8:00 am, First Krush | Bank apps are facing a wave of closures; Xibei restaurants in many parts of the country have closed; Li Bin responds to online harassment: It doesn't matter. CEOs have the responsibility to entertain everyone.
Today's Hotspot Guide
- China Successfully Launches Low-Orbit Satellites for Satellite Internet
- Wang Ziru Suggests Buying Phones This Year
- Sony Phones Fade Out of the Chinese Mainland Market
- Model Y L Launches AC External Power Supply Function
- Amazon to Lay Off Another 14,000 Employees
Top 3 Big News
Bank Apps Are Facing a Shutdown Wave: Multiple Banks Announce the Shutdown of Some of Their Apps
The topic "Bank Apps Are Facing a Shutdown Wave" has made it onto the hot search list, sparking intense discussions among netizens. According to reports, since the beginning of this year, banks have started to "simplify" their operations. Multiple banks have announced the shutdown of some of their apps, mainly in the credit card and direct - banking sectors. Industry insiders said that in the early years, banks launched independent apps to attract users and boost activity. However, many apps had high download numbers but low daily active users, and users would rarely open them after the first use. As the flow - based dividend fades, the digital transformation of banks has entered the stage of "competition for existing customers". The "unruly growth" of bank apps not only causes a waste of resources but also brings about problems such as data silos, privacy leaks, and high compliance costs. In addition, against the backdrop of the economic structural transformation and the weakening of residents' consumption willingness, the credit card industry is entering a cycle of shrinking the existing customer base, which has also led to the shutdown of some bank credit card apps. (Caixin, China Newsweek)
Xibei Stores Closed in Many Parts of the Country, Three Stores in Zhengzhou Operating Normally
Since October, nearly 10 Xibei stores have been closed in many places. On November 10, reporters contacted three Xibei stores in Zhengzhou, and the staff said that they were operating normally and there would be queues during holidays. Since October, netizens in many places have posted that nearby Xibei stores have closed and shared the closure notices, including the store at Suzhou Fanhua Center, the store at Yiwu Zhixin in Zhejiang, the store at Jingxi Jewelry City in Shijingshan, Beijing, the store at Vientiane City in Shantou, Guangdong, the store at Liuhe Happy Harbor in Nanjing, the store at Xili Vanke Yuncheng in Shenzhen, etc. The reasons for the closures were the adjustment of store development plans or the expiration of store leases.
On the morning of November 10, reporters called the Xibei store at Vientiane City in Erqi, Zhengzhou. The staff told the reporters that the store was currently operating normally. There was no need to queue for dining on weekdays, but there might be queues during holidays when there were more customers. Reporters also learned from the Xibei store at Tanshili in Zhengzhou and the store at Zhengdong Vientiane City that the 50 - yuan consumption vouchers were still being issued and could be used, while the issuance of the 100 - yuan consumption vouchers had ended in October. (Red Star News)
Li Bin Responds to Online Harassment: It Doesn't Matter. A CEO Has the Responsibility to Entertain Everyone
On November 9th, Li Bin responded to online harassment at a user event, saying that he didn't care and that one of the responsibilities of a CEO nowadays is to entertain everyone. According to media reports, Li Bin said at the user event, "Regarding rumors and online harassment, as long as people don't say anything bad about my users, I generally don't mind. I think it doesn't matter. One of the responsibilities of a CEO now is to entertain everyone. Can't people talk about you?" Li Bin emphasized, "As long as they don't say anything bad about my family and my users, I think it's okay." At the same time, Li Bin also said that smearing the company has a huge impact on it, and smearing users is also unacceptable. For obvious slander, "Our legal department is often busy with such things. However, we should handle everything calmly and not deal with it emotionally." (Biannushi)
Large Companies/ Major Events
The price of the first "JD Auto" is announced, starting from only 49,900 yuan
The price of the first "JD Auto" is announced. On November 9th, JD.com, in collaboration with GAC Group and CATL, officially launched the "People's Good Car" Aion UT super. The purchase price with battery leasing is only 49,900 yuan, and the purchase price for the whole vehicle is 89,900 yuan. As a model jointly developed by the three parties, this car integrates JD.com's resources in user insights, car sales, and car maintenance, as well as GAC's vehicle manufacturing capabilities and CATL's battery technology and battery swapping ecosystem.
