8:00 AM, 1st Kr | A fire in Hong Kong has killed 44 people; Luo Yonghao called on Hua Shan to publicly apologize, but no response; 10 airlines were summoned for inquiry over the disguised charging for seat locking on planes.
Today's Hot News Guide
- Sinovac Biotech Secures a $700 Million Contract in Brazil, Setting a Record for China's Largest International Vaccine Order
- Former Members of Tesla's Optimus Team Join Xiaomi
- Supreme People's Procuratorate: Premarital Cohabitation Can Be Considered as Family Membership
- International IT Giant HP Announces Global Layoffs of Approximately 10%
- Apple's First Foldable iPhone Expected to Be Priced at $2,399
- OpenAI Predicts That ChatGPT Will Have 220 Million Paying Users by 2030
Top 3 Big News
A fire in Tai Po, Hong Kong, has left 44 dead and 45 injured
The Hong Kong Police Force and the Fire Services Department held a press conference early on the 27th and announced that the fire at Wang Fuk Court in Tai Po Estate has so far resulted in 44 deaths and 45 injuries. The police have arrested three men suspected of manslaughter.
The Hong Kong Police Force launched an investigation and found that there were protective nets, tarpaulins, and plastic sheets on the exterior walls of the building, which are suspected of not meeting fire safety standards. In addition, the windows outside the elevator lobbies on each floor of an unaffected building were wrapped with styrofoam, which is flammable and may accelerate the spread of the fire. It is not ruled out that the styrofoam was the cause of the rapid spread of the fire.
The police found that a construction company was responsible for installing the above - mentioned related materials. It is believed that the person - in - charge of the construction company was grossly negligent, leading to the rapid spread of the fire and causing heavy casualties. The three people arrested by the police are the person - in - charge of the construction company, including two directors and one engineering consultant, aged between 52 and 68. (Xinhua News Agency)
The founder of Hua & Hua claims that Xiabei was set up, and Luo Yonghao demands a public apology from him
On November 26th, Luo Yonghao lashed out at Hua Shan, the founder of Hua & Hua Company, demanding that he publicly apologize for his remarks on the 25th. Hua Shan previously posted an article saying, "Xiabei is the ceiling of the Chinese catering industry. It has been sincere and gone to the extreme in treating both customers and employees. It was lured into the upside - down online 'kingdom of devils' and set up by someone." Luo Yonghao reposted the Weibo and questioned, "Who lured it? Who set it up? What do you want to do?" He also demanded that the other party publicly apologize before 6 p.m. on the 26th.
In response, on November 26th, China Newsweek called Hua & Hua. After stating the purpose of the call, the other party hung up directly. As of 6 p.m. on the 26th, Hua Shan had not publicly responded to this matter. (China Newsweek)
Ten airlines summoned for talks on 'seat locking' and paid seat selection issues
On November 26, the Jiangsu Provincial Consumer Protection Committee reported on online talks held on November 21 with ten airlines, including China Eastern Airlines and China Southern Airlines, focusing on "seat locking" and paid seat selection issues. The report indicated that all ten airlines engaged in seat-locking practices, highlighting four major problems: excessive locking of premium seats (with an average economy class seat-locking rate of 38.7%), disguised charges for unlocking seats, lack of transparency in information, and unfair standard terms in agreements, which infringed upon consumers' rights such as the right to know and the right to choose. The Consumer Protection Committee required the airlines to conduct self-inspections and make corrections, reasonably control the scope of seat locking, eliminate disguised paid seat selection, and revise unfair standard terms. Previously, the issue of "seat locking" on airplanes had sparked passenger dissatisfaction. Experts pointed out that such practices may violate the "Consumer Rights and Interests Protection Law" and the "Price Law." The Consumer Protection Committee reminded consumers to pay attention to seat selection rules and protect their rights through the 12326 hotline in case of disputes. (Jiemian News)
Big Companies/Big Events
Shanshan Group Recruits Restructuring Investors Again: Private Shipping Tycoon Exits, Liaoning's Richest Man Worth 52.5 Billion Yuan Enters the Scene
