At 8:00, here are the latest news: It is rumored that the founder of Cha Ji has married the co-chairman of Trina Solar; Yu Minhong will invite 10 outstanding frontline employees to Antarctica; He Tongxue said that his company suffered a loss of one million this year.
Today's Hot Topics Guide
One of the godfathers of artificial intelligence, LeCun, will announce his departure from Meta as early as this week.
Xiaomi Auto: The 500,000th vehicle has officially rolled off the production line.
Trump is reported to plan to launch a "Creation Mission" to promote the development of AI in the United States.
CCTV exposed the cheating tricks at gas stations.
Elon Musk and Jensen Huang discussed space artificial intelligence: "It won't be more than five years from now."
Top 3 Big News
Online rumors claim that the founder of CHA JI is getting married to the co-chairman of Trina Solar
Recently, an online wedding invitation showed that Gao Jifan and Wu Chunyan, the founders of Trina Solar (688599.SH), sent out a wedding invitation, inviting guests to attend the wedding of the groom Zhang Junjie and the bride Gao Haichun. On November 20th, a person familiar with the matter confirmed to Red Star Capital Bureau that the invitation was genuine, and Zhang Junjie, the founder of CHA JI (CHA.US), will marry Gao Haichun of Trina Solar.
Gao Haichun is the daughter of Gao Jifan and Wu Chunyan. She was born in 1993 and graduated from Brown University in the United States. She is known as the "most beautiful second-generation photovoltaic entrepreneur" and the "photovoltaic goddess". Public information shows that from June 2017 to the present, Gao Haichun has successively served as the deputy general manager of the strategic investment department of Trina Solar and the chairman of Trina Home Energy Co., Ltd.; from June 2024 to the present, she has served as a director of Trina Solar; from December 2024 to the present, she has served as the president of the Trina Solar Solution Business Group; on January 3rd this year, Gao Haichun became the co-chairman of Trina Solar. (Red Star News)
Yu Minhong Responds to "Controversy over Company-wide Letter": Invite 10 Outstanding Frontline Employees to Antarctica
On the morning of November 20th, Yu Minhong, the chairman of New Oriental, posted on a social platform to respond to the previous complaints about the company-wide letter he issued in Antarctica.
Yu Minhong said, "Allowing employees to voice their complaints is a tradition at New Oriental, and I've always encouraged it. If employees have dissatisfaction and there are problems with me or the company, we'll correct them in a timely manner. There are also those who pretend to be New Oriental employees and speak up online, but I believe everyone can tell the difference. Antarctica is a pure land. If you have the chance, come and take a look. I plan to select about 10 outstanding frontline employees from New Oriental and Dongfang Zhenxuan, along with 10 outstanding members of Dongfang Zhenxuan, and support them to visit Antarctica next winter at the company's expense."
Yu Minhong stated that the prices for Antarctic tourism vary depending on different ships and cabins, ranging from 50,000 to 300,000 yuan. "The MV Akademik Shokalskiy that I and Xi Zhinong took is indeed a relatively advanced icebreaker cruise ship, and its price is between 200,000 and 250,000 yuan (for different cabins), not the 1.48 million yuan reported by the outside world." (Yicai Global)
He Tongxue Says His Company Lost Millions This Year: One Weibo Post "Had a Big Impact"
Recently, in an interview titled "Luo Yonghao's Crossroads", He Tongxue was asked about the company's profit situation this year. He Tongxue said, "We might have lost one or two million this year. Of course, the main reason for our loss this year is that one of my Weibo posts had a relatively large impact." "Actually, clients invest in us because they invest in my name and our channel. But if there are major problems with our most core asset, our brand image, it's really impossible. I'm really sorry for posting that Weibo."
He Tongxue also said that he called the driver to apologize and apologized to the company's employees and clients. He said that he wrote an apology letter at that time but didn't send it because "I was really scared at that time. I didn't expect that the Weibo post would be widely discussed from multiple perspectives. I was very afraid that sending the apology letter would cause new discussions, but I'm really sorry about this matter." (Qianjiang Video)
Large Companies/ Major Events
Yann LeCun, one of the "godfathers of AI", will announce his departure from Meta as early as this week
According to people familiar with the matter, Yann LeCun, an AI pioneer who leads a research lab at Meta Platforms Inc., plans to announce his departure from the social media giant and start a new company. The people said LeCun, who has worked at Meta since 2013, could announce the news as soon as this week. A person familiar with the arrangement said Meta plans to cooperate with LeCun on his startup, but the specific details are still being finalized. (Sina Finance)
Xiaomi Cars: The 500,000th vehicle officially rolled off the production line
36Kr learned that Xiaomi Auto announced that the 500,000th vehicle officially rolled off the production line. Since the official release of the first model, the SU7, on March 28, 2024, Xiaomi Auto refreshed the world's fastest record for a new - energy vehicle manufacturer to reach 500,000 vehicles off the production line in just 602 days, less than 20 months.
