8:00 am, Kr 36 | SK Hynix distributes performance bonuses of over RMB 640,000 per person on average to all employees; Shenzhen Shuibei Market launches investment copper bars; Cha Yan Yue Se responds to rumors of opening stores in Beijing, Shanghai, and Shenzhen
Today's Hotspot Guide
Tickets for multiple trains on the first day of the Spring Festival travel rush are sold out.
Pop Mart: Spent HK$251 million to repurchase 1.4 million shares.
Tencent and Taobao have invested in Zhijian Dynamics Technology, an intelligent driving R & D company.
The Yanran Angel Foundation has suspended fundraising. A staff member responded: A large number of netizens have donated, and the regular fundraising budget has been fully raised.
China Vanke has been enforced to pay over 1.089 billion yuan.
Top 3 Big News
SK Hynix Distributes Performance Bonuses Exceeding 640,000 Yuan per Person to All Employees, Setting a New Company Record
On January 19th, according to South Korean media reports, SK Hynix, one of the world's three major players in the memory chip industry, announced that it will distribute performance bonuses exceeding 136 million won (approximately 640,000 yuan) per person to all employees, setting a new company record.
According to reports, SK Hynix offers employees the option to receive performance bonuses in the form of company stocks, known as the "Shareholder Participation Program." Under this program, employees can choose to receive up to 50% of their year - end bonuses in the form of company stocks. Employees who hold these stocks for one year will receive an additional cash bonus equivalent to 15% of the purchase amount. For example, an employee who receives a 100 - million - won year - end bonus and chooses to hold the maximum amount of stocks will receive stocks worth 50 million won. If they hold the stocks for one year, they will also receive an additional 7.5 million won.
Market data shows that thanks to the artificial intelligence boom, SK Hynix's stock price has risen by 275% in 2025. At the beginning of this year, SK Hynix also stated that all of its chip production capacity for 2026 has been sold out. (China Fund News)
Gold and silver prices rise, and Shenzhen Shuibei Market launches 999.9 investment copper bars
Recently, the prices of gold and silver have been rising all the way, becoming the focus of investment pursued by the public. Under this wave of enthusiasm, another metal has quietly "broken out of the circle" - investment copper bars.
Shenzhen Shuibei is the largest gold and jewelry distribution center in China. Just this month, many merchants tentatively launched 999.9 pure copper investment copper bars. The quoted price of a 1,000-gram investment copper bar ranges from 180 yuan to 280 yuan. A merchant in Shuibei told reporters that there have been quite a few inquiries in the past two days, but few people have actually placed orders. People are generally more concerned about the future recycling issue. A precious metal investor told reporters that copper does not have hedging and monetary attributes and is mainly driven by industrial demand, so copper is not suitable for personal investment. (Metropolis Express)
Cha Yan Yue Se Responds to Rumors of Opening Stores in Beijing, Shanghai, and Shenzhen: Regular Staff Reserves
It is reported that Hunan Chayue Cultural Industry Development Group Co., Ltd., the parent company of Cha Yan Yue Se, has intensively posted high - paying positions in Beijing, Shanghai, and Shenzhen, with monthly salaries ranging from 20,000 to 70,000 yuan, triggering market speculation about its entry into the North China, South China, and East China markets. On the same day, Cha Yan Yue Se officially responded that this recruitment is a regular staff reserve, and the new store opening plan will be announced through its official account.
Founded in 2013, Cha Yan Yue Se currently has 758 stores in operation, covering only 4 provinces. It adopts a direct - operation model, with a long staff training cycle. Coupled with the cautious attitude of the founder team towards organizational strength and supply - chain refinement, it is considered the main reason for its slow expansion.