After the restructuring plan proposed by the private shipping tycoon was rejected, Shanshan Group Co., Ltd. (hereinafter referred to as Shanshan Group) began to re - select restructuring investors. On the evening of November 24, Fangda Carbon New Material Co., Ltd. (SH600516) issued an announcement stating that after deliberation at the board meeting, it agreed that the company, as an industrial synergy party, would participate in the recruitment of restructuring investors for the substantive merger of Shanshan Group and its wholly - owned subsidiary, Ningbo Pengze Trading Co., Ltd. (hereinafter referred to as "Pengze Trading"). At the same time, the company's management was authorized to draw up and submit application materials for restructuring investment, sign confidentiality agreements for due diligence, conduct due diligence, and submit the "Restructuring Investment Plan" and other work. It is understood that this process will still include stages such as preliminary selection, final selection, and voting by the creditors' committee. At present, the relevant application has ended. Considering the existence of consortiums, the exact number of investors who applied for the preliminary selection is not yet clear. (National Business Daily)
Sinovac Biotech Secures a $700 Million Contract in Brazil, Setting a Record for China's Largest International Vaccine Order
According to an official WeChat post from Sinovac, on November 24, 2025, local time, Sinovac signed two PDP (Product Development Partnership) projects with the Brazilian Ministry of Health, becoming the first Chinese vaccine company to win the bid for this project. Sinovac will cooperate with local Brazilian partners, the Tecpar Institute and Eurofarma Company, to build a vaccine industry platform, helping Brazil enhance its local vaccine production capacity. Over the next 10 years, Sinovac will supply a total of approximately 60 million doses of varicella vaccines and rabies vaccines to Brazil, with a value exceeding $700 million. This is the longest - term and largest - value international order ever obtained by a Chinese vaccine company. (Daily Economic News)
Former JD.com vice president Cai Lei refutes rumor of having "only 3 to 5 years of life left": It's a distortion and misinformation
On November 26, the topic of "Cai Lei saying he only has 3 to 5 years of life left" sparked heated discussions on social media. In response, Cai Lei, a fighter against amyotrophic lateral sclerosis (ALS), replied on his social platform, "I was informed today that the hot search and trending content about 'Cai Lei saying he only has 3 to 5 years of life left' is a distortion and misinformation." He said that his original words meant that the average life expectancy of ALS patients is only three to five years. This is the general clinical data of the disease, not a judgment on his personal life.
Cai Lei said that for a long time, some self - media have been hyping up his condition. Sometimes they spread the rumor that "his condition has improved", and sometimes they exaggerate that "his condition has deteriorated", which seriously deviates from the facts. It is reported that Cai Lei was born in May 1978 and once served as the vice president of JD.com. In 2019, he was unfortunately diagnosed with ALS, a rare disease that currently has no cure. (Yangcheng Evening News)
Supreme People's Procuratorate: Premarital cohabitation can be recognized as a form of family relationship
November 25th is the "International Day for the Elimination of Violence against Women". The Supreme People's Procuratorate held a press conference on "Punishing domestic violence crimes in accordance with the law to promote family harmony and social stability". Ge Xiaoyan, a member of the Leading Party Members' Group, Deputy Prosecutor - General of the Supreme People's Procuratorate, and Vice - President of the All - China Women's Federation, introduced that with the diversification of social interaction methods, in accordance with the spirit of laws such as the Criminal Law and the Anti - Domestic Violence Law, the procuratorial organs recognize premarital cohabitation relationships based on the fact of living together as a form of family relationship. They also recognize mental abuse other than physical harm among family members as an act of domestic violence, providing more comprehensive protection for victims. (Yicai Global)
NVIDIA CEO Jensen Huang's Internal Speech Leaked
According to a report by Cailian Press on November 27, a recording of NVIDIA CEO Jensen Huang's recent internal speech has been leaked. The speech was delivered at an all - hands meeting the day after NVIDIA released better - than - expected earnings (last Thursday). He strongly opposed the practice of some managers asking employees to "reduce the use of AI", bluntly saying "Are you crazy?" He also required that all tasks that can be automated through AI should be completed using AI, while promising that employees would not lose their jobs because of this.