CCTV Exposes Cheating Tricks at Gas Stations
After receiving a report from a consumer, the market regulatory department conducted a surprise inspection on a certain gas station. At the scene, it was found that there were signs of modification on the main board of the fuel dispenser. There were also two computers with the same interface in the room, one obvious and the other hidden. On one of the computers, the gas station had privately installed a cheating software with the function of stealing fuel, which could set parameters at will to control the proportion of fuel theft. The reporter learned that in order not to let consumers notice, the amount of stolen fuel is usually set at about 2% to 5%. In this way, when a consumer fills up a 60 - liter tank of gas, the gas station will give at least 1.2 liters less, seriously infringing on the interests of car owners.
This cheating software also evades taxes while stealing fuel. During the inspection, the paper accounting statements submitted by a gas station to the law - enforcement inspectors showed that the monthly turnover was several hundred thousand yuan. Taking July as an example, the reported sales volume for tax purposes was 770,000 yuan. However, the inspectors found another set of accounts kept by the gas station on a USB flash drive. In the encrypted accounts, the sales volume in July was 8.5 million yuan. The gas station concealed nearly 8 million yuan in turnover. (CCTV News)
Customer reports finding flying insects in the bread packaging bag purchased from Sam's Club in Nantong, Jiangsu; customer service responds
On November 19th, a customer posted a video saying that after buying bread from Sam's Club in Nantong, Jiangsu, they found a flying insect in the packaging bag of one of the loaves. The customer posted the relevant video and complained to the store, and the purchased bread was returned. On the 20th, reporters learned from the customer service of Sam's Club in Nantong that the customer had come to the store, and the bread had indeed been returned. The appearance of flying insects in the packaging bag may be related to temperature and storage. The store promised to strengthen inspections at all links. (Beijing News)
The Western Campus of the "Largest Hospital in Asia" Suspends Services, Less Than One and a Half Years After Operation
According to an earlier announcement released by the First Affiliated Hospital of Zhengzhou University, known as the "largest hospital in Asia", the medical extension points on Zhutun Road and Huafeidong Road of the First Affiliated Hospital of Zhengzhou University have suspended services since November 20th. The campus has been in use for less than one and a half years. The announcement states that this move is to further improve the quality of medical services and optimize the functional layout of the campus. If patients have medical needs, they can go to other campuses of the hospital or nearby medical institutions for treatment. (The Paper)
Xiaomi Awards 29.37 Million Shares to Employees and Suppliers, with a Total Value of HK$1.14 Billion
On the evening of November 19, Xiaomi Corporation - W (01810.HK) issued an announcement stating that the company, under its 2023 Share Plan, has awarded a total of 29,366,734 award shares to 3,334 selected participants, including group employees and service providers. Based on Xiaomi Group's closing price of HK$38.82 per share on the Hong Kong Stock Exchange that day, the total value of the shares granted this time is approximately HK$1.14 billion. (Jiemian News)
OverDrive Sues OpenAI Over Sora App
OverDrive has filed a lawsuit in an Ohio court, accusing OpenAI's AI text-to-video app Sora of trademark infringement, unfair competition, and fraudulent business practices. The lawsuit claims that OpenAI deliberately gave this recently launched app the same name as OverDrive's Sora and "used confusingly similar icons, color schemes, and visual identities." (Sina Finance)
Meta Fined $552 million in Spain for Advertising Practices
A Spanish court has ruled that Meta must pay 479 million euros (approximately $552 million) to Spanish digital media organizations due to unfair competition practices and violations of EU data protection regulations. It is understood that the Commercial Court of Madrid said on Thursday that this compensation will be paid to 87 digital news publishers and news agencies, and the reason is related to Meta's use of personal data for behavioral targeted advertising on Facebook and Instagram. (Sina Finance)
All three major U.S. stock indexes closed lower, with NVIDIA down more than 3%
36Kr learned that at the close on November 20th, all three major U.S. stock indexes declined. The Dow Jones Industrial Average fell 0.84%, the Nasdaq Composite dropped 2.15%, and the S&P 500 Index declined 1.56%. Most large technology stocks fell. Arm, NVIDIA, and Netflix were down more than 3%, Tesla and Amazon were down more than 2%, Microsoft and Google were down more than 1%, and Apple and Meta had slight declines. Most popular Chinese concept stocks fell. NIO was down more than 6%, Tencent Music and XPeng Motors were down more than 5%, Baidu, Pinduoduo, and Bilibili were down more than 4%, iQiyi, Weibo, and Li Auto were down more than 2%, and JD.com was down more than 1%; NetEase had a slight increase.
