing to replace it with the brand "Wa Xiaozong". (National Business Daily)

Large Companies/ Major Events

Change in the sales rights of Zhejiang Wahaha Drinking Water Co., Ltd., orders transferred to a subsidiary of Masterkong Beverage

On September 27, an insider revealed that not only has there been a change in the business of Wahaha's Shanghai factory, but there has also been a change in the bottled water business of Zhejiang Wahaha Drinking Water Co., Ltd. This information was also confirmed by two other insiders. The above - mentioned insiders revealed that at the end of 2024, Zong Fuli, the chairperson of the Wahaha Group, requested that the bottled water sales business of Zhejiang Wahaha Drinking Water Co., Ltd. be transferred to Hangzhou Xun'er Chengtong Trading Co., Ltd., and the plan was officially implemented on March 25, 2025. In April 2025, without signing a purchase and sales agreement with the distributors, the distributors were required to place orders with Hangzhou Xun'er Chengtong Trading Co., Ltd. Goods were shipped, invoices were issued, and a substantial business transfer was completed. (The Paper)

Zhu Jiangming, Founder of Leapmotor, Responds to "Restriction on High-End Consumption"

According to media reports, regarding the matter that Leapmotor was subject to enforcement due to business disputes, Zhu Jiangming, the founder and chairman of Leapmotor, posted on his WeChat Moments, saying that the three-day "restriction on high-end consumption" was finally lifted today. This incident also exposed some deficiencies in the team, and their capabilities need to be further improved. This event has also strengthened his confidence in Leapmotor. "One cannot see the rainbow without experiencing wind and rain. Running a business is really not easy and requires more supervision and support from all sectors of society." According to the China Enforcement Information Disclosure Network, on September 25th, the People's Court of Baiyun District, Guangzhou listed Zhejiang Leapmotor Technology Co., Ltd. and its wholly-owned subsidiary, Lingpao Automobile Trading Co., Ltd., as dishonest entities subject to enforcement. As the founder and chairman of Leapmotor, Zhu Jiangming was also restricted from high-end consumption. (Caixin Press)

GAC Fiat Chrysler's core assets are to be sold off for 800 million yuan, and there were no bidders in the previous five auctions

On the evening of September 27th, the administrator of GAC Fiat Chrysler announced that in order to complete the disposal of the company's core assets as soon as possible and realize the distribution of creditors' claims, the administrator intends to adjust the disposal method of GAC Fiat Chrysler's core assets from a packaged overall disposal to a public online disposal in two asset packages. One asset package mainly consists of land and buildings (the starting bid price is tentatively set at around 600 million yuan); the other asset package mainly consists of production equipment, etc. (the starting bid price is tentatively set at around 200 million yuan). As the boundaries of the assets need to be determined, the specific details shall be subject to the public online announcement. The total starting bid price of the two asset packages shall not be less than 80% of the fifth - time unsold price of the previous overall asset auction.

Since last June, the Changsha plant, which is the core asset of GAC Fiat Chrysler, has been publicly auctioned five times, all of which ended up unsold due to no bidders. The starting bid price for the first auction was 1.915 billion yuan, and it dropped to 992 million yuan in the fifth auction. The starting bid price this time is only 40% of the first - time starting bid price. (Jiemian News)

Wei Jianjun Says No to Excessive Marketing, Great Wall Executives to Be Punished for Excessive Exaggeration at Press Conferences

Recently, Wei Jianjun was interviewed by the CCTV Finance program "Dialogue" at the company's headquarters in Baoding, Hebei. In the interview, he said that many current marketing gimmicks are not allowed at Great Wall. If executives exaggerate excessively at press conferences, they will be punished when they return. "We need to calm down and establish correct values so that we can take a more stable and solid path." (Red Star News)

Longjiang Airlines Responds to Flight Taking Off 15 Hours Early: It's a Company Adjustment, No Compensation, Passengers Can Get a Free Reschedule for One Self - Operated Flight or a Refund

Recently, netizens reported that on September 26, Flight LT4391 of Longjiang Airlines from Harbin to Hailar, Hulunbuir, took off 15 hours earlier, greatly affecting the passengers' itineraries.

Ms. Zhou originally planned to take this Longjiang Airlines flight. Due to the flight taking off 15 hours earlier, she finally had to choose to reschedule to another flight. According to the order screenshot provided by Ms. Zhou, the platform information showed that the airline notified that the departure time was advanced by 15 hours and 45 minutes. The original departure time of the flight was changed from 21:55 to 06:10.

