9:00 am, 1st Krypton News | Beijing will issue special license plates for express delivery and food delivery vehicles; Lei Jun said that all industries are worth being reinvented with AI; Taobao Flash will completely cancel the penalty for late delivery for riders.
Today's Hotspot Guide
Apple's direct stores in Beijing join the national subsidy camp
ST Lifang: May be subject to compulsory delisting
The Hong Kong dollar wallet on WeChat launches a donation section to support the rescue of the Tai Po fire
The Hong Kong Construction Industry Council: It has an open attitude towards the replacement of bamboo scaffolding with metal scaffolding in the industry, and the full transformation will take more than two years
The fuel surcharge for domestic flights will increase on December 5th
Ding Yumei, the ex - wife of Xu Jiayin, has 1.5 billion yuan of assets frozen
Top 3 Big News
Trump: Indefinitely Suspend Immigration from All "Third World Countries"
US President Trump posted on a social platform late on the night of November 27 local time, saying that he would indefinitely suspend immigration from all "third world countries" to allow the US immigration system to fully recover.
On the afternoon of November 26 local time, two US National Guard members were shot and seriously injured just a few blocks from the White House, and one of them died of his injuries. It was confirmed that the suspect was named Rahmatullah Rakanwal, originally from Afghanistan, and lived with his wife and children in Washington State. The US Federal Bureau of Investigation said that Rakanwal had participated in the operations of the US partner forces during the Afghan war. The Central Intelligence Agency said that Rakanwal had cooperated with the CIA-supported local Afghan forces. According to the US Department of Homeland Security, Rakanwal entered the United States in 2021 through the "Operation Allies Welcome" - a program during the Biden administration aimed at resettling thousands of Afghans who assisted the United States in the Afghan war and were worried about retaliation after the Taliban takeover. (Beijing News)
Beijing Issues New Regulations: Special License Plates to Be Issued for Delivery and Takeout Vehicles
The Standing Committee of the Beijing Municipal People's Congress voted to pass the newly revised "Regulations of Beijing Municipality on the Administration of Non-motor Vehicles", further improving relevant regulations on non-motor vehicle registration, traffic safety, parking, and charging. The regulations state that special license plates will be issued for electric bicycles used in Internet rental or services such as express delivery and takeout. (Caixin Press)
Lei Jun: All industries are worth being redone with AI
According to Beijing Daily, Lei Jun, the founder and chairman of Xiaomi Group, said in an exclusive interview that in the next five years, artificial intelligence will profoundly impact traditional industries. "All industries are worth being redone with AI." Lei Jun took Xiaomi's automobile factory as an example: It is very difficult for human eyes to inspect large castings, but with the help of X-ray machines and large AI vision models, the inspection can be completed within 2 seconds. The efficiency is 10 times that of manual inspection, and the accuracy is more than 5 times that of manual inspection. He said that the in - depth integration of artificial intelligence and traditional industries will open up a new trillion - level market. No single company can master all the links. Instead, it is necessary to cooperate with the strongest partners, learn from each other's strengths, and drive the entire industrial chain to upgrade together. In addition to these automated equipment, it is also becoming a reality for humanoid robots to work in factories. He predicted that in the next five years, humanoid robots will be widely employed in Xiaomi's factories. "This is just the first step. The demand for humanoid robots in families is greater, the requirements are higher, and the market is also larger." (Cailian Press)
Big Companies/Big Events
Sohu Video Plans to Restart the Purchase of American TV Shows, Zhang Chaoyang: The Reason Others Don't Do It Is Due to Severe Piracy