Elon Musk and Jensen Huang Discuss Space Artificial Intelligence: "It Won't Be More Than Five Years from Now"
On Wednesday local time, Elon Musk and Jensen Huang participated in a panel discussion on the latest developments in artificial intelligence and technology at the US-Saudi Investment Forum, and talked about the topic of space AI. Musk said, "If human civilization continues, then it's inevitable for AI to enter space... The Earth receives only about one two-billionth of the sun's energy. So if you want to have something with a million times more energy than what the Earth can possibly generate, you have to go into space. My estimate is... it's even possible that within a four- to five-year time frame, the lowest-cost way to conduct AI calculations will be to use solar-powered AI satellites. I think it won't be more than five years from now." Previously, Musk had stated that his goal was to deploy 100 gigawatts of artificial intelligence in space every year. (Sina Finance)
GAC Toyota executives respond to "multiple major-selling gasoline-powered vehicles to be discontinued": false information
36Kr learned that on November 19th, Peng Baolin, the deputy sales general manager of GAC Toyota, posted on a social platform, stating that he had noticed information about "GAC Toyota will discontinue multiple major-selling gasoline-powered vehicles", which is false information. Previously, market rumors indicated that at least two major gasoline-powered vehicles of GAC Toyota will be discontinued in 2026. One is a compact sedan with monthly sales of over a thousand units recently, and the other is a mid-size SUV with monthly sales of over ten thousand units.
xAI, under Elon Musk, to Be the First Customer of Saudi Arabia's NVIDIA-Supported Data Center
NVIDIA and xAI jointly announced on Wednesday that a large-scale data center is being built in Saudi Arabia, equipped with hundreds of thousands of NVIDIA chips. xAI, an AI startup under Elon Musk, will be its first customer. (Sina Finance)
Hubei's Former Richest Man and Entrepreneur Lan Shili Is Ordered to Publicly Apologize for Spreading False Statements about Golden Dragon Fish, and He Responds
On November 11, Lan Shili, a former richest man in Hubei and a private entrepreneur, posted an apology statement on his Douyin account. He apologized to Yihai Kerry Food Marketing Co., Ltd. (hereinafter referred to as "Yihai Kerry Company"), the domestic rights - holder of the Golden Dragon Fish brand, in accordance with the relevant effective civil judgment for the false statements he made about the well - known brand Golden Dragon Fish in the event of oil tankers transporting edible oil on July 11, 2024.
The relevant court judgment shows that due to Lan Shili's statements such as "Golden Dragon Fish's market value dropped by 650 billion in two days" and "the oil tankers are not even cleaned after transporting oil", Yihai Kerry Company sued Lan Shili in court. After two - instance trials by the Pudong New Area People's Court of Shanghai and the First Intermediate People's Court of Shanghai, it was determined that Lan Shili's relevant statements constituted infringement. As a result, the court ordered Lan Shili to compensate Yihai Kerry Company 10,000 yuan and the attorney's fees, and to publish a statement and offer an apology on the corresponding online platforms. (Red Star News)
Wahaha Reconstructs Its "Capillaries", with an 18 - year - long Dealer Quitting Cooperation
Although a series of positive signals were conveyed at the Wahaha dealers' conference, the internal integration of Wahaha doesn't seem to have stopped. Some small and medium - sized dealers have failed to keep up with the pace of the integration and were forced to withdraw. A dealer in Yunnan said that she had been running Wahaha's business for as long as 18 years, but decided not to pay the deposit this October, thus losing her dealership qualification. She frankly admitted that she had deep affection for Wahaha, but the local beverage market was highly competitive, and the overall sales of Wahaha's products had slowed down, making it difficult to meet the sales targets. Eventually, she could only give up the cooperation. (Yicai Global)
Yang Yuanqing of Lenovo Group: A Personal Super Intelligent Agent Will Be Launched Globally in January Next Year
At the earnings conference held on November 20th, Yang Yuanqing, the Chairman and CEO of Lenovo Group, stated that on January 6th next year, a personal super intelligent agent will be launched globally at the Lenovo Tech World. It can not only coordinate various wearable and environmental sensing devices but also dispatch various portable devices and personal trusted computing hubs. Through personalized algorithms and models, it continuously learns personal habits and predicts intentions, achieving the goal of "thinking what you think and doing what you want", and ultimately becoming your personal intelligent twin. (Securities Times)
Hyundai Recalls 85,000 Vehicles in the US Due to Potential Fuel Tank Leak
On November 20th, according to the disclosure of the National Highway Traffic Safety Administration (NHTSA) in the United States, Hyundai Motor America is recalling a total of 85,043 units of certain 2020 - 2023 Sonata models due to potential fuel tank leaks. (Jiemian News)
Nokia Streamlines Business and Bets on AI Infrastructure Boom
Nokia is betting on the AI boom and streamlining its business to focus on the network infrastructure connecting AI data centers. The company plans to spin off underperforming business segments and restructure its existing four departments into two major ones, namely Mobile Networks and Network Infrastructure. Company CEO Justin Hotard said in an interview that this move will bring double - digit operating profit growth in the next few years. Nokia announced that its annual operating profit is expected to range from 2.7 billion euros ($3.1 billion) to 3.2 billion euros by 2028. (Jiemian News)
Going Public in Progress
Zhuoyi Information
36Kr learned that Zhuoyi Information has issued an announcement stating that the company is planning to issue overseas shares (H shares) and list on The Stock Exchange of Hong Kong Limited (referred to as "HKEX").