Jensen Huang revealed that NVIDIA's software engineers are already using the AI programming assistant Cursor. If AI is temporarily unable to handle a task, employees should continue to use it and participate in its optimization. He also reassured employees, saying that while other technology companies were laying off employees, NVIDIA still hired thousands of people last quarter and may still be short of about 10,000 people. The number of employees has increased from 29,600 at the end of fiscal year 2024 to 36,000 at the end of fiscal year 2025. In addition, many technology giants such as Microsoft, Meta, Google, and Amazon are all promoting the use of AI among their employees. Currently, concerns about an "AI bubble" still loom over NVIDIA, whose latest market value is $4.32 trillion. (Cailian Press)
The three major U.S. stock indexes closed higher collectively, while popular Chinese concept stocks showed mixed performance
36Kr learned that at the close on November 26, the three major U.S. stock indexes rose collectively. The Dow Jones Industrial Average rose 0.67%, the S&P 500 Index rose 0.69%, and the Nasdaq Composite Index rose 0.82%. Most large technology stocks rose. Oracle rose more than 4%, while Netflix, NVIDIA, Tesla, and Microsoft rose more than 1%, and Apple rose slightly. Google fell more than 1%, and Meta and Amazon fell slightly. Popular Chinese concept stocks showed mixed performance. Vipshop rose more than 2%, while Miniso and Pinduoduo rose more than 1%, and JD.com, Futu Holdings, Li Auto, and Alibaba rose slightly. iQiyi fell more than 3%, Bilibili, Tencent Music, and XPeng Motors fell more than 2%, NetEase and Baidu fell more than 1%, and NIO fell slightly.
Apple Store Retail Stores Support National Subsidies
Apple Store retail stores in Beijing now support national subsidies, covering products such as iPhone, iPad, Apple Watch, and Mac. Among them, the 256GB version of iPhone 17 can enjoy a subsidy of 500 yuan, and the price after subsidy is 5,499 yuan.
In addition, Apple Store retail stores in Shanghai can also use national subsidies. The specific subsidy prices are the same as those in Beijing. Consumers can consult Specialists when purchasing products to confirm whether the products they want to buy are eligible for national subsidies. (IT Home)
International IT giant HP announces approximately 10% global layoffs
On the 25th local time, US IT giant HP Inc. released its financial report and announced a comprehensive artificial intelligence transformation plan, hoping to reduce costs and increase efficiency through artificial intelligence technology. The company also announced on the same day that it will lay off approximately 10% of its employees globally. The company's stock price fell by more than 5% in after - hours trading on the 25th.
US - based HP Inc. announced on the 25th that it plans to lay off 4,000 to 6,000 employees globally before the end of fiscal year 2028 and achieve the goal of saving $1 billion annually. These savings will come from applying artificial intelligence tools to areas such as product development, customer support, sales, and manufacturing. (CCTV Finance)
Former Tesla Optimus Team Member Joins Xiaomi
On November 26th, Lu Zeyu, a former member of Tesla's Optimus dexterous hand team, has joined Xiaomi's robotics team and is in charge of the dexterous hand. He stated on his personal social platform that he hopes to work with more outstanding like - minded classmates to accelerate the convergence of dexterous hand technology paths and their engineering implementation. On Lu Zeyu's personal social platform, his self - introduction says that he is the person in charge of Xiaomi's robotic dexterous hand. (Star Market Daily)
ByteDance Responds to Speculation: Is the Overall Revenue of the Tomato Series Expected to Exceed 60 Billion Yuan This Year?