In the recruitment in Beijing, Shanghai, and Shenzhen this time, the supply - chain - related positions require improving inventory health indicators and optimizing business processes, which are regarded as a signal of Cha Yan Yue Se's manpower layout to strengthen supply - chain efficiency, laying the foundation for possible future expansion. (Red Star News)
Large Companies/ Major Events
Tickets for Multiple Trains on the First Day of the Spring Festival Travel Rush Sold Out
On January 19th, tickets for the first day of the Spring Festival travel rush in 2026 (i.e., train tickets departing on February 2nd) went on sale. Data from Tongcheng Travel shows that there are no remaining tickets for multiple train routes departing from Beijing to Changchun, Shenyang, etc. on the first day of the Spring Festival travel rush. Meanwhile, the popularity of air ticket bookings continues to rise. After February 2nd, the average price of domestic air tickets will show an upward trend, and it is expected to reach a recent peak around February 14th. (Yicai Global)
Vanke has been enforced to pay over 1.089 billion yuan
36Kr learned that according to the Aiqicha App, recently, China Vanke Co., Ltd. and Changsha Vanke Enterprise Co., Ltd. have a new piece of information as persons subject to enforcement. The enforcement amount is over 1.089 billion yuan, and the enforcing court is the Intermediate People's Court of Changsha City, Hunan Province.
Latest surveillance footage of the Louvre heist released: Two thieves smashed the display cases with heavy blows, and the security guards were only a few meters away from them
On January 18th, a French investigative program released the latest surveillance footage of the Louvre theft. The cameras in the Apollo Gallery of the Louvre captured the images of two thieves breaking into the building through a window on the first floor and then fleeing.
The first thief was wearing a fluorescent vest, and the second was wearing a motorcycle helmet. The two carried tools such as cutting machines and walked towards the display cases showing French royal jewelry. They damaged two display cases within a few minutes and stole the crown of Empress Eugénie and the jewelry sets of Queen Marie - Amélie and Queen Hortense. When the two thieves arrived, several security guards who were only a few meters away seemed to be hesitating about how to respond. (Beijing News)
Yanran Angel Foundation Suspends Fundraising, Staff Responds: A Large Number of Netizens Donated, and the Regular Fundraising Budget Has Been Met
On January 19th, many netizens left messages on the fundraising page of the Yanran Angel Foundation, saying that "they couldn't make donations anymore." On the same day, a reporter from Red Star News contacted a relevant staff member of the Yanran Angel Foundation. She said, "Each year, the fundraising platform has a regular fundraising budget. In the past two days, a large number of netizens have been donating to the project, and the regular fundraising budget has been met all at once." The staff member also said that they are actively communicating. "We'll see when we can reopen it. It's just suspended for now, and this is a normal situation."
In the afternoon of the 19th, a reporter from Red Star News logged in to the "I Want to Donate" page of the Yanran Angel Foundation and found that the option of "Single Donation" had indeed suspended fundraising. However, the option of "Become a Monthly Donor of Yanran" allowed donations. (Red Star News)
Will New Year goods prices rise? Three Squirrels adjusts prices again. Company response: Terminal prices may not rise
As the Spring Festival approaches, a notice letter from Three Squirrels regarding the adjustment of the ex - factory prices of offline distribution products has caught the market's attention. The online - circulated content shows that Three Squirrels plans to adjust the ex - factory prices of some offline distribution products on January 19, 2026. After the adjustment, the ex - factory prices shall be subject to the specific quotation sheet. In response, a reporter called Three Squirrels as an investor. The staff member who answered the call said that the content of the price adjustment notice letter was true. "This is mainly because considering the approaching Spring Festival, the logistics and labor costs are rising, which is a regular operation every year." The price adjustment does not cover all product categories. It only targets some products in the offline distribution channel and has little impact on the company's operation. For the specific performance, follow - up announcements need to be monitored. The staff member emphasized that this adjustment is only for distributors (To B side), and a buffer period commonly used in the industry has been reserved. The original prices will be restored after the festival depending on the cost changes. "The terminal prices may not rise." (21st Century Business Herald)
Multiple products of Chao Hong Ji have increased in price, with a pendant's price rising by 19,000 yuan
"The price of a certain pendant has increased by 19,000 yuan." A clerk at a Chao Hong Ji store confirmed to a reporter from Shell Finance that the prices of relevant products will be adjusted in the near future.
"The new price tags have arrived at the store and will be replaced in the next two days. The price increases for fixed - price products vary. Some are a few hundred yuan, and some are over ten thousand yuan, with the overall increase ranging from 10% to 20%." She also said that customers who come to the store to make a purchase can still settle at the original price for now and can apply for a 10% - 20% discount; for products priced by weight, a discount of 100 - 140 yuan per gram is also being offered.
