8:00 AM, 1st Kr | US Attorney General Refuses to Apologize to Epstein Case Survivors; Insta360 CEO Responds to Gifting a House at the Annual Meeting; 12306 Adds a Reminder for "Inferior Seats"
Today's Hotspot Guide
In 2025, there were 6.763 million registered marriages nationwide, an increase of 657,000 compared to the previous year.
Elon Musk was named the greatest innovator in the United States, and Jensen Huang, the CEO of NVIDIA, ranked fifth.
Bill Gates visited China again after a gap of two and a half years.
China Unicom: Senior Vice President Wang Limin resigned.
Louis Vuitton, Dior, and Tiffany were fined a total of over 36 billion South Korean won in South Korea for information leakage.
Top 3 Big News
US Attorney General Refuses to Apologize to Epstein Case Survivors
On February 11, at a hearing of the House Judiciary Committee in the United States Congress, US Attorney General Pam Bondi addressed the victims of the Epstein case, saying that she was "deeply sorry" for the pain they had suffered. However, when Democratic Congresswoman Pramila Jayapal asked Bondi to apologize to the surviving victims present for the improper public disclosure of relevant information in the Epstein case by the Department of Justice, a fierce argument broke out between the two sides. Bondi never apologized to the survivors present for this.
Recently, the US Department of Justice has been strongly criticized by the survivors, including several who attended the hearing that day, for failing to redact the victims' personal information (including nude photos) during the process of disclosing the Epstein case documents. (CCTV World News)
Insta360 CEO Responds to Giving Away Houses at the Annual Party: Direct Material Incentives Are Also Very Important
On February 12th, Liu Jingkang, the CEO of Insta360, posted on Weibo to respond to the event of giving away houses at the annual party: The Insta360 annual party has ended. This year, we gave away 5 three - bedroom, two - living - room commercial housing units to employees on site. Besides the houses, we also gave away 5 cars. Employees could choose from models like BMW, Tesla, and Li Auto. An extra Porsche was also given away, and a total of 33 cars have been given away so far, with a total value exceeding 10 million yuan. There was also a customized grand prize of 36g of gold as a "lucky money". There were 24 big prizes, with a winning rate as high as 80%. I also performed a DJ show at the beginning of the annual party myself.
Most of the time, motivating high - end talents relies on a sense of achievement, honor, or value resonance, but direct material incentives are also very important. Thanks to all friends who have been following Insta360's progress. (Orient Finance)
12306 Adds Reminder for "Inferior Seats", Customer Service Responds: The Location Is Special
Recently, some netizens posted on social media, saying that when they were buying high - speed rail tickets, the 12306 APP popped up a warm reminder: The remaining tickets for this pick - up are all first - class seats located in the back row of the business - class cabin (the seat back cannot be adjusted, and there is no separating armrest between the double seats). Many netizens left messages to joke: Is this the legendary "inferior seat"? Is there a reminder now?
On February 12th, a reporter called 12306 to inquire about this matter. The customer service staff on the line said that since some first - class seats are located behind the business - class cabin and the location is special, a reminder has been added. At the same time, the customer service explained that if passengers see the prompt and mind buying this seat, they can cancel the order and repurchase. (Midu Finance)
Large Companies/ Major Events
In 2025, there were 6.763 million pairs of marriage registrations nationwide, an increase of 657,000 pairs compared with the previous year.
Data recently released by the Ministry of Civil Affairs shows that in 2025, there were 6.763 million pairs of marriage registrations and 2.743 million pairs of divorce registrations nationwide. Compared with 2024, the number of marriage registrations increased by 657,000 pairs, a growth of 10.76%. Since May 10, 2025, the newly revised "Regulations on Marriage Registration" have been implemented. The geographical restrictions on marriage registration have been lifted. Couples no longer need to provide a household register to obtain a marriage certificate, and marriage registration can be handled across the country. After the implementation of the policy, the number of "cross - provincial" marriage registrations nationwide has increased significantly, with a relatively large growth rate in some cities with concentrated floating populations. Looking at different regions, areas with a large influx of migrants have seen a relatively large increase in marriage registrations. (Yicai Global)
Cherry sellers hoard goods in the hope of price hikes, while consumers end up with spoiled fruits
As the Spring Festival approaches, cherries, a must - buy item for Chinese New Year shopping in previous years, have recently become a major area of consumer complaints. On social media platforms, many people reported that the cherries they bought before the festival had deteriorated on a large scale. A consumer from Hubei told reporters that on February 6, they purchased 12 boxes of cherries through Sam's Club's express delivery service. When the cherries arrived, they found that they were "old and rotten fruits," with most of them moldy and spoiled. "Even the water used to wash them changed color," so they had to return all the cherries.
