Krypton Evening News | Enlight Media actively explores the micro-drama market and plans to establish a related company; Large models such as DeepSeek V3.2 and GLM4.6 are about to be released; Six departments including the Ministry of Industry and Information Technology have issued the "Work Plan for Stabilizing Growth in the Machinery Industry (2025-2026)".
Large Companies:
On September 29, OPPO stated that it has launched a new form factor imaging product series. The new product series will build on OPPO's over 17-year technological accumulation in mobile phone imaging, further expand the mobile imaging experience, and provide more possibilities for imaging creation. The new products in this series are planned to be released in 2026. (Jiemian)
Under Armour Explor's First Flagship Store in China Opens in Shanghai Xintiandi
36Kr learned that on September 29, Under Armour Explor's first flagship store in China officially opened at Shanghai Pacific Xintiandi. It is understood that Under Armour Explor has entered high-end shopping malls and core business districts in 22 provinces and municipalities directly under the Central Government, including landmark commercial complexes such as Grand Gateway 66 in Shanghai, MixC in Hangzhou, and One Avenue in Shenzhen.
36Kr learned that Xiamen Tungsten New Energy announced that the company and Zhongwei Co., Ltd. signed a "Strategic Cooperation Framework Agreement" on September 29, 2025. According to the agreement, from the date of signing the agreement to September 30, 2028, the estimated supply and demand volume of cobalt tetroxide products between the two parties is about 40,000 tons per year; the supply and demand volume of ternary precursor products is about 50,000 tons per year; the supply and demand volume of lithium carbonate/lithium phosphate is about 15,000 tons per year; and the supply and demand volume of recycled materials is about 10,000 tons per year.
36Kr learned that Donghua Technology announced that the 10,000-ton battery-grade lithium carbonate project for the green comprehensive development and utilization of Zabuye Salt Lake in Tibet, which the company undertook as the EPC general contractor, successfully completed the 120-hour functional assessment from September 20 to 24, 2025. The company issued an "Announcement on the Progress of the EPC General Contract Project for the Green Comprehensive Development and Utilization of 10,000-ton Battery-grade Lithium Carbonate in Zabuye Salt Lake in Tibet" on September 26. Completing the functional assessment is a normal progress in the project construction, marking that the project will be officially put into production.
36Kr learned that Enlight Media said on the interactive platform that the company has always been highly concerned about the development trend of the short-form drama market. Currently, it is actively exploring this field based on its own resource advantages and has planned to invest in establishing a related company. At the same time, it also asks investors to rationally treat market hotspots and pay attention to investment risks.
New Products:
Large-scale Models Such as DeepSeek V3.2 and GLM4.6 Are About to Be Released
DeepSeek-V3.2 is about to be released. It is understood that v3.2-base has been uploaded to DeepSeek's official HuggingFace page, and the model files are being uploaded, but it is currently offline. At the same time, Zhipu's GLM-4.6 is also about to be released. On the Z.ai official website, GLM-4.5 is marked as the previous generation flagship model. (Securities Times)
Investment and Financing:
"Zhice Linghang" Completes Angel+ Round Strategic Financing
36Kr learned that recently, Zhice Linghang announced the completion of the Angel+ round strategic financing, led by Xuhui Capital. The funds from this round of financing will be mainly used for artificial intelligence technology R&D, product iteration, and market expansion. As of now, the company's cumulative financing has reached tens of millions of yuan.
"Linghou Robot" Completes Over 100 Million Yuan in Series A Financing
36Kr learned that recently, "Linghou Robot" announced the successful completion of over 100 million yuan in Series A financing. This round of financing was jointly led by Jinding Capital, Boyuan Capital, and TCL Venture Capital, and also introduced multiple investment institutions such as Suzhou Venture Capital Group, Dongyun Venture Capital, Caitong Capital, and Ginkgo Valley Capital. The funds from this round of financing will be mainly used for the R&D of core components in fields such as industrial automation and general-purpose robots, laboratory construction, and capacity expansion.