The Aion UT super is positioned as a Class A pure - electric sedan. It is equipped with CATL's chocolate batteries, boasting a long - range of 500 kilometers and enabling "one charge a week". This car supports the battery swapping mode. Official data shows that the battery swapping time is 99 seconds, significantly reducing the energy replenishment time compared to the traditional charging mode. (Jiemian News)
Carina Lau Calls Out Store for Infringement, Store Customer Service Says the Incident Has Been Handed Over to the Brand for Handling
On November 10th, actress Carina Lau posted on Weibo, sharing two screenshots of Taobao pages and calling out Taobao and Tmall, saying, "Is this kind of serious infringement and deception of consumers your marketing strategy, Taobao and Tmall?" The pictures posted by Carina Lau were screenshots of product pages during the Tmall Double 11 event. Actor Tony Leung's photo was used in the promotion of a health supplement product. A store named "ENCARE Overseas Flagship Store" used Tony Leung's photo when selling multiple products of the New Zealand brand ENCARE. In the pictures shared by Carina Lau, the photo of host Lu Yu was also used.
On November 10th, the customer service of the store responded to the media, saying, "We sponsored the program and have the right to use the photos. We are also communicating with the program production team to see where the misunderstanding lies." Reporters checked the ENCARE Overseas Flagship Store and found that the links to relevant products involving Tony Leung and Lu Yu in the store have been removed. The store customer service told reporters that currently, this incident has been handed over to the brand for handling, and the store customer service doesn't know other details for now. (Yicai Global)
Oil prices will rise at 24:00 on the 10th. Filling up a tank of gas will cost an extra 5 yuan
Reporters learned from the National Development and Reform Commission on the 10th that the window for a new round of refined oil price adjustments will open at 24:00 on November 10th. Affected by international oil price fluctuations, domestic gasoline and diesel prices will rise slightly. According to monitoring by the Price Monitoring Center of the National Development and Reform Commission, international oil prices fluctuated within a narrow range during the current refined oil price adjustment cycle (from October 25th to November 7th). Starting from 24:00 on November 10th, the retail prices of domestic gasoline and diesel will be increased by 125 yuan and 120 yuan per ton respectively. On average across the country, the prices of No. 92 gasoline, No. 95 gasoline, and No. 0 diesel will all increase by 0.10 yuan per liter. A CCTV reporter has done the math for you. Filling a 50-liter tank with No. 92 gasoline will cost an extra 5 yuan. (CCTV News)
Total box office reaches 45 billion in 2025
36Kr learned that according to data from online platforms, as of 7:17 on November 10th, the movie box office (including real - time pre - sales) in 2025 has reached 45 billion.
China Successfully Launches Low - Orbit Satellites for Satellite Internet
At 10:41 on November 10, 2025, Beijing time, China successfully launched the 13th group of low - orbit satellites for satellite internet into space from the Hainan Commercial Space Launch Site using the Long March 12 carrier rocket. The satellites smoothly entered the predetermined orbit, and the launch mission was a complete success. (Xinhua News Agency)
Wang Ziru Suggests Buying Phones This Year, Says Phone Prices May Rise Next Year
Recently, Wang Ziru said during a live broadcast that the prices of mobile phones may increase further next year. "If you take a fancy to a flagship phone this year, buy it quickly. Next year, phones with the same configuration may become more expensive or may even have reduced specifications." When there is a price increase in the memory supply chain, manufacturers will definitely balance the cost fluctuations by raising prices or reducing specifications. Currently, the price of memory is rising and there is a shortage because AI companies have bought up a large amount of it. They need it to build data centers and train large models, and these companies are not short of money. (Finance and Economics Network Technology)
Observation in the First Week after the Implementation of the New Gold Tax Policy: "Stable Prices and Ample Supply" of Investment Gold Bars in Banks
Since the implementation of the new gold tax policy for a week, there have been frequent reports in the market about "shortage of gold bars" and "price fluctuations". The reason is that under the new policy, when banks purchase standard gold for investment purposes on the Shanghai Gold Exchange and the Shanghai Futures Exchange, the value-added tax is refunded immediately upon collection, and they issue ordinary value-added tax invoices to customers when selling. "For individual investors, there are no changes in the rules," said Zhu Liangping, the director of the Fifth Branch of the Shanghai Branch of China Construction Bank. (Shanghai Securities News)
Li Bin's Position at NIO Battery Technology Co., Ltd. Changed from Chairman to Director
36Kr learned that according to the Aiqicha App, recently, industrial and commercial changes have taken place in NIO Battery Technology (Anhui) Co., Ltd. Li Bin's position has changed from chairman to director. Zeng Shuxiang has stepped down as the legal representative, director, and general manager, and is succeeded by He Xu.