On November 26th, some media reported that in 2024, the revenue of ByteDance's Tomato series of businesses (including Tomato Novel, Red Fruit Short Dramas, Tomato Audiobook, and Wukong Search, etc.) exceeded 3 billion yuan, with an overall profit of approximately 300 million - 500 million yuan. It is expected that the overall revenue of the Tomato series will exceed 6 billion yuan this year, with Tomato Novel's revenue exceeding 4.5 billion yuan and Red Fruit Short Dramas' revenue exceeding 1.5 billion yuan. In response, ByteDance replied that the above data is inaccurate. (Science and Technology Innovation Board Daily)
Insiders Respond to the Rumor that JD Food Delivery Riders Will Also Get New Work Uniforms
Recently, JD officially announced the launch of an independent food delivery app. Meanwhile, photos of a JD food delivery rider's uniform resembling a "racing suit" began to circulate on social platforms, sparking speculation among netizens: After Ele.me changed its name to "Taobao Flash Delivery" and updated its work uniforms to an orange - black color scheme, will JD also change its work uniforms? On November 26, a reporter from The Paper learned from a person close to JD that the so - called new work uniforms for JD food delivery riders circulated online were not the officially released version but just one of the internal test versions. On November 26, a person close to JD revealed to the reporter that the "racing - style" uniform in the netizen's post was not the officially released version but just one of the internal test versions. (The Paper)
CICC's Stocks to Remain Suspended
On November 26, China International Capital Corporation (CICC) issued an announcement stating that the company is planning to absorb and merge Dongxing Securities Co., Ltd. and Cinda Securities Co., Ltd. through a share - swap method. Specifically, CICC will issue A - shares to all A - share swap shareholders of Dongxing Securities and all A - share swap shareholders of Cinda Securities. Given the significant uncertainties related to this restructuring, to ensure fair disclosure of information, protect the interests of investors, and avoid abnormal fluctuations in the company's stock price, in accordance with relevant regulations of the Shanghai Stock Exchange, the company's A - shares will remain suspended. During the suspension period, the company will actively promote all relevant work and, based on the progress of this restructuring, strictly fulfill its information disclosure obligations in accordance with relevant laws, regulations, and requirements. (Yicai Global)
The estimated price of Apple's first foldable iPhone is $2,399
On November 25th, according to Global Times, Fubon Research recently released an industry report stating that the global smartphone market may continue to shrink in 2026. However, the debut of Apple's first foldable iPhone is expected to be a highlight in the market. Its estimated price is $2,399, and the expected sales volume throughout its lifecycle is 15.4 million units.
The high costs of core components such as the panel, hinge, and lightweight materials for Apple's first foldable iPhone have pushed its pricing to the high - end of the market prediction range. Based on supply - chain analysis and Apple's profit structure, Fubon Research has given a predicted selling price of $2,399. (Blue Whale News)
Former CBO of ZEEKR, Guan Haitao, Joins Honor
Reporters learned from authoritative sources that Guan Haitao, the former CBO (Chief Brand Officer) of ZEEKR, recently officially joined the "Marketing Department" under Honor's Marketing and Sales Service Department. He is mainly responsible for overseas marketing and the construction of institutional marketing capabilities. As the head of this department, he reports to the presidents of two first - level departments: the president of Honor's Marketing and Sales Service Department and the president of the Brand Marketing Department.
According to the information, Guan Haitao has worked at Yili, Tencent, etc. He joined Huawei in 2018 and has served as the deputy head of the marketing department of Honor's business unit, the CMO of the China region, and the head of the e - commerce department in the China region. He joined ZEEKR in September 2023. (Securities Times)
Luxshare Precision: Expected to Become the Largest Chinese Automobile Connector Manufacturer in 2027
36Kr learned that Luxshare Precision recently stated in an institutional research that its product catalog for automobile connectors will be launched this year, covering the entire range of low - voltage, high - voltage, high - speed products and custom parts, making it one of the few Chinese manufacturers with full - range forward development. The global connector market is about 200 billion RMB and is continuously expanding. Luxshare is already one of the major players in the high - voltage connector field, having achieved mass production several years ago. It is expected that there will be no more than five mainstream Chinese manufacturers in the future. The high - speed connectors went into mass production last year and are expected to see explosive growth next year, with no more than three mainstream manufacturers anticipated. The low - voltage connectors were mass - produced and rapidly promoted last year, and it is expected that there will be no more than two mainstream Chinese suppliers in the future, and perhaps only one will participate in global competition. Luxshare's products have been recognized by well - known global automakers and have received overseas high - voltage connector orders. It is expected to become the largest Chinese automobile connector manufacturer in 2027.
HEYTEA has applied for design patents for labels, cup sleeves, etc.