Several industry insiders pointed out in interviews that the above - mentioned situation was due to the long storage time of the fruits, which led to spoilage and a change in taste. This was the result of the late arrival of the Spring Festival this year, combined with middlemen hoarding goods to control prices. A fruit merchant from Shanghai also told reporters that the latest - dated goods in their hands were from December 30, 2025, and there were no newer ones. "Most of the cherries were picked in December and arrived in China in January."
Wang Guoping, a senior retail expert, told Jiupai News that in the above process, the most significant impact was from sellers hoarding goods in the hope of price hikes. Cherries are on the market early, and originally have a relatively long sales cycle. In the early stage, in order to pursue greater profits, merchants adopted a strategy of hoarding goods and reluctant to sell, trying to drive up prices by controlling the supply. However, once the market purchasing power could not keep up, middlemen were left with too much unsold inventory. Eventually, the prices did not rise, and they had to clear the backlogged goods through e - commerce and supermarket channels. (Jiupai News)
Elon Musk Named America's Greatest Innovator, Jensen Huang of NVIDIA Ranks Fifth
Forbes magazine released its "Innovators 250" list on Wednesday local time, stating that "this is our list of the 250 most outstanding innovators in the United States today." Elon Musk topped the list, while Jensen Huang, the CEO of NVIDIA, ranked fifth.
The top ten innovators on the list are as follows: Elon Musk, Jeff Bezos, Bill Gates, George Lucas, Jensen Huang, Sam Altman, Phil Knight, Martine Rothblatt, Ted Turner, and Vinod Khosla.
Forbes said, "Musk is the only person in history to have founded (or grown from scratch) five companies, each valued at least in the billions of dollars and operating in different industries." (ITHome)
All three major U.S. stock indexes closed lower, with Apple down 5%
36Kr learned that at the close on February 12, all three major U.S. stock indexes declined. The Dow Jones Industrial Average fell 1.34%, the Nasdaq Composite dropped 2.03%, and the S&P 500 Index declined 1.57%. Large technology stocks declined across the board. Apple fell 5%, Netflix dropped more than 4%, and Tesla, Amazon, Meta, and Arm declined more than 2%. NVIDIA dropped more than 1%, and Microsoft and Google had slight declines. Most popular Chinese concept stocks declined. Tencent Music fell more than 10%, iQiyi dropped more than 5%, Baidu, Bilibili, and Pinduoduo declined more than 4%, Alibaba dropped more than 3%, and Weibo, NIO, XPeng, and Li Auto all declined more than 2%.