On November 28th, Jiemian News learned that at the "2025 Sohu Financial Annual Forum", Zhang Chaoyang, the founder, chairman of the board, and CEO of Sohu, revealed that Sohu Video plans to restart its American TV show business and increase the purchase of American TV shows and movies. In Zhang Chaoyang's view, the reason why many platforms don't engage in American TV shows is because of severe piracy. "When we buy the legitimate content, people have already watched the pirated versions." He said that although the piracy problem has not been solved yet, he still hopes to take advantage of the existing opportunities to provide legitimate American TV shows to those who don't want to seek pirated content. As early as 2010, Sohu invested heavily in purchasing the copyrights of legitimate American TV shows, successively introducing a series of popular American TV shows such as House of Cards and The Big Bang Theory. At that time, it not only reaped high advertising revenues but also enabled Sohu Video to rise rapidly. (Jiemian News)
Vanke's stock price hits a nearly 10-year low
On November 28, the Shenzhen Stock Exchange announced that the prices of "21 Vanke 06", "21 Vanke 04", "22 Vanke 06", "22 Vanke 04", and "22 Vanke 02" fell by more than 30%, and trading was temporarily suspended during the session. On the same day, the stock price of Vanke A (000002.SZ) tumbled as much as 3.66%. As of the close, the stock dropped 1.65% to 5.38 yuan, hitting a new low since December 18, 2015. Since November 21, the stock has been on a continuous downward trend. In terms of news, on November 28, S&P reported that it had downgraded the long-term issuer credit ratings of China Vanke Co., Ltd. (02202.HK) and its subsidiary Vanke Real Estate (Hong Kong) Co., Ltd. (referred to as Vanke Hong Kong) from "CCC" to "CCC-". S&P also downgraded the long-term issuance rating of Vanke Hong Kong's senior unsecured notes from "CCC" to "CCC-". Meanwhile, S&P placed the above ratings on the negative watch list. (Jiemian News)
Taobao Flash Sale to Completely Eliminate Late Delivery Deductions for Riders
On November 28th, reporters learned that Taobao Flash Sale is expanding the scope of eliminating late delivery deductions. Starting from December 3rd, this policy will be extended to 60 cities including Beijing, Hangzhou, Guangzhou, Wuhan, Chengdu, and Xiamen, and will cover all directly - operated cities across the country by the end of the year. (Jiemian News)
Up to 2,000 yuan discount: Apple's direct-sale stores in Beijing join the national subsidy program
On November 28th, Jiemian News learned from the official Apple website that the latest information shows that Apple's direct-sale Apple Store stores in Beijing have officially joined the national subsidy program. Consumers can enjoy a maximum discount of 2,000 yuan when purchasing designated products. Take the latest version of the iPhone 17 256GB as an example. Its original price is 5,999 yuan, and it directly triggers a full-amount subsidy of 500 yuan. You can buy it for only 5,499 yuan, making it the flagship model with the highest cost-performance ratio in this round of policies.
According to Jiemian News' call to Apple's official hotline, relevant staff said that this subsidy is only applicable to Apple's offline direct-sale stores in Beijing. Consumers who place online orders need to consult the staff at offline stores for the specific process. According to the staff, in August and September this year, Apple's offline direct-sale stores in Beijing and Shanghai both joined the national subsidy program. However, shortly afterwards, the subsidy program in Beijing was stopped, while Shanghai has been participating in the subsidy. (Jiemian News)
ST Lifang: May Be Subject to Compulsory Delisting Due to Major Violations
36Kr learned that ST Lifang issued an announcement stating that the company received the "Prior Notice of Administrative Penalty and Market Ban" issued by the Anhui Regulatory Bureau of the China Securities Regulatory Commission. There were false records in the company's annual reports for 2021, 2022, and 2023. The total amount of falsely recorded operating income in 2021 and 2022 reached 591,582,002.31 yuan, accounting for 50.91% of the total annual operating income disclosed for these two years. The company may trigger the situation of compulsory delisting due to major violations, and its shares may be subject to compulsory delisting due to major violations.
