9:00 am Kr 36: Fu Sheng publicly confronted Zhou Hongyi early in the morning, claiming to be owed 100 million yuan, and 360 responded; ByteDance sold Moonton Technology for 41.3 billion yuan; The ongoing conflict in Iran may drive oil prices up to $180.
Today's Hotspot Guide
Wang Wentao, Minister of Commerce, met with Tim Cook, CEO of Apple.
Xibei's first store, where Jia Guolong started his business, will reduce its operating area by half.
Is Tesla planning to purchase Chinese photovoltaic equipment? The company responded: It's true.
In response to issues exposed at the "3·15" Gala, such as "bleached chicken feet", multiple regions have launched investigations and crackdowns.
The average study - abroad budget for Chinese students exceeds 600,000 yuan.
Top 3 Big News
Fu Sheng Confronts Zhou Hongyi in WeChat Group, Accusing Him of "Defaulting on Debts", 360 Responds
On March 20th, screenshots circulated on social media showed that in the early morning of the same day, Fu Sheng, the chairman and CEO of Cheetah Mobile, "confronted" Zhou Hongyi, the founder of 360, in a WeChat group, accusing Zhou Hongyi of "defaulting on debts and blocking him".
On March 20th, 360 Group responded, "We focus more on making good products so that everyone can use 360 Security products safely and conveniently. In the end, entrepreneurs should build their personal influence through products and user value, rather than relying on emotional expressions or topic hype. Regarding rumors and false information, 360 Group has initiated evidence preservation and will handle it through legal channels in accordance with the law." (The Paper)
ByteDance Sells Moonton Technology for Over $6 Billion
On March 20th, it was reported that Saudi Arabia's Savvy Games Group has recently reached a final agreement with ByteDance to acquire all the equity of Shanghai - based Moonton Technology for over $6 billion (approximately 41.3 billion RMB). According to multiple media reports, the two parties initiated negotiations in the second half of 2025, and reached a consensus on the core terms in early 2026. Some analysts in the relevant industry believe that the core purpose of Savvy's move is to make up for its weakness in the Asian game market. Moonton's deep roots in Southeast Asia will help Saudi Arabia quickly enter the emerging Asian game market and improve its global game industry layout. In addition, according to an internal letter to all employees of Moonton, after the transaction is completed, Moonton's management structure will remain unchanged, and Zhang Yunfan will serve as the CEO of Moonton Technology.
ByteDance's sale of Moonton this year is also generally interpreted by the industry as an important measure to further focus its strategy. According to people close to ByteDance, due to huge investments in AI and the rising price of chips, ByteDance's overall profit has started to decline since the fourth quarter of 2025. Selling Moonton is not only a good deal but also reflects ByteDance's determination to focus on its core strategic direction of AI. (Jiemian News)
Ongoing Iran Conflict May Push Oil Prices to $180
Since the United States and Israel launched a military strike against Iran on February 28, international oil prices have soared by about 50%. Recent attacks on oil facilities have further pushed up oil prices. On the 19th, the price of London Brent crude oil futures for May delivery reached as high as $119 per barrel during intraday trading. The price of Oman crude oil futures, which reflects the benchmark price of most crude oil from Middle Eastern producers such as Saudi Arabia, has exceeded $166 per barrel. Currently, the price of Saudi light crude oil sold to Asian buyers via Red Sea ports is about $125 per barrel. Some Saudi officials said that as inventories are depleted, the price of this oil may approach $138 to $140 per barrel next week.