The Beijing Municipal Administration for Market Regulation Summons 12 Third - party Online Train Ticket Sales Platforms for Talks
Recently, the Beijing Municipal Administration for Market Regulation organized an administrative summoning meeting with 12 mainstream platforms involved in online train ticket sales, including Ctrip, Qunar, Fliggy, Tongcheng, Meituan, JD.com, Umetrip, Gaotie Guanjia, Didi, Gaode Map, Baidu Map, and Tencent Map. The meeting focused on the prominent issues in online train ticket sales that the public has strongly reported. (CCTV News)
There has been a cliff - like drop in the number of Chinese travelers to Japan
In the first week of the Spring Festival travel rush, the number of passengers traveling between China and Japan decreased by about 54% compared with the same period during last year's Spring Festival travel rush; the actual number of flights between China and Japan decreased by about 49% compared with the same period during last year's Spring Festival travel rush. The number of flights on routes such as Shanghai - Osaka, Shanghai - Nagoya, Shanghai - Tokyo, Beijing - Osaka, and Nanjing - Osaka decreased the most year - on - year; all flights on routes such as Beijing - Nagoya, Nantong - Osaka, and Beijing - Okinawa were cancelled. (CCTV News)
Bill Gates Visits China Again After Two and a Half Years
On the evening of February 11, Bill Gates, the chairman of the Bill & Melinda Gates Foundation, unexpectedly appeared in Zhangjiang, Shanghai, to attend an event titled "Action Creates Hope". The event focused on global health and development issues. During the event, Gates also had a dialogue with documentary director Zhou Yijun. According to the Bill & Melinda Gates Foundation, Gates' visit to China this time aims to learn about the latest progress of Chinese partners in key areas such as infectious disease prevention and control, maternal, infant and child health, and agriculture, and to explore how to better apply relevant experiences and technologies to the international community, mainly low - and middle - income countries, to promote tangible results in global health and development. This visit is Gates' second visit to China in about two and a half years since June 2023. (Yicai Global)
Zhao Ming, the former CEO of Honor, will join the board of directors of Qianli Technology in the near future
Zhao Ming, the former CEO of Honor, will join the board of directors of Qianli Technology. It is understood that Zhao Ming may serve as the co-chairman of Qianli Technology. At the strategic level, Yin Qi will focus more on grasping the development strategy of AI technology, while Zhao Ming will focus on promoting the closed-loop strategy of the AI business model. (Cailian Press)
Lufthansa Cancels Hundreds of Flights Due to Pilots and Flight Attendants Strike
Pilots and flight attendants at Lufthansa, Germany's largest airline, went on strike on Thursday, resulting in the cancellation of hundreds of flights. The German Airports Association (ADV) estimated that more than 460 flights would be canceled, affecting nearly 70,000 passengers. The focus of this dispute lies in the pension issue. Union members indicated their willingness to strike in a vote last year to pressure the company to improve retirement benefits. Although the two sides resumed negotiations later, the talks were intermittent and have not yielded any results so far. (Cailian Press)
India's Competition Commission fines Intel 273.8 million rupees
On February 12, the Competition Commission of India (CCI), the country's antitrust body, ruled that Intel had violated competition laws and fined the company 273.8 million rupees. (Jiemian News)
Nuveen to Acquire Schroders for Billions of Pounds, Ending Its 200-Year Independence
Nuveen, an investment management company under the Teachers Insurance and Annuity Association of America (TIAA), will acquire the British old - established family business Schroders for £9.9 billion ($13.5 billion). After the acquisition, the combined group will have approximately $2.5 trillion in assets under management, becoming one of the leading active management giants globally. (Cailian Press)
Samsung Electronics: Has Started Mass Production of HBM4 and Delivered Commercial Products to Customers
On February 12, Samsung Electronics issued a statement saying that it has started mass-producing HBM4 memory and has delivered commercial products to customers. Samsung Electronics expects the sales volume of HBM products to more than triple this year compared to 2025 and is actively expanding the production capacity of HBM4. "After the successful launch of HBM4 in the market, samples of HBM4E are expected to be distributed starting in the second half of this year." (Jiemian News)
China Unicom: Senior Vice President Wang Limin Resigns
36Kr learned that China Unicom announced that Wang Limin submitted a written resignation letter to the company's board of directors due to a job transfer, resigning from his position as senior vice president of the company. The resignation will take effect on February 12, 2026.
Xiaomi Auto: Supports the "Compliance Guidelines for Pricing Behaviors in the Automotive Industry" and Resolutely Eliminates Price Fraud and Unfair Competition Behaviors
36Kr learned that Xiaomi Auto issued a statement on February 12 in support of the "Compliance Guidelines for Pricing Behaviors in the Automotive Industry": On February 12, the State Administration for Market Regulation issued the "Compliance Guidelines for Pricing Behaviors in the Automotive Industry" (hereinafter referred to as the Guidelines). This is an important measure to regulate the competition order in the automotive industry and escort the high - quality development of the industry, which helps to safeguard the legitimate rights and interests of consumers and promote the industry's transformation towards value creation centered on technology and quality. As a participant in China's intelligent connected new - energy vehicle industry, Xiaomi Auto firmly supports and actively responds to this.