WeChat Hong Kong Dollar Wallet Launches Donation Section to Support Tai Po Fire Rescue
36Kr learned that on the evening of November 27th, WeChat Hong Kong Dollar Wallet launched a donation section to support Tai Po fire rescue. It covers special donation programs of charitable organizations such as Yan Oi Tong, Yan Chai Hospital, Community Chest of Hong Kong, and Hong Kong Anglican Church Welfare Council. No administrative fees or handling charges will be collected for the donation amount, and all the donations will be transferred to the charitable organizations. Meanwhile, WeChat Hong Kong Dollar Wallet and Tencent Foundation are also closely collaborating with more charitable organizations to support disaster relief fundraising and other work, facilitating Hong Kong citizens to convey their rescue intentions.
The Hong Kong Construction Industry Employees General Union: Open to the replacement of bamboo scaffolding with metal scaffolding in the industry, and full transformation will take over two years
According to a report on the website of RTHK on November 28, the Development Bureau of the Hong Kong Special Administrative Region met with the industry on the 27th to discuss how to promote the roadmap for replacing bamboo scaffolding with metal scaffolding. The bureau said that the participants agreed to formulate a clear - direction action plan that is "not a one - size - fits - all" approach, including identifying in the next step which work scenarios are more suitable for switching to metal scaffolding. Chow Sze - kit, the chairman of the Hong Kong Construction Industry Employees General Union, said that the union is open to the industry's transformation but is concerned about issues such as the storage and transportation of metal scaffolding. It is estimated that it will take more than two years for full transformation. (Jiemian News)
Domestic airline fuel surcharges to increase on December 5
On November 28, the flight ticket sales platform, Feichangzhun App, received a notice from airlines that starting from December 5, 2025 (including the ticketing date), the collection standard for fuel surcharges on domestic passenger air transportation will be adjusted. Starting from December 5, 2025 (ticketing date), the fuel surcharge collection standard for all domestic routes will be as follows: For routes of 800 kilometers or less, each adult passenger will be charged a fuel surcharge of 20 yuan. For routes over 800 kilometers, each adult passenger will be charged a fuel surcharge of 40 yuan. This represents an increase of 10 yuan and 20 yuan respectively compared to the previous standards. (Jiemian News)
MINISO: The sales of the No. 1 Global Store of MINISO LAND exceeded 100 million yuan
36Kr learned that as of now, MINISO has established partnerships with over 150 global IPs and successfully incubated its own IPs such as "Gifto Bear" and "DUN Chicken". Meanwhile, 18 MINISO LAND stores have been opened in core cities such as Beijing, Shanghai, and Guangzhou. Among them, the No. 1 Global Store of MINISO LAND in Shanghai achieved sales of over 100 million yuan in 9 months since its opening, with monthly sales exceeding 16 million yuan, setting a global store record.
Silicon Valley tech giants are all setting their sights on space. Google hopes to send TPUs into space by 2027
Google CEO Sundar Pichai talked about the hot topic of "building data centers in space" on a podcast this week. He said, "We hope to deploy TPUs (Tensor Processing Units) somewhere in space by 2027." Amazon founder Jeff Bezos predicted that data centers will enter space within the next 10 to 20 years. Elon Musk said that the solar energy received by the Earth accounts for only one - two - billionth of the total solar radiation energy, so going into space is crucial for obtaining more energy. (Cailian Press)
Global shortage of memory chips intensifies, research institution predicts memory chip prices to rise by another 50%
According to foreign media reports, with the surging demand for artificial intelligence infrastructure construction, the global shortage of memory chips is intensifying. This week, several US consumer electronics manufacturers issued warnings that they may raise the prices of some products. The chief operating officer of Dell Technologies said in a conference call on Tuesday that the company had never seen costs rise so rapidly. He said that there is a shortage of some memory chips at present, and the company may consider raising the prices of some devices. The CEO of HP also said that due to the possible depletion of chip inventories, the company's profit margins are expected to be squeezed by the second half of 2026, and the company will raise product prices if necessary. A research institution predicts that affected by the chip shortage, memory chip prices are expected to rise by about 50% on the current basis before the second quarter of 2026. (CCTV Finance)
Ayumi Hamasaki's Shanghai concert cancelled
