8:00 AM Kr 36｜Luo Yonghao said he was not threatened and would release the recording; Zong Fuli stepped down as the chairman of Wahaha; Multiple mobile phone manufacturers cancelled their Air models.

Today's Hotspot Guide

• HP Announces Approximately 10% Global Job Cuts
• Official: Power Banks with 3C Certification Are Not Affected by the New Standard
• All Sectors of Society Donate and Rush to Aid Hong Kong Urgently
• Sichuan: Marriage Leave Extended from 5 to 20 Days, Maternity Leave Extended Up to 120 Days
• "Zootopia+ 2" Becomes the Highest-Grossing Imported Animated Film in a Single Day in History

Top 3 Big News

Luoyonghao says he was not threatened and will release the recording

On November 27th, a netizen asked in the comment section of the latest post on "Luoyonghao's Crossroads": "Will you still release the recording?" Luoyonghao replied, "Of course." Another netizen asked, "Did you privately accept an apology behind our backs?" Luoyonghao replied, "No." Some other netizen also asked, "Brother Long, are you not releasing the recording because you were threatened?" In response, Luoyonghao replied, "No, don't worry."

On November 26th, Luoyonghao 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: "Xiabei is the ceiling of the Chinese catering industry. It has been sincere to the extreme, whether it's towards customers or employees. It was lured into the upside - down online 'Kingdom of Devils' and was schemed against." Luoyonghao reposted the Weibo and questioned, "Who lured it? Who schemed against it? What do you want to do?" He also demanded that the other party publicly apologize before 6 p.m. on the 26th. (China Newsweek)

Zong Fulli officially stepped down from positions such as Chairman of Wahaha, and Xu Simin took over

On November 27th, public information shows that recently, industrial and commercial changes have taken place in Hangzhou Wahaha Group Co., Ltd. Zong Fulli stepped down from the positions of legal representative, chairman, and general manager, and Xu Simin took over. At the same time, changes occurred among many key personnel. It is reported that currently, Zong Fulli still holds 29.40% of the equity in Hangzhou Wahaha Group. (People's Financial News)

Multiple mobile phone manufacturers cancel Air models

Mobile phone manufacturers such as Xiaomi, OPPO, and vivo have recently cancelled their respective Air model projects and moved the eSIM solutions originally intended for the Air models to their regular models. People familiar with the supply chain said that Xiaomi had planned a true Air model, which was positioned as a high - end product in its digital series with a clear roadmap. Vivo used its mid - range S series, emphasizing thinness and lightness on the basis of the original series. Other manufacturers did not have much clear information about the timeline. As of press time, Xiaomi, OPPO, and vivo had not responded to this news. (Jiemian News)

Big companies/Big events

Taiping Insurance Hong Kong: Covered Insurance Related to Wang Fuk Court, Will Pay All Eligible Claims

On November 26, a Grade 5 fire broke out at Wang Fuk Court in Tai Po District, New Territories, Hong Kong. On November 27, China Taiping Insurance (Hong Kong) Co., Ltd. (hereinafter referred to as "Taiping Insurance Hong Kong") responded to Jiemian News reporters regarding the relevant insurance matters. Taiping Insurance Hong Kong stated that it had quickly activated the emergency response mechanism after the accident. In accordance with the insurance contracts, it adheres to the principle of "paying claims quickly when eligible, paying all eligible claims, and making reasonable advance payments", actively conducts insurance claim settlement and customer service, stands with the community, and makes every effort to assist the affected residents through this difficult time.

Taiping Insurance Hong Kong has underwritten the all - risks insurance for the construction project of the Wang Fuk Court maintenance project, the construction employee compensation insurance, the third - party liability insurance, all - risks property insurance, and public liability insurance for the owners' incorporated association. It has also underwritten the home insurance and domestic helper insurance for some residents. According to the official website of Taiping Insurance Hong Kong, the company was registered in Hong Kong in September 1949. It is the overseas flagship property insurance company of China Taiping Insurance Group (Hong Kong) Co., Ltd. and has been operating in the Hong Kong market for nearly 80 years. (Jiemian News)

Sichuan: Marriage leave extended from 5 days to 20 days, maternity leave extended up to 120 days