PBOC: As of the end of 2025, a total of 15.556 billion bank accounts were opened nationwide
36Kr learned that data released by the People's Bank of China (PBOC) showed that as of the end of 2025, a total of 15.556 billion bank accounts were opened nationwide. Among them, 120 million corporate bank accounts were opened, including 83.3212 million basic deposit accounts; 15.436 billion personal bank accounts were opened.
Three Major Sugar Producers in South Korea Fined 408.3 Billion Won for Price Manipulation
South Korea's antitrust regulator said on Thursday that it has fined the country's three major sugar producers a total of 408.3 billion won (about $283.9 million) for price manipulation. The Korea Fair Trade Commission (FTC) said that CJ CheilJedang, Samyang Foods, and Daehan Flour Mills were found to have manipulated sugar prices a total of eight times between February 2021 and April 2025. These companies generated a combined sales volume of 32.9 trillion won through collusive behavior during the above - mentioned period. (Sina Finance)
Beijing Lifts Traffic Restrictions for 10 Consecutive Days During the Spring Festival
The Traffic Management Bureau of the Beijing Public Security Bureau has issued a notice on adjusting traffic management measures for local motor vehicles and non - local passenger cars entering Beijing during the 2026 Spring Festival. In accordance with relevant regulations, it has been decided to make the following adjustments to the traffic management measures for local motor vehicles and non - local passenger cars entering Beijing from February 14th to February 23rd and on February 28th, 2026: 1. Local motor vehicles are not subject to the traffic management measures restricting travel during peak weekday hours in certain areas. 2. Non - local passenger cars entering Beijing with a Beijing entry permit (within the 6th Ring Road) are not subject to the restrictions of being prohibited from driving on roads within the 5th Ring Road (inclusive) from 7:00 to 9:00 and from 17:00 to 20:00, and the traffic management measures restricting travel according to license plate numbers from 9:00 to 17:00. However, they shall comply with the management regulations of "being prohibited from entering roads within the 2nd Ring Road (inclusive), Jianguomen Outer Street, Fuxingmen Outer Street, and Fuxing Road (from Muxidi Bridge to Xinxing Bridge) throughout the day". (Beijing Daily)
South Korea expects the number of Chinese tourists visiting the country during the Spring Festival to increase by 44% to 190,000
The Ministry of Culture, Sports and Tourism of South Korea and the Korea Tourism Organization announced on February 11 that they predicted that during the Chinese Spring Festival holiday from February 15 to 23, the average daily number of Chinese tourists visiting South Korea is expected to increase by 44% year-on-year, reaching 190,000. "Considering that some tourists may visit South Korea two weeks before the Spring Festival holiday to avoid the peak, the scale of Chinese visitors to South Korea is expected to further increase." (Jiemian News)
LV, Dior, and Tiffany Fined Over 36 Billion South Korean Won in Total in South Korea Due to Information Leakage
The South Korean Personal Information Protection Commission said on February 12 that it had imposed fines of more than 36 billion South Korean won (approximately 170 million yuan) in total on the South Korean sales companies of three international luxury brands, Louis Vuitton (LV), Dior, and Tiffany, because poor customer information management had led to the leakage of personal information. It is reported that the personal information of 3.6 million customers of LV's South Korean company was leaked, and the information of 1.95 million and 4,600 customers of Dior's and Tiffany's South Korean companies was leaked respectively. The fines imposed on the three companies were 21.385 billion, 12.2396 billion, and 2.4192 billion South Korean won respectively. (Jiemian News)
Going Public in Progress
Huaming Equipment
36Kr learned that Huaming Equipment announced that to further advance its international strategic layout, the company is planning to issue overseas shares (H shares) and list on The Stock Exchange of Hong Kong Limited (HKEX). The company held a board meeting on February 12, 2026, and deliberated and approved relevant proposals such as "Proposal on the Company's Issuance of H Shares and Listing on HKEX". The issuance and listing of H shares this time still need to be submitted to the company's shareholders' meeting for deliberation, and be filed, reviewed and approved by relevant regulatory authorities such as the China Securities Regulatory Commission, HKEX and the Hong Kong Securities and Futures Commission.