In her opinion, this price adjustment is not unexpected. "The price of gold has been rising. The prices of fixed - price products definitely need to be adjusted accordingly. It's not just us; the fixed - price jewelry of other brands has also been continuously increasing in price during this period." (Shell Finance)
He Tongxue Delivered an Acceptance Speech at the Top 100 UP Owners Awards Ceremony: I Really Can't Go Back to That Summer
On January 18th, at the Bilibili Top 100 UP Owners Awards Ceremony, "Hello, Teacher, My Name Is He Tongxue" won the Best Work Award for "We Made a Special Keyboard..." and choked with emotion when delivering his acceptance speech.
He Tongxue admitted that after not winning an award for several consecutive years, "I had to accept the reality that not so many people liked me anymore, and even a great many people disliked me very much. I really can't go back to that summer." He also said, "Later, I finally figured it out. The life I'm living now is exactly what I dreamed of back then. I have nothing to lose. As long as I can continue making videos, there's no doubt that I'm lucky." (Oriental Finance)
Management Apologizes to Employees for Only Raising Salaries by $20, with 37 Consecutive Years of Salary Increases Previously
Recently, an enterprise in Chongqing apologized to its employees for "only raising salaries by $20", which has attracted the attention of netizens.
According to a letter addressed to all employees and signed by Chongqing Meixin Group Co., Ltd., the company said it felt extremely sorry. In 2025, the company's manufacturing accounts receivable remained high, and the non - manufacturing business did not meet expectations. To express appreciation for everyone's hard work and dedication over the past year, the monthly salary increase standard for monthly - paid employees in 2026 is $20 per person per month. "This meager figure represents the company's best effort in difficult times. Please understand."
On January 19th, a reporter contacted Mr. Yang from Meixin Group. According to him, the company started by producing security doors. Since its establishment in 1989, the company has increased employees' salaries every year based on the company's performance. The highest monthly salary increase for employees was $200, and this practice has continued for 37 years. Mr. Yang also said that this salary adjustment only applies to grass - roots monthly - paid employees. Since the company was worried that employees might have concerns about the $20 increase, it wrote a letter to explain the company's situation, and each department also explained the situation to the employees. (Jimu News)
Five food delivery riders broke their fingers to defraud insurance of 320,000 yuan and were all convicted of insurance fraud
Zhang was once a food delivery rider. Due to an accidental injury during a delivery, he received two large insurance compensations. The "sweetness" brought by the compensation made Zhang come up with the idea of making money by exploiting the loopholes in the insurance claim process. After the first successful crime, Zhang was no longer satisfied with working alone or cooperating with a few individuals. He began to consciously organize other people and gradually formed a well - organized fraud gang.
An insurance company reported the case to the public security organs in Chengdu, Sichuan Province, where it is registered. The police in the High - tech Zone of Chengdu immediately launched an investigation. As of the time of the crime, the gang had committed a total of 8 crimes in the above - mentioned way, defrauding more than 320,000 yuan from 3 insurance companies.
On December 24, 2025, after the court hearing, the defendants Zhang, Xing, Cui, Zhang, and Wei were respectively sentenced to fixed - term imprisonment ranging from two years to six months for insurance fraud. Some of them were given suspended sentences, and all were fined. (Cover News)
Tencent and Taobao Invest in Autonomous Driving R & D Company Zhijian Dynamics Technology
36Kr learned that according to the Aiqicha App, recently, Hangzhou Zhijian Dynamics Technology Co., Ltd. underwent industrial and commercial changes. New shareholders such as Guangxi Tencent Venture Capital Co., Ltd. and Taobao China Holding Limited were added, and the registered capital increased to 1.5191 million yuan. The company was established in July 2025, and its business scope includes artificial intelligence basic resources and technology platforms, artificial intelligence public data platforms, technical consulting services for artificial intelligence public service platforms, and R & D of intelligent robots. Public information shows that Zhijian Dynamics is an autonomous driving technology R & D company and is an entrepreneurial project of Jia Peng, the former head of autonomous driving technology R & D at Li Auto.