Chanel China Denies Plans to Open a New Boutique in Chongqing
Recently, market rumors have circulated that CHANEL plans to open a new boutique at Central Ring MixC in Liangjiang New Area, Chongqing. Chanel China has denied this news, stating, "This is a rumor. We currently have no such plan." (Jiemian News)
Apple Plans to Expand Satellite Features for iPhone
It is reported that Apple is developing new satellite-driven features for the iPhone, which will go beyond emergency text messaging and roadside assistance services. The upcoming upgraded features may include: providing an application programming interface (API) for third-party applications to use satellite connections; enabling offline use of Apple Maps via satellite; adding photos to satellite messages; supporting a "natural use" mode that allows connection without pointing the phone at the sky; and enhancing 5G capabilities using satellite links to expand coverage. (Sina Finance)
Sony Mobile Fades Out of the Chinese Mainland Market, Bringing an End to Its More Than a Decade-long Journey
Recently, Sony Xperia's official WeChat account has been voluntarily canceled, and the account has entered a frozen state, making it impossible to view historical content or perform functional operations. Meanwhile, the "Mobile Phones" category entry has also been removed from the homepage of Sony China's official website, and its official Weibo account has not been updated for a long time. This series of actions is interpreted by the outside world as a signal that Sony's mobile phone business has entered a substantial contraction phase in the Chinese market.
Previously, Sony's Chief Financial Officer Hiroki Totoki announced at the earnings conference call for the first quarter of fiscal year 2025 that in response to the impact of US tariffs, the company had made strategic adjustments to the supply chain of PlayStation 5 (PS5). Totoki revealed that all PS5 consoles currently sold in the US market have been transferred for production outside of China, marking a key progress for Sony in diversifying its production bases and avoiding additional tariff costs (TechWeb, Kuaikeji).
Model Y L Launches AC External Power Supply Function, Free Vouchers to Be Issued via App for Delivered Vehicles
It is reported that Tesla has announced the launch of the highly anticipated AC external power supply function for the Model Y L. For Model Y L vehicles that have been delivered previously, we will start issuing free vouchers to owners via the Tesla mobile app on November 10, 2025. Please patiently wait to receive and operate the redemption through the app. Model Y L vehicles delivered recently will come with the AC external power supply adapter. (Sina Tech)
Japan's Labor Shortage Causes Annual Losses Exceeding $100 Billion
According to the latest joint analysis by Japan's Comprehensive Research Institute, due to the labor shortage, Japan's economic losses in 2024 reached as high as 16 trillion yen (approximately $104 billion), four times that of five years ago and equivalent to 2.6% of the nominal GDP, highlighting the profound impact of population aging on the world's fourth - largest economy. (Sina Finance)
Former Unilever Executive Dave Lewis Appointed CEO of Diageo
Diageo announced on November 10 that it has appointed Dave Lewis as CEO and Executive Director, effective January 1st next year. Lewis served as the CEO of Tesco Group from 2014 to 2020. Prior to that, he worked at Unilever for nearly three decades. (Jiemian News)
Nvidia Asks TSMC to Expand Wafer Production Capacity by 50% as Demand for Blackwell Soars
Nvidia CEO Jensen Huang recently asked TSMC to increase its 3-nanometer wafer production capacity by up to 50% to meet the explosive growth in orders for the Blackwell AI chips. Huang said at TSMC's annual sports meet held in Hsinchu on November 8 that the company is experiencing "extremely strong demand" and has requested an increase in wafer supply. This expansion will boost TSMC's monthly 3-nanometer wafer production capacity from the current 100,000 - 110,000 units to about 160,000 units, with approximately 35,000 units exclusively for Nvidia. (Sina Finance)
A subsidiary of CATL establishes a new new - energy company with business including R & D of emerging energy technologies
36Kr learned that according to the Aiqicha App, recently, Suining Runyong New Energy Co., Ltd. was established. Its business scope includes R & D of emerging energy technologies, solar power generation technology services, heat production and supply, Internet of Things technology services, Internet of Things application services, etc. The equity penetration chart shows that the company is indirectly wholly - owned by Contemporary Amperex Technology Co., Limited.