PayPay
Japanese digital finance platform PayPay has applied for an IPO in the United States. As of January 1, 2025, PayPay had 96 million smartphone users in Japan, and the company's revenue in fiscal year 2024 reached $1.9 billion. (Caixin)
Yimu Peak Biotechnology Co., Ltd.
36Kr learned that Shenzhen Yimu Peak Biotechnology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the sole sponsor.
Salubris Pharmaceuticals Co., Ltd.
36Kr learned that Shenzhen Salubris Pharmaceuticals Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are Goldman Sachs, Citigroup, and CITIC Securities.
The Cutting - Edge of AI
Cyberspace authorities strictly rectify the issue of spreading false and inaccurate information without AI labels
Recently, some online accounts have been publishing AI-generated and synthesized information without adding AI labels. There is a problem of using false and inaccurate content to deceive and mislead the public, which undermines the online ecosystem and has a negative impact. Cyberspace authorities have urged websites and platforms to conduct in-depth investigations and rectifications, and have disposed of 13,421 accounts and removed more than 543,000 pieces of illegal and non-compliant information in accordance with laws and agreements. (CCTV News)
MiniMax M2.5 Released
36Kr learned that MiniMax M2.5 has been released, optimizing the model's ability to break down complex tasks and reducing token consumption during the thinking process, enabling it to complete complex Agentic tasks more quickly. In the SWE-Bench Verified test, M2.5 completed tasks 37% faster than its previous version, M2.1. At an output rate of 100 tokens per second, it costs $1 for one hour of continuous operation, while at an output rate of 50 tokens per second, it costs $0.3. That is to say, $10,000 can allow 4 Agents to work continuously for a year.
Doubao Video Generation Model Seedance 2.0 Launched
36Kr learned that the Doubao video generation model Seedance 2.0 is officially integrated into the Doubao App, desktop version, and web version today. Open the Doubao App dialog box, select the newly added "Seedance 2.0" entry, and enter relevant prompt words to generate a 5 - second or 10 - second video. Currently, ByteDance's AI products Doubao and Jimeng have announced integration. Users can experience this model on products such as the Doubao App, desktop version, web version, as well as the Jimeng App and Jimeng web version.
Google Integrates AI Shopping Features into Search and Gemini
Google is adding a new feature that allows consumers to directly purchase products when getting AI-driven answers on its search engine and its Gemini chatbot. This is part of its overall plan to more directly monetize users' use of artificial intelligence. The company said in a letter to the advertising industry on Wednesday that its AI mode of Google Search is testing new ad formats that allow retailers and other advertisers to showcase products. Google said that users can now directly purchase products from Etsy and Wayfair within Gemini. The newly added "Direct Offers" feature in the AI mode will allow brands to offer discounts to potential shoppers. (Sina Finance)
Baidu App may officially launch OpenClaw on February 13th
36Kr learned that currently, OpenClaw has been deployed on multiple domestic Internet platforms one after another. It is reported that Baidu App may officially launch OpenClaw on February 13th.