On the afternoon of November 28th, the organizer of Ayumi Hamasaki's Shanghai concert issued an announcement stating that the Shanghai leg of Ayumi Hamasaki's 2025 Asian tour has been cancelled due to force majeure. Ticket refunds will be processed in full within 30 days. (China News Service)
Goldman Sachs Warns: The Wave of Layoffs Continues to Spread, and Signs of Weakness in the U.S. Job Market Intensify
Goldman Sachs warned in its newly released report that the U.S. labor market may start to soften, as private - sector data shows that an intensifying wave of layoffs is occurring in multiple industries. Goldman Sachs said that filings related to large - scale layoffs in U.S. states, known as WARN filings, have soared to the highest level since 2016 (excluding the surge during the pandemic), which is the sharpest increase the bank has tracked in nearly a decade. (Zhitong Finance)
More than 190,000 flu cases reported in Japan in one week, flu reaches alert level in many areas
Data released by Japan's Ministry of Health, Labour and Welfare on the 28th showed that from November 17th to 23rd, designated medical institutions across Japan reported a total of 196,900 flu cases, about 1.4 times that of the previous week. Among Japan's 47 prefectures, 39 have reached the "alert" level for flu outbreaks. Affected by the spread of the flu, as of November 23rd, a total of 8,817 kindergartens, nurseries, primary and secondary schools across Japan have suspended classes either entirely or for some grades or classes. (CCTV News)
Thousands of Airbus A320 Aircraft Need Urgent Software Replacement, Multiple Airlines Have Grounded Planes
On November 28th local time, a spokesperson for Airbus said that approximately 6,000 Airbus A320 aircraft need to urgently replace a flight control software that is vulnerable to solar radiation. Previously, an incident involving a JetBlue Airways plane at the end of October prompted Airbus to take action. Airbus stated that after analyzing the technical incident, it notified all customers using the software on the 28th to "immediately stop flying". In addition, American Airlines said on the same day that due to the need for major software upgrades on a large number of Airbus A320 aircraft, some operational delays are expected. Jetstar Airways in Australia, Air New Zealand, All Nippon Airways in Japan, and Avianca Airlines also announced that due to Airbus' implementation of emergency repairs on over 6,000 A320 series airliners globally, some flights operated by A320 aircraft have been forced to be grounded. (CCTV News)
Ding Yumei, the ex-wife of Xu Jiayin, has had assets worth 1.5 billion yuan frozen
On November 26, a ruling made by the High Court of Hong Kong (hereinafter referred to as the "Hong Kong High Court") has drawn attention, which concerns the overseas assets of Ding Yumei, the ex-wife of Xu Jiayin, the founder of Evergrande Group. Simply put, this ruling has expanded the scope of the injunction against Ding Yumei to four places: Jersey, Gibraltar, Canada, and Singapore. The assets in Ding Yumei's bank accounts in these four places exceed 220 million US dollars (equivalent to approximately 1.558 billion yuan). This means that in the future, judicial proceedings can also be initiated against Ding Yumei in these four places, which may lead to the freezing of these 220 million US dollars in assets and enforcement actions.
Since the Hong Kong High Court ordered the winding - up of China Evergrande in January 2024, the liquidators have been helping creditors find more assets that can be enforced. This ruling is considered another stage victory for Evergrande's liquidators. (China Newsweek)
Meituan's Wang Xing: The food delivery price war doesn't create value for the industry and is unsustainable
On the evening of November 28th, during Meituan's Q3 earnings conference call, Meituan CEO Wang Xing said, "We reiterate the stance we've clarified in the past two quarters. The food delivery price war is a 'race to the bottom' competition of low - quality and low - price, and we firmly oppose it. The market results over the past six months have fully proven that the food delivery price war doesn't create value for the industry and is unsustainable." He said that Meituan is confident in defending its market position in instant retail and creating real long - term value. Wang Xing mentioned that recently, Meituan's market share of food delivery orders has steadily rebounded. Meituan continues to lead in the GTV of the medium - and high - price order market. Meituan holds more than two - thirds of the share in orders with an actual payment of over 15 yuan and more than 70% of the share in orders with an actual payment of over 30 yuan. (Yicai Global)
Major U.S. technology stocks are generally rising in pre - market trading, with Intel up more than 1%
36Kr learned that major U.S. technology stocks are generally rising in pre - market trading. As of press time, Intel is up more than 1%, Google is up 0.99%, Microsoft is up 0.75%, Amazon is up 0.73%, Tesla is up 0.61%, Meta is up 0.48%, Apple is up 0.37%, Netflix is up 0.36%, and NVIDIA is up 0.33%.