On November 26, the 22nd meeting of the Standing Committee of the 14th Sichuan Provincial People's Congress voted and passed a decision on amending the "Regulations of Sichuan Province on Population and Family Planning". The main contents of the amendment to the regulations include: (1) Improving marriage leave. Couples who register legally are entitled to 20 days of marriage leave. Those who undergo pre - marriage medical examinations before registration will be granted an additional 5 days. (2) Extending maternity leave. For eligible couples, the woman's maternity leave will be extended by 90 days. For women giving birth to their third child, with approval, an additional 30 - day maternity leave can be granted. (3) Extending paternity leave. The man's paternity leave is extended from 20 days to 30 days, facilitating men to take care of their wives and children and share responsibilities. (4) Improving regulations on marriage and child - bearing leave. Couples with children under three years old are entitled to 10 working days of parental leave each year. Marriage leave, maternity leave, paternity leave, and parental leave are regarded as attendance, and salary and welfare benefits remain unchanged. (5) Establishing a mechanism for sharing the cost of child - bearing leave. Local people's governments at or above the county level should coordinate multi - channel funds to establish a reasonable mechanism for sharing the cost of child - bearing leave. (6) Improving the guarantee mechanism for the implementation of marriage and child - bearing leave. If an employer fails to implement the prescribed leave, the relevant authorities shall order it to make corrections. (Jiemian News)

TSMC Accuses Former Executive of Leaking Trade Secrets to Intel, Intel Responds

On November 26 local time, Intel denied TSMC's accusations regarding employee information leakage. "Based on all the information we have, we have no reason to believe that the accusations involving Mr. Luo have any basis," an Intel spokesperson said. "Intel has strict policies and controls in place, strictly prohibiting the use or transfer of any third - party confidential information or intellectual property." TSMC previously filed a lawsuit against former senior deputy general manager Luo Weiren with the Intellectual Property and Commercial Court on the 25th. TSMC stated that after Luo Weiren retired from TSMC earlier this year, without any explanation, he immediately joined Intel. It is highly likely that he used, leaked, informed, delivered, or transferred TSMC's trade secrets and confidential information to Intel. Therefore, TSMC deemed it necessary to take legal action (including claiming compensation for breach of contract). (Jiemian News)

Asahi Group Apologizes for Potential Leak of Over 1.91 Million Pieces of Personal Information of Customers and Employees

On the 27th local time, Asahi Group, a well - known brewing company in Japan, said that due to a system failure caused by a cyberattack, over 1.91 million pieces of personal information of customers and employees of its subsidiary Asahi Breweries and other companies may have been leaked.

Reports said that Atsushi Katsuki, the president and CEO of Asahi Group Holdings, apologized at a press conference in Tokyo, saying, "We deeply apologize for the great inconvenience caused to many customers and relevant parties." According to reports, in late September, the company was attacked by ransomware, resulting in a large - scale system failure, and the shipments of beer and other products are still affected. The report pointed out that this is the first public statement made by the company's management regarding this incident since the cyberattack at the end of September. (China News Service)

Is Mixue Ice Cream & Tea going to start selling breakfast? Official response: Currently, it's only in pilot in cities like Hangzhou and Nanning

Is Mixue Ice Cream & Tea going to enter the breakfast market? Recently, Mixue Ice Cream & Tea's corporate account posted a message asking everyone to share "Which is your favorite breakfast!" On the 27th, it was learned from a person close to Mixue Ice Cream & Tea that currently, the "breakfast plan" is only in partial trial - launch in cities such as Dalian, Xi'an, Nanning, and Hangzhou. The launched products include four dairy products such as Coconut Milk for breakfast, all priced at 5 yuan. Meanwhile, there is currently no plan for large - scale promotion. (Jimu News)

Moore Threads: Online investors renounced 29,302 shares

Moore Threads released an announcement on the results of its initial public offering (IPO) and listing on the Science and Technology Innovation Board. The online and offline subscription and payment work for this issuance has ended on November 26, 2025 (T+2 day). The number of shares subscribed and paid for by online investors was 16.7707 million shares, with a subscription amount of 1.917 billion yuan. The number of shares renounced was 29,302, with a renounced amount of 3.3486 million yuan. The number of shares subscribed and paid for by offline investors was 39.2 million shares, with an effective subscription amount of 4.48 billion yuan. The number of shares renounced was 0. (Cailian Press)

National Development and Reform Commission: Be vigilant against the "crowded" listing of highly similar humanoid robot products