OpenAI Launches First AI Model Powered by Cerebras Chips, a Rival to NVIDIA
OpenAI has released its first artificial intelligence model, GPT-5.3-Codex-Spark, based on the chips of semiconductor startup Cerebras Systems. This model is a lightweight but faster version of its latest code automation software, Codex, designed to compete with companies such as Google under Alphabet and Anthropic in the AI programming assistant market. (Cailian Press)
Financial Reports of Big Companies
SoftBank Group's net profit from April to December increased fivefold, reaching a record high for the same period
The consolidated financial statements (International Financial Reporting Standards) for the period from April to December 2025 released by SoftBank Group (SBG) on the 12th showed that the net profit increased fivefold compared to the same period last year, reaching 3.1726 trillion yen. This is a record high for the same period. (Caixin)
Hermès' revenue reached 16 billion euros in 2025, a year-on-year increase of 5.5%
The performance released by Hermès on the 12th showed that the group's consolidated revenue in 2025 was 16 billion euros, a year-on-year increase of 9% at constant exchange rates and 5.5% at current exchange rates. The recurring operating profit was 6.6 billion euros (accounting for 41% of sales), a 7% increase. The net profit (group share) was 4.5 billion euros, a 5.5% increase (excluding the special contribution from the profits of large French enterprises), with the growth rate on par with that of sales. The sales in the fourth quarter were 4.1 billion euros, a 10% increase at constant exchange rates, the same as in the previous quarter. (Caixin)
Mercedes-Benz Group's revenue reached 132.2 billion euros in 2025
On February 12th, Mercedes-Benz Group announced its 2025 financial results. The group's revenue was 132.2 billion euros, a 9% year-on-year decrease; the adjusted earnings before interest and taxes (EBIT) was 8.2 billion euros, a 40% year-on-year decrease. In addition, according to the previously announced share buyback plan, as of the end of 2025, Mercedes-Benz had repurchased shares worth approximately 300 million euros, and the remaining up to 1.7 billion euros will be repurchased in 2026. (Jiemian News)
Siemens' net profit in the first fiscal quarter was 2.222 billion euros, a year-on-year decrease of 43%
On February 12, Siemens announced its financial results for the first quarter of fiscal year 2026: The order volume was 21.371 billion euros, a year-on-year increase of 7%; the revenue was 19.139 billion euros, a year-on-year increase of 4%; the net profit was 2.222 billion euros, a year-on-year decrease of 43%; the free cash flow reached 677 million euros, a year-on-year decrease of 57%. (Jiemian News)
Huahong Semiconductor: Q4 Sales Revenue Reached $659.9 Million, a Year-on-Year Increase of 22.4%
36Kr learned that Huahong Semiconductor announced that its sales revenue in the fourth quarter reached $659.9 million, a year-on-year increase of 22.4% and a quarter-on-quarter increase of 3.9%. The gross profit margin was 13.0%, a year-on-year increase of 1.6 percentage points and a quarter-on-quarter decrease of 0.5 percentage points. The profit attributable to the owners of the parent company was $17.5 million, compared with a loss of $25.2 million in the same period of the previous year and a profit of $25.7 million in the previous quarter. It is expected that the sales revenue in the first quarter of 2026 will be approximately between $650 million and $660 million, and the gross profit margin will be approximately between 13% and 15%.
Nissan Motor Posts a Net Loss of 28.3 Billion Yen in the Third Fiscal Quarter
Nissan Motor released its third - quarter results on February 12, showing net sales of 3.00 trillion yen, an operating profit of 17.55 billion yen, and a net loss of 28.3 billion yen. Nissan Motor expects net sales of 11.90 trillion yen for the full year and a net loss of 650 billion yen. (Jiemian News)
Lenovo Group: Revenue in the third quarter reached US$22.2 billion, a year-on-year increase of 18%
36Kr learned that Lenovo Group announced in the Hong Kong Stock Exchange that in the third quarter ended December 31, 2025, the Group's revenue increased by 18% year-on-year to a record high of US$22.2 billion; revenue related to artificial intelligence increased by 72% year-on-year, accounting for 32% of the Group's total revenue. The profit attributable to the owners of the Company in the third quarter was US$546 million.
Cool products
Insta360 Confirms the Release of Gimbal Camera Luna in the First Half of the Year
36Kr learned that on February 11th, Insta360 Innovation held its annual meeting. A person close to Insta360 revealed that founder Liu Jingkang announced on-site that the gimbal camera would be released in the first half of the year and unveiled the dual - camera appearance of the first handheld gimbal camera. The product is officially named "Luna". Data shows that as early as 2023, Insta360 invested tens of millions of yuan in the R & D of modular handheld gimbal cameras. Liu Jingkang revealed on - site that thanks to the continuous high - intensity R & D investment, the number of new products launched by Insta360 in 2025 reached a record high since the company's establishment, and the number of new products in 2026 is expected to exceed that in 2025.
Compiled | Zhao Huali, He Yuting