Lead Intelligent Manufacturing
36Kr learned that according to documents from the Hong Kong Stock Exchange, Guangdong Lead Intelligent Manufacturing Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The sole sponsors are Guotai Haitong and Guotai Junan International.
Blockfusion
Data center operator Blockfusion said on November 19 that it will go public in the United States by merging with blank-check company Blue Acquisition Corp. The transaction is valued at $450 million. Currently, investors' continuous high interest in the data center field has driven this listing plan. (Sina Finance)
The Cutting-Edge of AI
Google Launches New-Generation Image Generation and Editing Model NANO BANANA PRO
On November 20th, Google launched NANO BANANA PRO (Gemini 3 Pro Image), a brand-new generation of cutting-edge image generation and editing model. (Jiemian News)
Ant Opens Source High-Performance Reinforcement Learning Weight Exchange Framework Awex with Trillion Parameters
36Kr learned that according to the news from the Bailing large model, Ant Group announced the open - sourcing of the high - performance reinforcement learning weight exchange framework Awex with trillion parameters. It is reported that in October this year, Ant Bailing officially open - sourced two flagship models with trillion parameters, including the non - thinking Ling - 1T and the thinking model Ring - 1T. Among them, Ring - 1T is based on its self - developed high - performance weight exchange framework Awex (Asystem Weight Exchange Framework), which enables the synchronization of weights at the trillion - parameter level to be completed within 5 - 10 seconds on a GPU cluster of thousands of cards.
Trump Reportedly Plans to Launch "Genesis Mission" to Promote US AI Development
According to an official from the US Department of Energy, US President Donald Trump plans to launch a "Genesis Mission" in an executive order to be signed at the White House next Monday to strengthen the development of artificial intelligence in the United States. Carl Cioffi, the chief of staff of the US Department of Energy, said at the "Energy Opportunities Conference" held in Knoxville, Tennessee, on Wednesday that this move is intended to show that the Trump administration believes the upcoming AI competition is as important as the "Manhattan Project" or the space race. (Sina Finance)
Warner Music Reaches Settlement in Infringement Case with AI Company Udio
Warner Music Group announced on November 19th that it has reached a settlement with AI music company Udio in a copyright infringement case. The two parties will jointly launch a new songwriting platform in 2026. (Jiemian News)
Nvidia CEO Jensen Huang: No sign of an AI bubble
On November 19th local time, Nvidia CEO Jensen Huang said in an earnings conference call, "There are a lot of talks about an AI bubble, but from our perspective, the situation is quite different (compared to the dot - com bubble era). AI is changing the existing workloads, and we don't see the existence of an AI bubble." Nvidia CEO Jensen Huang wrote in the earnings report, "The sales of the Blackwell chips far exceeded expectations, and all the cloud - based GPUs have been sold out. Whether it's for training or inference, the demand for computing power is growing at an accelerating pace and exponentially stacking up. We've entered a positive cycle for AI." (Jiemian News)
Financial reports of large companies
Lenovo Group: Revenue in the second quarter reached US$20.5 billion, a year-on-year increase of 15%
36Kr learned that Lenovo Group announced in the Hong Kong Stock Exchange that its revenue in the second quarter was US$20.5 billion, a year-on-year increase of 15%; the profit attributable to the company's equity holders was US$340 million, a year-on-year decrease of 5%.