Tianfeng Securities Suddenly Faced with a Case Filing, Possibly Related to Previous Capital Occupation by Dangdai Group
Tianfeng Securities disclosed in the evening of November 28 that the China Securities Regulatory Commission (CSRC) decided to file a case against the company for suspected illegal information disclosure and illegal provision of financing. It was learned from people close to Tianfeng Securities that the company's being filed by the regulators this time may be related to the capital occupation matter of the former major shareholder, Dangdai Group, disclosed in the 2022 annual report. The occupied funds and interest were fully repaid by the end of 2022. Some analysts believe that this case filing marks the complete severance of the historical legacy issues between Tianfeng Securities and Dangdai Group. (Yicai Global)
Huaxia Bank Fined Another 13.66 Million Yuan, Having Been Fined 87.25 Million Yuan Previously
On November 28th, the central bank's administrative penalty notice showed that Huaxia Bank Co., Ltd. (hereinafter referred to as Huaxia Bank) was given a warning, with illegal gains of 154,600 yuan confiscated and a fine of 13.655 million yuan imposed. The date of the administrative penalty decision was November 26th, 2025. Previously, Huaxia Bank had already received a "sky - high" fine. In September this year, the administrative penalty information disclosed on the official website of the National Financial Regulatory Administration showed that Huaxia Bank was fined 87.25 million yuan for multiple violations, including inadequate loan management, inadequate bill business management, inadequate inter - bank business management, and missing/misreporting EAST data. This is the largest - amount financial industry fine issued so far in 2025. (Jiemian News)
Amazon is venturing into the Indian banking sector and launching a new consumer loan service
It is reported that Amazon is preparing to offer loans to small businesses in India. The e-commerce giant is entering the financial product field in India. Earlier this year, Amazon acquired Axio, a non-bank lending institution headquartered in Bangalore. Axio, which currently focuses on BNPL and personal loan services, is said to restart providing credit to small businesses and start offering cash management solutions. (Sina Finance)
Going public in progress
Zhuoyue Ruixin
36Kr learned that Zhuoyue Ruixin announced on the Hong Kong Stock Exchange that Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. plans to conduct a global offering of 6.6667 million shares for its Hong Kong IPO, with a maximum offer price of HK$76.10 per share. Based on this calculation, the company expects to raise no more than HK$507 million. The shares are expected to be listed on December 8.
Muyuan Foods Co., Ltd.
36Kr learned that according to documents from the Hong Kong Stock Exchange, Muyuan Foods Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.
SEER AI
36Kr learned that documents from the Hong Kong Stock Exchange show that Shanghai SEER AI Technology Co., Ltd. has once again submitted a listing application to the Hong Kong Stock Exchange, with China International Capital Corporation Limited as the sole sponsor.
Easy Health Group
36Kr learned that documents from the Hong Kong Stock Exchange showed that Easy Health Group passed the listing hearing of the Hong Kong Stock Exchange. CICC and China Merchants Securities International are the joint sponsors.
The Cutting - Edge of AI
Moore Threads Releases Torch-MUSA v2.7.0, Continuously Enhancing Support for AI Model Training and Inference
36Kr learned that recently, Moore Threads officially released Torch-MUSA v2.7.0, an MUSA extension library for the PyTorch deep learning framework. The new version has achieved further breakthroughs in functional integration, performance optimization, and hardware support.