WeRide to Launch Commercial Operation of Driverless Robotaxis in Abu Dhabi
36Kr learned that WeRide announced it has officially obtained approval from the UAE federal government to launch the commercial operation of driverless Robotaxis in Abu Dhabi. This is the world's first city-level commercial license for L4 autonomous driving outside the United States.
White House Economic Advisor: If the "Shutdown" Continues, U.S. GDP in the Fourth Quarter May See Negative Growth
On November 9th, the shutdown of the U.S. federal government had lasted for 40 days. On that day, White House economic advisor Kevin Hassett admitted in an interview with the media that Goldman Sachs estimated that the government shutdown had caused the U.S. gross domestic product (GDP) to "drop by 1.5%". If the federal government shutdown continues, especially if the upcoming peak consumption season is affected due to people's inconvenience in traveling caused by flight reductions, the economic growth in the fourth quarter of the United States may even turn negative. (CCTV News)
Amazon to Cut Another 14,000 Jobs, with Some Domestic Departments Slashed by Half
It is reported that Amazon, the global e-commerce and technology giant, recently officially announced that it will implement a new round of organizational optimization globally, with a net reduction of approximately 14,000 corporate white-collar positions. This adjustment covers multiple core departments such as Human Resources (PXT), Cloud Computing (AWS), Advertising, and Devices and Services. It is the largest personnel structure optimization action by the company since the end of 2022.
Reporters learned from a former Amazon employee who just left the company that the large-scale layoffs are true, and the layoff ratio in the Chinese region is even higher. Some departments have directly cut their staff by half, and the management authority has been shifted to the United States. (Southern Metropolis Daily, Nandu Bay Financial News)
All three major U.S. stock indexes closed higher, with NVIDIA rising more than 5%
36Kr learned that at the close on November 10, all three major U.S. stock indexes rose. The Dow Jones Industrial Average rose 0.81%, the S&P 500 Index rose 1.54%, and the Nasdaq Composite Index rose 2.27%. Large technology stocks generally rose. NVIDIA rose more than 5%, recording its largest single-day gain since April; AMD and Google rose more than 4%, Tesla rose more than 3%, and Microsoft, Amazon, Meta, and Netflix rose more than 1%. Popular Chinese concept stocks had mixed performances. XPeng Motors rose more than 16%, Baidu rose more than 5%, Weibo rose more than 3%, iQiyi rose more than 2%, and Pinduoduo rose more than 1%; NIO fell more than 2%, JD.com fell more than 1%, and Alibaba and Bilibili declined slightly.
CPE Yuanfeng to Inject $350 Million into Burger King China and Hold Approximately 83% Stake
CPE Yuanfeng announced a strategic cooperation with the Burger King brand. The two parties will establish a joint venture, "Burger King China." CPE Yuanfeng will inject an initial capital of $350 million into Burger King China to support its restaurant expansion, marketing, menu innovation, and operational capacity improvement. A wholly - owned affiliated enterprise under Burger King China will sign a 20 - year master development agreement, which will grant it the exclusive right to develop the Burger King brand in China. After the completion of the transaction, CPE Yuanfeng will hold approximately 83% of the equity in Burger King China, while the Restaurant Brands International Group, which owns the Burger King brand, will retain approximately 17% of the equity. According to the overall plan, the two parties aim to expand the number of Burger King stores in the Chinese market from the current approximately 1,250 to over 4,000 by 2035 and achieve sustainable same - store growth.