Eastcom: Spouse of Independent Director Accidentally Bought 729,500 A-Shares of the Company
36Kr learned that Eastcom announced that the cumulative decline deviation value of the daily closing price of the company's A-shares exceeded 20% within three consecutive trading days. According to the relevant provisions of the "Rules of the Shanghai Stock Exchange for Trading", this is a situation of abnormal fluctuations in stock trading. On January 19, 2026, the company received a notice from Mr. Qian Yuxin, an independent director of the company, that his spouse accidentally bought 729,500 A-shares of the company. The above transactions do not involve insider trading. At the same time, Mr. Qian Yuxin promised that he will not conduct any reduction operations on these shares within six months from the date of this announcement.
Pop Mart: Spends HK$251 million to repurchase 1.4 million shares
36Kr learned that Pop Mart issued an announcement stating that it will spend HK$251 million to repurchase 1.4 million shares on January 19, 2026, with a repurchase price of HK$177.7 - HK$181.2 per share.
Report: Tencent, Fidelity International, and Temasek are said to plan to invest in the Hong Kong IPO of snack retailer Mingming Henmang
According to people familiar with the matter, Tencent Holdings, Fidelity International, and Temasek plan to invest in the Hong Kong IPO of Chinese snack retailer Mingming Henmang Group. The people, who asked not to be named because the information is not public, said that the three companies are set to be among the cornerstone investors in this IPO. The IPO could raise up to $500 million. The people also said that Mingming Henmang will start accepting subscriptions from investors as early as Tuesday. The people added that the relevant consultations are still ongoing and the details may still change. (Sina Finance)
The EU held an emergency meeting but failed to reach an agreement on countermeasures against US tariff hikes
On the evening of January 18, EU ambassadors held an urgent special meeting in Brussels to review the 10% tariff hike policy announced by Trump and coordinate possible countermeasures. Reporters observed that the tariff list worth 93 billion euros was actually finalized last year. To avoid a full-scale trade war, its implementation was suspended until February 6. The "anti-coercion mechanism" strongly promoted by France failed to reach an agreement at this emergency meeting. According to officials involved in the preparatory work, retaliatory measures are still being formulated, aiming to give European leaders bargaining chips in the crucial meeting with the US president at the World Economic Forum in Davos. (CCTV News)
TSMC Hits a New High of NT$1,780, Market Value Exceeds NT$46 Trillion
According to Taiwan media reports, the stock price of wafer foundry TSMC opened lower and fluctuated higher. During the session, it once rose by NT$40, reaching a high of NT$1,780, hitting a new record high, and its market value exceeded NT$46 trillion. Benefiting from the strong demand in the AI market, TSMC's first - quarter operating performance is expected to be better than the off - season. Its US dollar revenue will increase by 4% quarter - on - quarter, and its US dollar revenue in 2026 will grow strongly by nearly 30%. It will also continue to actively invest in capacity expansion, with capital expenditure reaching US$52 billion to US$56 billion. Coupled with the continuous fermentation of the shortage and price increase effects in fields such as memory and PCB, the Taiwan stock market rose 230.59 points at the close, closing at 31,639.29 points, hitting new intraday and closing highs, with a trading volume of NT$799.3 billion. (Sina Finance)
Startup of Japan's Largest Nuclear Power Plant Unit to be Delayed Due to Equipment Alarm Setting Error
Reporters learned on the 19th local time that the restart of Japan's Kashiwazaki-Kariwa Nuclear Power Plant, originally scheduled for January 20th, will be delayed due to an equipment alarm setting error. Tokyo Electric Power Company issued a press release on the 17th, saying that a test of pulling out the reactor control rods of Unit 6 at the Kashiwazaki-Kariwa Nuclear Power Plant was conducted that day. Normally, when one control rod is pulled out and other control rods are then pulled out, the anti-pulling-out function will be activated and an alarm will sound. However, during the test that day, a malfunction occurred where the alarm did not sound. (CCTV News)
The "Big Short" Warns Again About the AI Bubble, Which May Face a Long Downturn
Michael Burry, the man behind the "Big Short," has once again issued a warning about the artificial intelligence (AI) bubble. Burry posted on Substack, cautioning that so - called hyperscale data center operators, including Microsoft and Google, are squandering huge amounts of money on microchips and data centers. These devices will soon become obsolete because the equipment used to power AI tools such as chatbots will become standardized. Looking ahead, he predicts that the number of jobs in the technology industry will decline or not rise significantly, as the industry may face a very long period of downturn. (Cailian Press)