On September 27, a customer service staff member of Longjiang Airlines replied to the media that the 15 - hour advance was due to the company's plan and there was a phased adjustment. The flight time change was notified on September 18 and officially implemented on September 26, lasting until October 25. The staff also said that notifications had been sent to the passengers' reserved mobile phone numbers immediately. The customer service of Longjiang Airlines also stated that passengers could directly apply for a full refund on the ticketing platform or get a free reschedule for another self - operated flight of Longjiang Airlines. However, regarding the losses suffered by passengers due to this flight change, the customer service said that there was no relevant compensation policy. (Jiemian News, Cover News)

91 Assistant has completely ceased service, and user data will be permanently discarded

On September 28th, the 91 Assistant client could no longer be launched, and all its functions, including mobile phone connection, file transfer, application management, and VIP exclusive features, have stopped providing services. Meanwhile, the official website, help center, and customer service channels of 91 Assistant have also been closed synchronously. After the service termination, all user data in 91 Assistant will be permanently lost and cannot be retrieved in any way.

At the end of August, the 91 Assistant operation team issued an announcement stating that due to business adjustments and product iteration and optimization requirements, the 91 Assistant application will completely cease all services starting at 23:59 on September 27th, including but not limited to core functions such as mobile phone connection management, file transfer, application installation and uninstallation, and system cleaning. (Jiemian News)

Shanghai Railway May Set a New Record for Single - Day Passenger Volume during the National Day Holiday

According to news on September 28, it is learned from the Shanghai transportation department that this year's railway transportation period for the National Day Golden Week will last for 12 days, from September 29 to October 10. Shanghai Railway Station is expected to transport 6.25 million passengers, with an average daily volume of more than 520,000, a year - on - year increase of 14.23%. Among them, on October 1, the peak day of passenger flow, it is estimated that 795,000 passengers will be sent, which may set a new historical record for the station. (CCTV News)

UR store responds to "long - sleeved shirt tears easily like paper": Reported the issue, not sure if there will be a response

Recently, a netizen from Jiangsu posted a video saying that when he pulled up the sleeves of a long - sleeved shirt from the UR brand, he found that the shirt tore directly like paper and complained about its quality issues. In the video, multiple large holes were torn by hand within just a few dozen seconds, which attracted wide attention and sparked heated discussions.

On September 27th, the staff of the involved store said that the shirt was indeed purchased in the store, and they had assisted the customer in handling the matter. "He bought a thin - style shirt. It's not a long - stored item. Our goods are from last year and this year. If there are quality problems with the clothes, we offer after - sales service. I'm not very clear about the specific situation. It was the store manager who communicated with him. He bought a genuine UR product." In response, the UR customer service said that they had not received relevant information yet, and the issue had been reported. They were not sure if there would be a response. (Jimu News)

Lu Weibing Says Demand for Xiaomi 17 Pro Max Far Exceeds Expectations, Production Increase Arranged

The Xiaomi 17 series of mobile phones officially went on sale at 10 a.m. on September 27, with a starting price of 4,499 yuan. The first batch of owners have received their new phones. According to the official Weibo of Xiaomi Home, Lu Weibing, a partner and president of Xiaomi Group, president of the Mobile Phone Department, and general manager of the Xiaomi brand, also appeared at the Xiaomi Home in Huaxi Live, Beijing, to deliver new phones to the first - batch users and communicate with them about the reasons for changing phones.

Referring to Lu Weibing's Weibo, the positive feedback from users mainly focuses on aspects such as the innovation of the rear screen, the improvement of the body craftsmanship, good selfie effects, and UWB vehicle control. Subsequently, Lu Weibing also said that Xiaomi has arranged for a rapid increase in the production of the Pro Max model, stating that the "user demand for the corresponding model indeed far exceeds the original expectations." (Sina Finance)

Fat Donglai's sales in the first nine months have exceeded last year's total, reaching 17 billion yuan

On September 28th, Xuchang Fat Donglai Trading Group announced the latest sales data on its official website. As of September 27th, Fat Donglai's sales in 2025 had reached 17.12 billion yuan, surpassing the full - year sales of 16.9 billion yuan in 2024.

In various business formats, the supermarket's sales "led by a large margin", reaching 9.42 billion yuan. The second - place was the jewelry category with sales of 1.78 billion yuan, the third - place was the department store category with 1.68 billion yuan, followed by the electrical appliance category with sales of 1.59 billion yuan. Among the 15 stores, the sales of Fat Donglai Times Square Store alone reached 4.38 billion yuan. (Jiemian News)

Bear Electric Appliance Responds to the Kettle Explosion Incident

On September 28, a relevant person from Bear Electric Appliance responded to a reporter from Yicai Global regarding the recent kettle explosion incident, saying that "the investigation is underway."

On September 27, a netizen from Jinan claimed that on the 20th of the same month, the glass kettle of Bear Electric Appliance at home suddenly exploded, causing 40% of the body of a one - year - old child to be severely scalded.