Vipshop: Net revenue in Q3 increased by 3.4% year-on-year, Non-GAAP net profit increased by 14.6% year-on-year
36Kr learned that Vipshop released its financial report for the third quarter of 2025. The financial report shows that Vipshop achieved a net revenue of 21.4 billion yuan in the third quarter, a year-on-year increase of 3.4%; Non-GAAP net profit was 1.5 billion yuan, a year-on-year increase of 14.6%. Meanwhile, the number of active users in the third quarter was 40.1 million, a year-on-year increase of 1.3%; the gross merchandise volume (GMV) was 43.1 billion yuan, a year-on-year increase of 7.5%; the number of orders was 166 million, a year-on-year increase of 1.5%. The sales performance of "Vip Exclusive" in the third quarter increased by 41% year-on-year, and more than 100 new partner brands were added.
NetEase: Net revenue of 28.4 billion yuan in the third quarter, R & D investment of 4.5 billion yuan
36Kr learned that NetEase released its financial report for the third quarter of 2025. The report shows that NetEase's net revenue in Q3 was 28.4 billion yuan, and the net profit attributable to the company's shareholders under non - GAAP was 9.5 billion yuan. The R & D investment was 4.5 billion yuan, with an R & D investment intensity of 16%. In the third quarter, the net revenue from games and related value - added services was 23.3 billion yuan. The classic IP "Fantasy Westward Journey" PC version, which has been in operation for 22 years, saw its online user count reach a new high for the fourth time, and the monthly active users of its mobile game reached a two - year high. The new game "Destiny: Stars" topped the iOS game download charts in 19 regions including the United States on its first day of release.
NetEase Cloud Music: Net revenue in Q3 was 2 billion yuan, a year-on-year decrease of 1.8%
36Kr learned that NetEase released its financial report for the third quarter of 2025. The financial report shows that NetEase Cloud Music's net revenue in the third quarter was 2 billion yuan, a year-on-year decrease of 1.8%.
JOYY Inc.: Operating profit reached $41 million in Q3, a year-on-year increase of 16.6%
36Kr learned that JOYY Inc. released its financial report for the third quarter of 2025. In this quarter, JOYY's total revenue was $540 million, a quarter-on-quarter increase of 6.4%. Under non-GAAP, JOYY's operating profit in Q3 reached $41 million, a year-on-year increase of 16.6% and a quarter-on-quarter increase of 6.1%. In the third quarter, the group's operating cash flow reached $73 million. As of September 30, the net cash was $3.32 billion. In terms of shareholder returns, from January 1 to November 14, 2025, JOYY's cumulative share repurchases and dividends amounted to approximately $237 million.
Investment and Financing
"Star Era" Completes RMB 1 Billion Series A+ Round of Financing Led by Geely
36Kr exclusively learned that the embodied intelligent robot company "Star Era" has completed a Series A+ round of financing worth RMB 1 billion. This round of financing was led by Geely Capital, with joint investments from BAIC Industry Investment, Beijing Artificial Intelligence Industry Investment Fund, and Beijing Robot Industry Development Investment Fund. The company's commercial orders in 2025 exceeded RMB 500 million. Among them, in the logistics field, its largest single order was nearly RMB 50 million.
"RockFlow" Completes New Round of Tens of Millions of Dollars in Financing, Led by Ant Group
36Kr learned that Singapore-based AI-native fintech company "RockFlow" recently announced that it has completed a new round of financing worth tens of millions of dollars. This round of financing was led by Ant Group, with follow-on investments from Monolith Capital, as well as existing shareholders Lanchi Ventures, Forwest Capital, and Evergreen.
Cool Products
The new Enjoy Bound S9 is officially launched, with a total of 4 versions available
36Kr learned that the new Enjoy Bound S9 is officially launched. The new car comes in a total of 4 versions. Among them, the Enjoy Bound S9 Extended - Range Edition Max is priced at 309,800 yuan, the Enjoy Bound S9 Extended - Range Edition Ultra is priced at 349,800 yuan, the Enjoy Bound S9 Pure - Electric Edition Max is priced at 329,800 yuan, and the Enjoy Bound S9 Pure - Electric Edition Ultra is priced at 369,800 yuan. Meanwhile, Yu Chengdong officially announced that the first flagship MPV of Hongmeng Smart Mobility is about to debut, which will become the first flagship MPV of the 9 - series under Hongmeng Smart Mobility.
Major Events on Kr
The Kr event short video column provides a vivid interpretation of major events in the business world. To lie flat or to hustle? The answer was "debated" out on this high - level debate stage among the young people of this generation.
Compiled | Chenxi