36Kr learned that recently, the HEYTEA mini-program launched the "hand-painted customized cup label" function. Shenzhen Meixixi Catering Management Co., Ltd., an affiliated company of HEYTEA, has applied for design patents for "labels", "cup sleeves" and other items. In addition, the company has also applied for copyrights for illustration artworks such as "HEYTEA HEYTEA series illustrations", "HEYTEA 'Tea Blender' brand image illustrations", and "HEYTEA 'Pedestrians Drinking Tea' brand image illustrations".
Going public in progress
Zhongjian Technology
36Kr learned that Zhongjian Technology announced that the company submitted an application to The Stock Exchange of Hong Kong Limited on November 25, 2025, for the issuance of overseas - listed shares (H - shares) and listing on the Main Board of the Hong Kong Stock Exchange. On the same day, the application materials for this issuance and listing were published on the website of the Hong Kong Stock Exchange.
Oulin Biotech
36Kr learned that Oulin Biotech issued an announcement stating that the company submitted an application to the Hong Kong Stock Exchange on November 25, 2025, for an overseas public offering of shares (H shares) and listing on the Main Board of the Hong Kong Stock Exchange. On the same day, it also published the application documents for this issuance and listing on the website of the Hong Kong Stock Exchange.
Newland Payment Technology
36Kr learned that Newland Payment Technology issued an announcement stating that the company submitted an application to the Hong Kong Stock Exchange on November 25 to issue overseas-listed shares (H shares) and list on the Main Board of the Hong Kong Stock Exchange. On the same day, it also published the application documents for this issuance and listing on the website of the Hong Kong Stock Exchange.
MuXi Co., Ltd.
MuXi Co., Ltd. has issued an announcement on the issuance arrangement and preliminary inquiry for its initial public offering of shares and listing on the Science and Technology Innovation Board. The proposed number of shares to be issued in this offering is 40.1 million shares, with an initial strategic placement of 8.02 million shares. The online subscription code is 787802. The preliminary inquiry date is December 2, 2025, and the subscription date is December 5, 2025. (Science and Technology Innovation Board Daily)
Baoji Pharmaceutical
On November 26, documents from the Hong Kong Stock Exchange showed that Shanghai Baoji Pharmaceutical Co., Ltd. passed the listing hearing of the Hong Kong Stock Exchange. (Jiemian News)
The Cutting - Edge of AI
OpenAI Previews "Anti-iPhone" Device
OpenAI and Jony Ive, a British industrial designer known as the "soul figure" behind Apple products, have announced the completion of the development of the first hardware prototype and plan to launch it within two years. Apple may face new AI - centric competition in the consumer electronics device field. (Sina Finance)
Tencent Hunyuan 3D Launches on the International Website
36Kr learned that on November 26, Tencent's Hunyuan 3D creation engine officially launched its international website and opened it to international users. Users can directly input text descriptions, pictures, sketches, etc. to create 3D works. At the same time, the Hunyuan 3D model API was launched on Tencent Cloud's international website. Developers and enterprise users can quickly access the model capabilities through this interface.
OpenAI Predicts ChatGPT Will Have 220 Million Paying Users by 2030
According to people familiar with the matter, U.S. artificial intelligence company OpenAI predicts that by 2030, at least 220 million users will pay to subscribe to its chatbot, ChatGPT, every week. OpenAI anticipates that by 2030, 8.5% of the projected 2.6 billion weekly users, approximately 220 million people, will subscribe to ChatGPT, making it one of the world's largest subscription services.
As of July, around 35 million users (about 5% of ChatGPT's weekly active users) have purchased ChatGPT's "Plus" or "Pro" packages at prices of $20 and $200 per month respectively. Sources said that although OpenAI's annualized revenue is expected to reach approximately $20 billion by the end of this year, the company's losses are also increasing. In September this year, it was reported that OpenAI generated about $4.3 billion in revenue in the first half of 2025, about 16% higher than the full - year revenue of last year, and incurred $2.5 billion in expenses, mainly from research and development costs for developing artificial intelligence and running ChatGPT. OpenAI expects that about 20% of its revenue will come from new products such as shopping and advertising - driven features. (Sina Tech)
SK Telecom and Samsung to Collaborate on AI Network Technology Development
South Korea's SK Telecom and Samsung Electronics said on Wednesday that they have signed a Memorandum of Understanding (MOU) to jointly develop AI-driven Radio Access Network (RAN) technology to lead the next-generation 6G network technology.