In response, Bear Electric Appliance stated that after the incident, the company arranged for a special person to go to the hospital to express condolences to the baby and the family members. In recent days, there has always been a special person communicating with the family members in the hospital and providing them with all possible assistance. Bear Electric Appliance also said that since they cannot access the relevant product, they are currently unable to determine the cause of the accident. After the investigation results are available, they will inform the media and users immediately. (Yicai Global)

The total pre - sale box office of new films during the 2025 National Day holiday has exceeded 50 million yuan

36Kr learned that according to data from Maoyan Professional Edition, the total pre - sale box office of new films during the 2025 National Day holiday has exceeded 50 million yuan. "Deafening", "A Writer's Odyssey 2", and "The Volunteers: To the War" rank in the top three respectively.

Xiaomi SU7 Ultra Makes Its Debut in Japan for the First Time, Release Date Undetermined

Xiaomi Technology's Japanese subsidiary held a press conference in Akihabara, Tokyo on the 26th, showcasing its high - end pure electric vehicle (EV) "SU7 Ultra" in Japan for the first time. The exhibition will last until the 28th. It is reported that the release date of this vehicle in Japan has not been determined. Xiaomi also announced a plan to open more "Xiaomi Store" retail outlets for smartphones, household appliances, etc. in major cities. Zheng Yan, the deputy president of the Japanese subsidiary, told the media on the 26th that, similar to the Chinese market, Xiaomi will also adopt the strategy of selling EVs at smartphone stores in Japan in the future. (Sina Finance)

Xinguang Optoelectronics: Chairman and General Manager Kang Weimin Subject to Detention Measures

36Kr learned that Xinguang Optoelectronics issued an announcement stating that it recently received the "Case Filing Notice" and "Detention Notice" issued by the Song County Supervisory Committee regarding Kang Weimin, the company's controlling shareholder, actual controller, chairman, and general manager. Kang Weimin has been placed under detention measures. During Kang Weimin's detention period, Wang Yuwei, the company's vice chairman, will perform the duties of the company's chairman and legal representative on behalf of him, as well as the duties of the relevant committee members of the company's board of directors. Qu Bo, the company's deputy general manager, will perform the duties of the company's general manager on behalf of him.

BMW Recalls Over 330,000 Vehicles Globally Due to Previously Discovered Engine Fire Risk

BMW is recalling at least 331,000 vehicles globally due to a corrosion problem in the starter motor, which may cause the component to catch fire. Most models produced between 2015 and 2021 will be affected. The company needs to repair 195,000 vehicles in the United States and 136,000 in Germany. In 2024, BMW has already recalled 1.5 million vehicles due to a brake system fault (supplied by Continental AG). (Sina Finance)

Going Public in Progress

Wufangzhai

Wufangzhai (603237.SZ) has officially started the process of listing in Hong Kong. On September 26, Wufangzhai issued an announcement stating that the company's board of directors has reviewed and approved a motion authorizing the management to initiate the preliminary preparatory work for issuing H-shares and listing on the Hong Kong Stock Exchange. Zhan Junhao, the founder of Fujian Huace Brand Positioning Consulting, told reporters that through the international platform of the Hong Kong Stock Exchange, Wufangzhai can better expand its overseas market, enhance the brand's international popularity and influence. At the same time, listing in Hong Kong can broaden the financing channels and enhance the company's overseas financing ability. (Blue Whale News)

Investment and Financing

"Lexiang Technology" Completes 200 Million Yuan in "Angel ++" Round of Financing

36Kr learned that "Lexiang Technology", a consumer-level embodied intelligence enterprise, officially announced the completion of a 200 million yuan "Angel ++" round of financing. This is already the third round of financing completed by Lexiang Technology within 9 months, and the total amount of angel round financing is close to 500 million yuan. This round of financing was led by Zhongding Capital, and the old shareholder IDG Capital continued to increase its investment. The funds will be mainly invested in the self-research of core components, robot body and motion control technology, and the iteration of the consciousness bionic model, with the goal of accelerating the large-scale implementation of consumer-level embodied intelligence products.

"Baixing Intelligence" Secures Tens of Millions of Yuan in Investment from GSR Ventures

36Kr learned that "Baixing Intelligence" announced the completion of a Pre-A round of financing worth tens of millions of RMB. This round was led by GSR Ventures, with participation from Yuanshu Venture Capital and others. The funds from this round of financing will be used to strengthen R & D investment and market expansion. Baixing Intelligence is the first domestic company to develop AI Agents for the foreign trade vertical.

The Cutting - Edge of AI

Tencent Releases and Open-Sources New-Generation Image Generation Model "Hunyuan Image 3.0"

36Kr learned that Tencent Hunyuan has released and open-sourced the native multimodal image generation model "Hunyuan Image 3.0". According to Tencent's official introduction, this is the first industrial-grade native multimodal image generation model with a parameter scale of 80B. It is also the open-source image generation model with the best evaluation results and the largest number of parameters at present, and its performance can match the leading closed-source models in the industry.

Compiled | Anya