Li Chao, the deputy director of the Policy Research Office of the National Development and Reform Commission, stated at a press conference that the scale of the embodied intelligence industry represented by humanoid robots is experiencing leap - forward development at a growth rate of over 50%. According to forecasts from market research institutions, the market scale will reach 100 billion yuan by 2030. Meanwhile, we also note that currently, humanoid robots are not fully mature in terms of technical routes, commercialization models, and application scenarios. With the accelerated entry of emerging capital, there are currently more than 150 humanoid robot companies in China, and the number is still increasing. More than half of them are startups or companies "crossing industries" to enter the field. While this is a positive sign for encouraging innovation, we should also be aware of risks such as the "crowded" listing of highly similar products and the compression of R & D space. (Caixin)

Li Xiang Says the Most Valuable Robot Is a Car

On the evening of November 26th, at Li Auto's Q3 2025 earnings conference, Li Auto CEO Li Xiang stated, "In the next 10 years, the most valuable product in embodied intelligence will definitely be a car with automatic and proactive capabilities." He believes that the ultimate form of a car should be an "embodied intelligence product in the physical world," namely a car robot. To achieve this goal, it is necessary to endow cars with the complete ability of "perception - decision - action": using sensors as "eyes and ears" to capture environmental information, AI models as "brain nerves" to process data, and high - performance hardware as "trunk organs" to support operations. (Sina Finance)

HP Announces Approximately 10% Global Job Cuts

On November 25 local time, US IT giant HP Inc. revealed that it expects to cut 4,000 to 6,000 jobs globally by fiscal year 2028, accounting for approximately 10% of its total workforce, in order to streamline operations, leverage artificial intelligence to accelerate product development, and improve productivity. The company said it will incur approximately $650 million in human and non - human costs related to restructuring and other expenses, with about $250 million in fiscal year 2026. The relevant adjustment plan will be completed by the end of fiscal year 2028. (Xinhua News Agency)

Official: Power banks with 3C certification are not affected by the new standard

In response to relevant news, the China Electronics Standardization Institute issued a "Statement on the Progress of the Formulation of the Compulsory National Standard for Mobile Power Packs", stating that the time nodes of "release in February 2026 and implementation in June" rumored online have not been determined, and there is usually a 6 - to 12 - month transition period after the release of the compulsory standard. Power banks that have obtained 3C certification are not affected by the new standard, and consumers can continue to use them normally without worrying about idleness and waste. It also indicated that the mobile power pack standard is still in the solicitation of opinions stage (details). The formulation process will fully absorb suggestions from all parties and conduct sufficient experimental verification to ensure that the technical content of the standard is scientific, reasonable, and feasible. (China News Service)

Large Gold Deposit Discovered in Sichuan

On November 26, reporters learned from the Sichuan Provincial Department of Natural Resources that the "Exploration of the Dongbeizhai Gold Deposit in Songpan County, Sichuan Province" project passed the review of the Sichuan Provincial Mineral Resources Reserves Review Center. The results show that the Dongbeizhai Gold Mine has newly added 28.24 tons of gold resources in this review, with a cumulative identified gold resource of 81.06 tons, reaching a super - large scale. The average gold grade of the deposit is 3.75 grams per ton. It is the gold mine with the largest amount of resources filed in Sichuan so far. (CCTV News)

All sectors of society donate and rush to assist Hong Kong urgently

All sectors of society rushed to assist Hong Kong urgently. The Red Cross Society of China donated 2 million yuan, and the Fok Kai-kong family donated 30 million Hong Kong dollars. The Jack Ma Foundation and the Li Ka-shing Foundation donated 30 million Hong Kong dollars and 80 million Hong Kong dollars respectively. Many enterprises such as BYD, ByteDance, Xiaomi, Ctrip, Kingnet Network, and Futu each donated 10 million Hong Kong dollars. Xiaohongshu donated 5 million Hong Kong dollars, the 361° Group donated 15 million Hong Kong dollars, the Alibaba Group donated 20 million Hong Kong dollars, Ant Group and its Hong Kong-based enterprise AlipayHK donated 10 million Hong Kong dollars in the first batch, Didi donated 10 million Hong Kong dollars, the Chow Tai Fook Group donated 20 million Hong Kong dollars, Tencent donated 30 million Hong Kong dollars, and Anta donated 30 million Hong Kong dollars. The JD Group delivered relief supplies to the scene, and AlipayHK opened a donation channel. All parties contributed to emergency rescue, resettlement, and post-disaster reconstruction in the form of donations of money and materials. (NBD)