Porsche China President Responds to Sales Decline: An Anticipated Adjustment
Data recently released by Porsche shows that its global sales in 2025 reached 279,400 vehicles, a year - on - year decline of 10%. Among them, sales in the Chinese market were 41,900 vehicles, a year - on - year decrease of 26.28%. Regarding the decline in sales in the Chinese market, Alexander Pollich, President of Porsche China, said, "The year 2025 was indeed a challenging one for the entire luxury car market. As a purely imported brand focusing on the ultra - luxury segment, Porsche faced more direct pressure. The sales adjustment in 2025 was an active response to the market environment and an anticipated adjustment under our core strategy of emphasizing quality over quantity. We are committed to maintaining a healthy supply - demand relationship and a stable value system." (China News Service and New Economy)
Refined oil prices may see the first increase in 2026 on January 20, costing an extra 4 yuan to fill up a tank
At 24:00 on January 20, domestic refined oil prices will be adjusted. Reporters learned from Longzhong Information that international crude oil prices first fell and then rose during this pricing cycle, and the corresponding adjustment range for refined oil prices ultimately widened. According to the domestic refined oil price adjustment mechanism, the corresponding increase in refined oil prices on January 21 will be around 90 yuan per ton, and it is expected to see the first increase this year. If the price is increased this time, for a private car owner with a 70-liter fuel tank, it will cost about 4 yuan more to fill up the tank. (Yicai Global)
Off-Island Duty-Free Consumption in Hainan Free Trade Port "Rises in Both Quantity and Efficiency" in the First Month after the Customs Closure, with Shopping Amount Reaching 5.02 Billion Yuan
In the first month after the customs closure of the Hainan Free Trade Port, the off-island duty-free market also delivered an outstanding performance. According to statistics from Haikou Customs, from December 18, 2025, to January 18, 2026, Haikou Customs supervised a total off-island duty-free shopping amount of 5.02 billion yuan, a year-on-year increase of 46.8%; the number of shoppers reached 772,000, a year-on-year increase of 29.7%; and the number of purchased items was 3.621 million, a year-on-year increase of 14.3%. (CCTV News)
Going Public in Progress
KeDa Intelligence
36Kr learned that according to documents from the Hong Kong Stock Exchange, KeDa Intelligence Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are Huatai International and Guoyuan International.
Junlebao
36Kr learned that according to documents from the Hong Kong Stock Exchange, Junlebao Dairy Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. China International Capital Corporation and Morgan Stanley are the joint sponsors.
Hans Laser CNC
36Kr learned that documents from the Hong Kong Stock Exchange showed that Shenzhen Hans Laser CNC Technology Co., Ltd. has passed the listing hearing of the Hong Kong Stock Exchange.
Inovance Technology
36Kr learned that Inovance Technology announced that in order to advance its internationalization strategy, enhance its international brand image and global market competitiveness, the company is planning to issue shares overseas (H shares) and list on the Hong Kong Stock Exchange. Currently, the company is discussing relevant work with intermediary institutions, and details have not been finalized. The issuance and listing of H shares this time will not result in a change of the actual controller. After the plan is finalized, it needs to be submitted to the company's board of directors and shareholders' meeting for review, and also needs to be filed with the China Securities Regulatory Commission and approved by the Hong Kong Stock Exchange and the Hong Kong Securities and Futures Commission. There is significant uncertainty about this matter. The company will disclose the progress in accordance with the law and reminds investors to pay attention to risks.
The Cutting - Edge of AI
Report: Google's Gemini Model Licensing Business Has Exploded in the Past Year
The performance upgrade of Google's Gemini artificial intelligence model is continuously driving the company's revenue growth. Three sources familiar with the sales of Gemini revealed that in the past year, the scale of Google's licensing business for the Gemini model has experienced explosive growth, which also confirms that the performance of this series of models is steadily improving. Another person familiar with Google's sales strategy said that since customers' investment in artificial intelligence business often drives their spending on other Google products, the strong sales of Gemini are expected to further boost the revenue of Google Cloud's core server sales business. (Sina Finance)
OpenAI plans to launch its first hardware device in 2026
The media quoted remarks made by LEHANE, the head of OpenAI's policy department, during an interview in Davos, stating that OpenAI plans to launch its first device in 2026.