Under the agreement, the two companies plan to research and demonstrate core 6G technologies, including AI-based channel estimation technology, distributed Multiple Input Multiple Output (MIMO) transmission and reception technology, and AI-RAN-based scheduler and core network technology. SK Telecom will leverage its national network operation experience to provide data and establish demonstration infrastructure, while Samsung Electronics will advance artificial intelligence channel estimation models and distributed MIMO algorithms. (Sina Finance)
Financial Reports of Large Companies
Li Auto: Revenue in Q3 Reached 27.4 Billion Yuan, a Year-on-Year Decrease of 36.2%
36Kr learned that Li Auto released its financial report for the third quarter of 2025. The report shows that the revenue in the third quarter was 27.4 billion yuan, a year-on-year decrease of 36.2%; the net loss was 624 million yuan, compared with a net profit of 2.8 billion yuan in the same period last year; excluding the estimated cost of the Li MEGA recall, the quarterly gross profit margin reached 20.4%. The R & D expenses in the third quarter reached 3 billion yuan, and the total R & D expenditure for the whole year is expected to reach 12 billion yuan, of which the investment in the field of artificial intelligence exceeds 6 billion yuan. The vehicle delivery volume in the fourth quarter is expected to be between 100,000 and 110,000 units.
Gaotu: Revenue in the third quarter reached 1.579 billion yuan, a year-on-year increase of 30.7%
36Kr learned that Gaotu released its unaudited financial results for the third quarter of 2025. The results showed that Gaotu's revenue in the third quarter was 1.579 billion yuan, a year-on-year increase of 30.7%; the net loss was 147.1 million yuan, compared with 471.3 million yuan in the same period last year.
Investment and Financing
"Kaiwuji" Completes Hundreds of Millions Yuan Angel Round Financing
36Kr learned that according to information from Lightspeed Capital, "Kaiwuji" has completed hundreds of millions yuan in angel - round financing. This round of financing was jointly led by IDG Capital and BlueRun Ventures, with follow - on investments from BV Baidu Ventures, L2F Lightspeed Entrepreneurs Fund, and Hillhouse Capital. Lightspeed Capital served as the exclusive financial advisor. The funds from this round of financing will be used to accelerate model scaling, the construction of laboratories and underlying platforms, and lay a solid foundation for the incubation of material IP.
"Songyan Dynamics" Completes Nearly 200 Million Yuan in Pre - B+ Round Financing
On November 26, Beijing - based humanoid robot company Songyan Dynamics completed nearly 200 million yuan in Pre - B+ round financing. This round of financing was led by CICC Capital, with Yuntai Capital and Houwei Capital participating as follow - on investors. The financing will be used to increase investment in technological innovation and R & D, expand ecological cooperation in high - value application scenarios, and establish a path from R & D to large - scale mass production and delivery. (Securities Times)
Cool Products
ByteDance to Release New PICO Products with Self-developed Chips in 2026
Yang Zhenyuan, the vice president of technology at ByteDance, revealed at the 2025 ByteDance Scholarship Award Ceremony that PICO will launch a new generation of products in 2026. The new products will be equipped with a dedicated headset chip developed independently across the entire chain, capable of achieving real-time processing of high-definition and high-frame-rate videos with low latency and high precision. The system latency is only about 12 milliseconds.
It is understood that the project for PICO's self-developed chip was initiated in June 2022, and the chip return was completed in 2024. Currently, it has entered the mass production stage, and all indicators have met the design requirements. In addition, the new PICO products will also feature a customized MicroOLED. Its screen PPI (pixel density) is nearly 4000, which is nearly nine times that of the iPhone 17 Pro Max. The average PPD (pixels per degree) reaches 40, and it exceeds 45 in the central area, which is more than twice that of the Pico3. (Jiemian News)
Compiled | Jingjing