Put an End to "Exclusive Dealing" and "Big Data Price Discrimination": Compliance Reminders Issued for "Double 11"
Reporters learned on November 10 that the State Administration for Market Regulation has issued the "Compliance Reminders for the Centralized Online Promotions during 'Double 11'" to major e - commerce platforms. These reminders aim to regulate promotional business practices, maintain the order of online transactions during the "Double 11" period, and protect the legitimate rights and interests of consumers. They include strictly regulating promotional activities. Illegal practices such as "exclusive dealing" and "big data price discrimination" should be eliminated; promotional rules must be clear and transparent. Key information such as usage conditions, refund and modification procedures, and validity periods should be clearly stated for key aspects including full - amount discounts, coupons, pre - sales, and price protection to enhance the transparency of promotional activities. (CCTV News)
Douyin E-commerce: The rumor that "sellers will be fined for selling Moutai below the market price" is untrue
On November 10th, some liquor merchants said that they had received notices from the Douyin platform stating that liquor merchants would be penalized if they sold Moutai below the market price. In response, a relevant person in charge of Douyin E-commerce stated that the relevant rumor about the new Douyin rule that "sellers will be fined for selling Moutai below the market price, even if it's subsidized by the influencers themselves" is untrue and a misinterpretation. Recently, in response to consumer complaints about individual merchants and influencers using Moutai for false promotion and other illegal marketing issues, Douyin E-commerce launched a special campaign to combat false promotion. The campaign focuses on cracking down on illegal traffic - attracting behaviors using "false low prices" as a gimmick, as well as abnormal low - price behaviors suspected of involving counterfeit goods. (Jiemian News)
Intel's CTO Jumps to OpenAI, CEO Chen Liwu to Serve in Dual Capacity
Sachin Katti, the Chief Technology Officer (CTO) of Intel, has jumped to OpenAI and will take up a position in the latter's infrastructure department. Chen Liwu, the Chief Executive Officer, will serve as the CTO concurrently. Artificial intelligence will remain one of Intel's top priorities. (Sina Finance)
Going Public in Progress
Mindray Medical
36Kr learned that according to documents from the Hong Kong Stock Exchange, Shenzhen Mindray Bio-Medical Electronics Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are Huatai International and J.P. Morgan.
The Cutting-Edge of AI
Meituan's First AI IDE Product, CatPaw, Launches Public Beta
Meituan CatPaw, the first AI IDE product under Meituan, has entered the public beta phase. This product is centered around the collaboration between agents and humans, driving programming through intelligent agents and supporting functions such as code completion, project preview, and debugging. After users download and install the product from the official website, they can obtain an invitation code from the official WeChat account to experience it. The initial account can initiate 500 conversations by default, and users can apply for a new quota after using them up. (Jiemian News)
Xianyu's full - line AI applications have covered 45 million users
36Kr learned that recently, at the 2025 World Internet Conference, Ding Jian, the CEO of Xianyu, shared the new achievements of Xianyu's AI development. Currently, Xianyu's full - line AI applications have covered 45 million users. The transaction volume of goods facilitated by AI has exceeded 10 billion yuan, driving a 10% increase in the daily sales of newly listed products.
Financial reports of large companies
Taiwan Semiconductor Manufacturing Company's Sales in October Increased by 16.9% Year-on-Year
On November 10th, Taiwan Semiconductor Manufacturing Company announced that its consolidated revenue in October was approximately NT$367.473 billion, an 11.0% increase from the previous month and a 16.9% increase from the same period last year. (Jiemian News)
Nanqiao Food: Consolidated revenue in October was 235 million yuan, a year-on-year decrease of 5.27%
36Kr learned that Nanqiao Food issued an announcement stating that the company's consolidated operating revenue in October 2025 was 235 million yuan, a year-on-year decrease of 5.27%.
Sharp's operating profit in the second quarter was 13.65 billion yen, with an estimate of 9.88 billion yen.