Top Toy, a Subsidiary of Miniso, May Raise Approximately $300 Million Through a Hong Kong IPO
According to IFR citing people familiar with the matter, Top Toy International, a subsidiary of Miniso, may raise approximately $300 million through an IPO in Hong Kong. (Sina Finance)
36Kr learned that Jiufeng Energy announced that the company plans to act as an industrial investor and jointly invest with Xinjiang Qinghua and Henan Future Silk Road Clean Energy Partnership in the construction of the second-phase project of the Xinjiang Qinghua 5.5-billion-cubic-meter-per-year coal-to-natural gas demonstration project (a 4-billion-cubic-meter-per-year coal-to-natural gas project). The company's cumulative investment will not exceed 3.455 billion yuan, and the funds will come from its own or self-raised sources. The project construction period will not exceed 36 months. The company will hold a 50% stake in the second-phase project (corresponding to an annual output of 2 billion cubic meters of natural gas).
"Maike Technology" Obtains Over 100 Million Yuan in Series A Financing
36Kr learned that recently, "Maike Technology" obtained over 100 million yuan in Series A financing. The investors in this round are Yuanhe Puhua, Hidden Hill Capital (ProLogis), Chengdu Financial Holding, Chengdu Hi-tech Investment Venture Capital, and Lishi Venture Capital. The funds will be used to increase the R&D and production of TGV technology.
Today's Views:
Goldman Sachs said that the activity of global hedge funds in the onshore Chinese stock market last month was the highest in recent years, in sharp contrast to 2021 when some clients considered the Chinese market "uninvestable." PineBridge said that investors have shifted from worrying about risks to fearing missing out. Official data shows that foreign capital inflows into various types of assets are increasing, and this synchronous growth phenomenon has only occurred three times in the past decade. Overall, these signs indicate that the Chinese market is improving. The 2.7-trillion-dollar rally in the onshore Chinese stock market this year is remarkable and cannot be ignored, and global funds are still under-allocated, meaning there is still a lot of room for further investment. "Global investors' interest in Chinese assets has significantly increased," said Joseph Zhang, a portfolio manager at Fidelity International, who is continuously increasing his holdings of Chinese stocks. "This year is different. The re-evaluation of Chinese assets is no longer driven by policy-induced enthusiasm but by fundamental improvements. Investor confidence may further strengthen." (Sina Finance)
Other Noteworthy News:
Ministry of Foreign Affairs: China Will Add a Youth Science and Technology Talent Visa, the "K-visa"
Guo Jiakun, the spokesperson of the Ministry of Foreign Affairs, presided over a regular press conference. A reporter asked questions related to China's launch of the "K-visa." Guo Jiakun said that in order to promote exchanges and cooperation between Chinese and foreign youth science and technology talents, China has decided to add a youth science and technology talent visa, the "K-visa," under the general visa category. For specific details on applying for the "K-visa," please follow the relevant information to be released by Chinese embassies and consulates abroad. (CCTV News)
Li Chao, the deputy director of the Policy Research Office and spokesperson of the National Development and Reform Commission, said on September 29 that private enterprises are the main force in participating in the "Artificial Intelligence+" initiative. Taking the first quarter of this year as an example, 254,000 new private enterprises engaged in artificial intelligence software R&D were established in China. In terms of results, private enterprises are the vanguard in promoting the application of artificial intelligence. Many private enterprises have taken the lead in applying artificial intelligence to their production processes and business operations. Next, the National Development and Reform Commission will, together with relevant departments, take multiple measures to support all types of enterprises, including private enterprises, to deeply participate in the "Artificial Intelligence+" initiative. (China.org.cn)
36Kr learned that six departments including the Ministry of Industry and Information Technology issued the "Work Plan for Stable Growth in the Machinery Industry (2025-2026)." From 2025 to 2026, the machinery industry will maintain a stable and positive operation. The resilience and security level of key industrial chains and supply chains will continue to improve, and the development quality and efficiency will reach a new level. It is expected that the average annual growth rate of operating income will reach about 3.5%, and the operating income will exceed 10 trillion yuan. The scale of key sub-industries will increase steadily, new productive forces will be accelerated, the competitiveness of enterprises will be further enhanced, the supply capacity of high-quality equipment will be significantly improved, and a number of competitive characteristic industrial clusters of small and medium-sized enterprises and internationally competitive industrial clusters will be cultivated.