Hurun Releases the Top 50 Chinese Artificial Intelligence Companies, with Cambricon Leading with a Value of 630 Billion Yuan
On January 19th, the "Hurun Top 50 Chinese Artificial Intelligence Companies 2025" released by Hurun Research Institute showed that Cambricon, an AI chip company, topped the list with a value of 630 billion yuan, a 165% increase from the previous year; Moore Threads, the first domestic GPU stock, ranked second with a value of 310 billion yuan; and Muxi, one of the first high - end GPU companies in China to achieve full - process localization, ranked third with a value of 250 billion yuan. (Securities Times)
Meituan Travel Launches the "Safe Escort for Parents' Trips" Program in Collaboration with Air China and Others
36Kr learned that Meituan Travel has recently launched the "Safe Escort for Parents' Trips" program in collaboration with multiple airlines including Air China. It provides free full - process guidance services for passengers aged 55 and above. When users book air tickets for the elderly on the Meituan App, they can directly reserve the "Elderly Escort" service.
Supernatural Action Squad under Giant Network Officially Integrates Large AI Models into the Core Gameplay
36Kr learned that on January 19th, Supernatural Action Squad under Giant Network recently launched a brand - new "Large AI Model Challenge", officially integrating large AI models into the core gameplay and opening it to all users. This is also the first domestically developed high - DAU game to deeply integrate large AI models and achieve large - scale implementation of AI - native gameplay.
The AI product "Hydrogen Ion" under Alibaba Health has completed its internal testing and is now available for download
36Kr learned that the AI product "Hydrogen Ion" under Alibaba Health has completed its internal testing and is now available for download. This product is targeted at doctors in the clinical and scientific research fields, positioning itself as a "GPT for doctors." It is also the first application of Alibaba Health's self - developed large medical model.
Investment and Financing
Geng Le's Re - entrepreneurship Project "Qingchu Yulan" Has Completed Two Rounds of Financing
36Kr learned that Geng Le, the founder of Blued, recently revealed to the media that his re - entrepreneurship project "Qingchu Yulan" has completed two rounds of financing, the angel round and Series A, with a total financing amount of tens of millions of RMB. Geng Le said that what Qingchu Yulan aims to do is "product practice for the transformation of social experience and efficiency in the context of the AI era", and it will continue to focus on the social field in the future. Blued, which he founded before, was listed on the NASDAQ in 2020 and delisted in 2022. After selling his shares, Geng Le left the company.
Noumena Secures Tens of Millions of RMB in Pre-A Round Financing
36Kr has exclusively learned that Noumena recently secured tens of millions of RMB in Pre-A round financing. The investors include Lion City Capital, Baidu Strategic Investment, and existing shareholder Genesis Capital.
Cool Products
Feishu and Anker Innovations Jointly Launch "AI Recording Bean" Smart Recording Hardware
36Kr learned that Feishu will jointly launch a smart recording hardware device called "AI Recording Bean" with Anker Innovations. According to the information obtained by 36Kr, this is a round device weighing only 10 grams, with a bean - shaped appearance. The device is equipped with a dual - MEMS microphone array, and the total weight of the device with the charging case is about 48 grams. The product supports both Bluetooth and Wi - Fi transmission modes, and features seamless wearing and on - the - go recording. Since its establishment in 2017, Feishu has never launched any hardware products. Several people close to Feishu told 36Kr that this AI Recording Bean is an exploratory project within Feishu, and the Feishu product team is responsible for the software development.
Honor Magic 8 Pro Air Released
36Kr learned that Honor has officially launched the Honor Magic 8 Pro Air, which starts at 4,999 yuan. It is reported that this product is equipped with the third - generation Dimensity 9500 3nm all - large - core flagship chip.
iPhone 18 Pro Promo Video Leaked
On January 19th, Apple Hub reposted a relevant video "Introducing iPhone 18 Pro" from tech blogger frontpagetech. From the video, it can be learned that the iPhone 18 Pro may feature a single-hole display, with the front-facing camera moved to the upper-left corner and the Face ID area reduced. The "Dynamic Island" feature will be retained through software, and new color options such as burgundy, brown, and purple will be introduced. It is expected to be equipped with the A20 Pro chip and will adopt Apple's self-developed C2 baseband for the first time, which is expected to improve signal strength and energy efficiency. (ZhiKe News)
Compiled by | Chenxi