Sharp's operating profit in the second quarter was 13.65 billion yen, with an estimate of 9.88 billion yen; it is expected to have an annual operating profit of 45 billion yen, compared with the previous forecast of 30 billion yen. (Cailian Press)
Omdia: Display glass revenue reached a record high of 270 billion yen in Q3 2025
36Kr learned that according to Omdia data, display glass revenue hit a record in the third quarter of 2025, reaching 270 billion yen. Driven by both price and demand growth, it increased by 14% year-on-year and 5% quarter-on-quarter. Currently, the transaction currency for display glass is still mainly the Japanese yen.
Investment and Financing
"Boundaryless Dynamics" Completes First-round Financing of 300 Million Yuan
36Kr learned that "Boundaryless Dynamics", a general embodied intelligent robot company, announced today that it has completed its first-round angel financing of 300 million yuan, led by Sequoia Capital China and Linear Capital, with Hillhouse Capital Ventures, Horizon Robotics, etc. participating as follow-on investors. Meanwhile, its angel + round financing is nearly completed, with the cumulative financing exceeding 500 million yuan.
"Surge Future" Secures Hundreds of Millions in Financing
36Kr has learned that the pool robot manufacturer "Surge Future" recently completed a Pre-A round of financing worth hundreds of millions of yuan.
"Langu New Energy" Completes 200 Million Yuan Series B Financing
36Kr learned that according to the Aiqicha App, recently, Langu (Changzhou) New Energy Co., Ltd. completed a round of Series B financing of 200 million yuan. The investors are Suining Industrial Investment and Jiuzhi Capital. Langu (Changzhou) New Energy Co., Ltd. was established in May 2021, with Li Lifei as its legal representative. Its registered capital is approximately 1.6843 million yuan. Its business scope includes new material technology R & D, R & D of special electronic materials, engineering and technology research and experimental development, and promotion services for new material technologies. Shareholder information shows that the company is jointly held by Li Lifei, Changzhou Guanyue New Energy Partnership (Limited Partnership), Suzhou Haisong Hardcore Technology Equity Investment Fund Partnership (Limited Partnership), etc.
“Xingneng Xuanguang” Completes Hundreds of Millions of Yuan in Pre-A Round Financing
36Kr learned that recently, Xingneng Xuanguang completed hundreds of millions of yuan in Pre-A round financing. This round of financing was led by Ant Group, with follow-on investments from Yinshan Capital, Zijin Mining, Bianshi Times, Xin Capital, Yuanhe Puhua, Lianmei Holdings, and Dinghe Gaoda. Existing shareholders Minyin International and Renfa Xinneng continued to increase their investments. The funds from this round of financing will be mainly used to improve the performance of the under-construction facilities, deploy key technologies, and expand the team size to advance the company's unique "field-reversed configuration" fusion energy technology route.
Fengxun Biotech Completes Nearly 60 Million Yuan in Seed and Angel Rounds of Financing
36Kr learned that recently, "Fengxun Biotech" announced the completion of its seed and angel rounds of financing. The investors include Hanyuan Assets (Shanghai Jiao Tong University Foundation), Legend Capital, Zhongke Chuangxing, Shengjing Investment, Hongfeng Investment, etc. The financing funds will be used to accelerate the evolution of the core technology platform, team building, and the clinical transformation and development of the first candidate product in the fields of hematological tumors and autoimmune diseases.
Cool Products
Leapmotor Lafa5 Pre-sale Launched
36Kr learned that recently, Leapmotor launched the pre-sale of its Lafa5 model. The pre-sale price ranges from 105,800 to 131,800 yuan. The Leapmotor Lafa5 will be officially launched on November 28th and will gradually enter the global market in 2026.
Zero One Releases Electric Drive Heavy Truck "Jingzhe Thunderbolt"
36Kr learned that on November 8th, the delivery ceremony for Zero One Automobile's Xiaoman Good Luck customers and the launch conference of the Jingzhe Thunderbolt were held in Foshan, Guangdong. It is understood that the Jingzhe Thunderbolt will be mainly targeted at core application scenarios such as coal, sand and gravel, containers, powder and granular materials, express delivery, and steel. Another major technological breakthrough of Zero One Automobile lies in the development of the leading ZERON "Self-Driving" intelligent driving assistance system. It is understood that this system is the world's first end-to-end + multi-modal large model L4-level autonomous driving solution implemented in the heavy truck scenario.
Compiled by | Bursting Cheese Tofu