Anta Responds Again to Rumors of Bidding for Puma

Recently, market rumors have emerged that Anta Sports is considering bidding for Puma. Once a decision is made to proceed with the bid, it may cooperate with a private equity firm. Other potential bidders include Li Ning Company, Asics of Japan, etc. In response, Anta Group's corporate communications department told Jiemian News, "We do not comment on market rumors." This response is consistent with that in August this year. (Jiemian News)

"Zootopia 2" Becomes the Single - Day Box Office Champion of Imported Animated Films in History

36Kr learned that according to data from Maoyan Professional Edition, the box office of the movie "Zootopia 2" exceeded 213 million yuan on its opening day, making it the single - day box office champion of imported animated films in Chinese film history. In addition, "Zootopia 2" also became the pre - sale champion of animated films in Chinese film history, and its box office on the opening day had exceeded 189 million yuan as of November 26.

WM Motor Establishes a New Company with 200 Million Yuan

On November 27th, Zhima Xing (Wenzhou) New Energy Vehicle Sales Co., Ltd. was established. The legal representative is Liu Yanming, and the registered capital is 200 million RMB. The business scope includes the sales of new energy vehicle complete vehicles, electric accessories for new energy vehicles, battery swapping facilities for new energy vehicles, and automobile sales. Shareholder information shows that the company is wholly owned by WM Motor Manufacturing Wenzhou Co., Ltd. (Jiemian News)

Li Bin of NIO: The automotive competition landscape may be settled within 10 years, and NIO will continue to focus on the automotive business

Li Bin, the founder, chairman, and CEO of NIO, said that currently, the automotive industry has entered the final stage. By 2030, the competition landscape will be relatively clear, and by 2035, a relatively stable situation is expected to take shape. For a considerable period in the future, NIO will focus on the automotive business. In his view, the potential of businesses such as humanoid robots is indeed worth exploring, but the annual total of about 30 million vehicles in the Chinese automotive market is also a vast ocean, and there is still a huge incremental space for NIO to delve into. (The Paper)

Huawei Cloud Undergoes Organizational Adjustment, Zhou Yuefeng Appointed as CEO of Huawei Cloud

Huawei Cloud has carried out an organizational adjustment, switching its R & D organization to the ICT organization and establishing cloud R & D product lines in five fields: "Infrastructure Cloud Services", "Data & AI Cloud Services", "Database Cloud Services", "Security Cloud Services", and "HCS". After the adjustment, Zhang Ping'an serves as the chairman of Huawei Cloud, and Zhou Yuefeng, the president of Huawei's data storage product line, has been appointed as the CEO of Huawei Cloud. (Cailian Press)

Apple Faces a $38 Billion Fine in India and Has Filed an Appeal to Challenge It

Recently, Apple Inc. filed a lawsuit with the Delhi High Court in India to challenge the country's newly revised anti - monopoly fine law, thereby avoiding a potential huge fine of up to $38 billion (approximately 269.469 billion yuan at the current exchange rate).

According to the newly revised anti - monopoly fine law in India, when calculating anti - monopoly fines, the Competition Commission of India (CCI) is authorized not to be limited to the company's revenue in India, but to calculate based on the company's total global turnover. Apple estimated in its appeal documents that if it were to be fined the maximum amount under this act (i.e., 10% of the average global service turnover for the three fiscal years from 2022 to 2024), the amount could reach as high as $38 billion. Apple emphasized in its lawsuit documents that the new act is "clearly arbitrary, unconstitutional and extremely disproportionate," and requested the court to declare it illegal. (IT Home)

Google-owned YouTube to Launch Music-free Premium Lite Subscription Service in South Korea

South Korea's antitrust regulator said on Thursday that Google will launch a cheaper version of its YouTube Premium subscription service without the music streaming component in South Korea. This is one of the corrective measures proposed by Google on its own initiative and approved by the South Korea Fair Trade Commission (FTC) after being investigated by the FTC for allegedly violating fair trade rules by bundling YouTube Music with YouTube Premium. (Sina Finance)

Going Public in Progress

Soul App

On November 27th, it was reported that the social platform Soul App submitted a listing application to the main board of the Hong Kong Stock Exchange. Tencent (00700), as a strategic investor (not involved in daily management and business operations), holds a 49.9% stake. CITIC Securities is the sole sponsor for this IPO.