The First AI Assistant for Doctors on DingTalk is Launched
36Kr learned that on November 28th, DingTalk jointly launched the "Doukou Doctor Super Assistant" with Yishengjiankang. According to the introduction, this is the first professional AI application for doctors on DingTalk. Currently, the application mainly focuses on high - complexity medical scenarios such as prenatal diagnosis and gynecological oncology, aiming to provide strong intelligent assistance and support for clinical doctors.
Nomura Securities Launches Strategic Cooperation with OpenAI
Nomura Securities has launched a strategic cooperation with OpenAI, aiming to advance asset management services through AI technology. (Caixin Press)
Financial Reports of Large Companies
Meituan: Revenue Reached 95.5 Billion Yuan in Q3, Up 2% Year-on-Year
36Kr learned that Meituan released its financial report for the third quarter of 2025. The report shows that Meituan achieved a revenue of 95.5 billion yuan in the third quarter, a year-on-year increase of 2%. In the third quarter, Meituan's core local commerce segment achieved a revenue of 67.4 billion yuan. Due to intensified industry competition, the operating profit of the core local commerce segment turned negative, with a loss of 14.1 billion yuan. Meituan's new business segment achieved a revenue of 28 billion yuan, a year-on-year increase of 15.9%, and the loss narrowed to 1.3 billion yuan quarter-on-quarter. The company's adjusted net loss in Q3 was 16 billion yuan.
CHAGEE: Net revenue in the third quarter was 3.208 billion yuan, and the adjusted net profit was 503 million yuan
36Kr learned that CHAGEE released its financial report for the third quarter of 2025. The report shows that in the third quarter, the number of CHAGEE's global stores reached 7,338, with a total GMV of 7.93 billion yuan, a net revenue of 3.208 billion yuan, and an adjusted net profit of 503 million yuan. As of September 30, the number of registered members on the CHAGEE mini-program reached 222 million, a year-on-year increase of 36.7%. In this quarter, CHAGEE's overseas GMV exceeded 300 million yuan, a year-on-year increase of 75.3% and a quarter-on-quarter increase of 27.7%. The overseas GMV has increased by more than 75% year-on-year for two consecutive quarters.
Cool Products
Insta360: Panoramic drones will be launched on December 4, 2025
36Kr learned that Insta360 said on the interactive platform that the company plans to launch two drone brands, including its own drone brand and a panoramic drone brand jointly incubated with a third party. As of now, the company's aforementioned drone brand business is progressing smoothly as planned. Among them, the panoramic drones will be officially launched on December 4, 2025. The company focuses on the R & D, production, and sales of intelligent imaging devices such as panoramic cameras and action cameras, and has no product development plan for "robot vacuum cleaners" for the time being.
Naver Partners with Spotify to Launch New Music Streaming Service
Naver, South Korea's largest internet company, said on Friday that it has partnered with Spotify, the global audio and subscription streaming platform, to launch a new music streaming service called Spotify Premium Basic. Naver said that the service has been added to the content lineup of the Naver Plus membership program. (Sina Finance)
China Unveils New - Generation Space Perception Constellation, 156 Satellites to Form "Space Star Eyes"
Recently, China has unveiled a new - generation space perception constellation. In the future, the "space star eyes" will safeguard the operation of satellites. It is planned to launch 156 satellites successively starting from the first half of next year to form a space perception constellation, building a near - Earth orbit detection network that covers the globe and responds rapidly. This network will provide services such as predicting collision risks, monitoring space debris, and assisting in space traffic management for space stations, spacecraft, and satellites to defend against space threats. Its main function is to collect data on space debris and on - orbit satellites. After data analysis, the information will be provided to on - orbit satellites to prevent collisions between satellites and between satellites and debris. (CCTV News)
Compiled by | Bursting - Filling Tofu