According to the listing application documents, the company's revenues from 2022 to 2024 were RMB 1.667 billion, RMB 1.846 billion, and RMB 2.211 billion respectively. The revenue in the first eight months of 2025 was RMB 1.683 billion, with a compound annual growth rate of over 15% from 2022 to 2024. AI-driven emotional value services (including virtual items and membership privileges) are the main source of revenue for the platform, accounting for over 90% in the first eight months of 2025. The average monthly revenue per paying user (ARPPU) is RMB 104.4. (Jiemian News)

Avita

On November 27th, documents from the Hong Kong Stock Exchange showed that Avita Technology (Chongqing) Co., Ltd. submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are CITIC Securities and China International Capital Corporation. (Jiemian News)

The Forefront of AI

DeepSeek Launches DeepSeekMath-V2 Model

DeepSeek has launched a new mathematical reasoning model, DeepSeekMath-V2, which adopts a self-verifiable training framework. This model is built on DeepSeek-V3.2-Exp-Base. The LLM validator automatically reviews the generated mathematical proofs, and high-difficulty samples are used to continuously optimize its performance. It achieved a gold medal level in both IMO 2025 and CMO 2024, and scored 118/120 in Putnam 2024. The team said that this achievement validates the feasibility of the self-verifying reasoning path and provides a new direction for building reliable mathematical intelligent systems. The model code and weights have been open-sourced and released on the Hugging Face and GitHub platforms. (Jiemian News)

Tongyi Qianwen of Alibaba Wins the Best Paper Award at NeurIPS 2025

36Kr learned that in the early hours of November 27th, the top conference in the field of artificial intelligence, NeurIPS 2025, officially announced the award winners. This year, the conference received a total of 5,524 papers, with an overall acceptance rate of 24.52%. Only 4 papers globally ultimately won the best paper award. The latest research results of Alibaba's Tongyi Qianwen team on the attention mechanism successfully won the best paper award. This paper reveals for the first time in the industry the impact of attention gating on the performance and training of large models. Currently, this research has been applied to the Qwen3 - Next model.

Google Restarts AI Glasses Project: Contracted to Foxconn for Manufacturing, Designed by Samsung, May Be Released in Q4 2026

36Kr learned that Google initiated two AI glasses projects at the end of last year. Currently, both projects have entered the POC (small - batch trial production) stage, and are actively advancing the selection and ID design process. People familiar with the matter said that Foxconn will be responsible for the hardware manufacturing of Google's AI glasses, Samsung will provide the reference design, and Qualcomm will supply the chips. Recently, Google has also been in contact with Chinese suppliers including Goertek. Additionally, the earliest possible release time for Google's AI glasses is Q4 2026.

NetEase Cloud Music Launches Testing of "AI Songwriting" Function

36Kr learned that recently, NetEase Tianyin, a subsidiary of NetEase Cloud Music, has launched a test of its "AI songwriting" function. Currently, this function is open for testing to the music community and a small number of in - depth users.

Financial Reports of Large Companies

"Liding Microelectronics" Completes Nearly 100 Million Yuan Series A Financing

36Kr learned that recently, "Liding Microelectronics" completed its Series A financing. It was led by China Merchants Bank International Capital, with multiple professional institutions such as Koala Fund and Gravitation Capital participating as follow - on investors. The financing amount is nearly 100 million yuan.

“Wuwen Xinqiong” Completes Nearly 500 Million Yuan Series A+ Round of Financing

36Kr learned that recently, AI infrastructure enterprise Wuwen Xinqiong announced that it has completed a nearly 500 million yuan Series A+ round of financing, led by Zhuhai Science and Technology Group and Futeng Capital (Yuanchuang Future Fund), followed by Huiyuan Capital, Shangqi Capital, and Honghui Fund. Existing shareholders Hongtai Fund, Fortune Capital, Shangshi Capital & Haitang Fund, Lenovo Capital and Incubation Group, Legend Capital, Shenwan Hongyuan, Xuhui Science and Technology Innovation Investment, and Yuanzhi Future continued to increase their investments.

Cool Products

Quark AI Glasses Launches Two Series and Six Models

36Kr learned that on November 27th, Quark AI Glasses were officially launched, offering a total of six models in two series, namely S1 and G1, at the initial release. The minimum price for the S1 series is 3,799 yuan, and the G1 series starts from 1,899 yuan. All six models of these AI glasses are equipped with Alibaba's latest Qianwen AI assistant.

Compiled | Jingjing