Some Saudi officials said that if the conflict continues until the second week of April, that is, if the supply cannot be restored and the Strait of Hormuz is difficult to navigate, international oil prices may continue to rise, climbing from $150 to $165 or even $180 within a few weeks. (Xinhua News Agency)
Large Companies/ Major Events
Wang Wentao, Minister of Commerce, Meets with Tim Cook, CEO of Apple
On March 20th, Wang Wentao, Minister of Commerce, met with Tim Cook, CEO of Apple Inc. from the United States. The two sides exchanged views on China-US economic and trade relations and the development of Apple's business in China. Wang Wentao pointed out that the Chinese government will unswervingly promote high-level opening-up and continuously optimize the business environment, enabling foreign-funded enterprises to share in China's development opportunities. He welcomed Apple to continue to deepen cooperation with China and increase its investment in the country. Cook said that Apple will continue to firmly root itself in China, deepen its presence in the Chinese market, and actively participate in China's high-quality development. A sound China-US economic and trade relationship is not only of great significance to the two countries but also conducive to the stability and development of the global economy. Apple is willing to contribute positively to win-win cooperation between China and the United States. (CCTV News)
The first store of Xibei, where Jia Guolong started his business, will reduce its operating area by half
The first store of the brand, located in Liuliqiao, Beijing, where Jia Guolong started his business at Xibei, is about to "close half". On March 19th, reporters learned that the flagship store of Xibei in Liuliqiao, Beijing, will reduce its area by half, but it will not be completely closed. "We haven't received a notice to close," an employee of the store said. "But there may be adjustments later. Currently, it has five floors, and maybe several floors will be removed." He admitted that it is because the store is currently under great pressure due to the decrease in passenger flow, and confirmed that starting from April 1st, the store will no longer accept reservations for private rooms. (Jiemian News)
Nissan China Welcomes Its First Chinese General Manager
Recently, Nissan (China) Investment Co., Ltd. announced an adjustment to its senior management in the Chinese market, which will take effect on April 1, 2026. Liu Xinyu, the former senior advisor to the general manager of Nissan (China) Investment Co., Ltd., will assume the position of general manager of Nissan (China) Investment Co., Ltd. and report directly to Stephen Ma, a member of Nissan's Global Executive Committee, Chairman of Nissan in China, and President of Dongfeng Motor Co., Ltd. (Jiemian News)
The United States announced the approval of the temporary delivery and sale of Iranian oil. Iran previously stated: There is no surplus crude oil.
According to a message from the U.S. Treasury Department, the United States approved a 30 - day authorization on March 20 local time, allowing the delivery and sale of vessels loaded with crude oil and petroleum products originating from Iran. The new permit allows the sale of Iranian crude oil and petroleum products that had been loaded onto ships as of March 20. U.S. Treasury Secretary Bezant said that the Treasury Department is issuing a "narrow - scope and short - term authorization" to allow the sale of Iranian oil currently stranded at sea. By temporarily releasing the existing oil supply, the United States will quickly provide about 140 million barrels of oil to the global market. The temporary and short - term authorization is strictly limited to the oil already in transit.
On the evening of the 20th local time, Saman Goudusi, the spokesman for the Iranian Ministry of Petroleum, said through his personal social account that currently, Iran basically has no remaining crude oil stranded at sea, and there is no surplus crude oil to supply to other international markets. (CCTV News)
Tesla Plans to Purchase Chinese Photovoltaic Equipment? Company Responds: It's True
There is a new development regarding the rumor that Tesla is "scooping up" Chinese photovoltaic products. On March 20th, a market rumor stated that a Tesla team plans to purchase a relatively large - scale of Chinese photovoltaic equipment, involving several listed companies. On the morning of March 20th, a photovoltaic company confirmed the above - mentioned news and revealed that the contract scale is in gigawatt level. (Beike Finance)
Multiple Regions Initiate Investigations and Crackdowns on Issues Exposed in the "3·15" Gala, Such as "Bleached Chicken Feet"
On March 20th, reporters learned at the regular press conference of the first quarter held by the State Administration for Market Regulation that in response to the illegal issues in the market supervision field exposed in the "3·15" Gala, such as "AI poisoning", "bleached chicken feet", and "exosomes" and other problematic products, the State Administration for Market Regulation quickly deployed to investigate and punish them in accordance with the law strictly and promptly. It also carried out interviews and supervised the relevant local governments and market supervision departments, and firmly safeguarded the legitimate rights and interests of consumers. Next, the State Administration for Market Regulation will continue to cooperate with relevant departments to conduct in - depth investigations and leave no stone unturned. It will strike at illegal acts as soon as they emerge. It will not let go until the problems are thoroughly investigated and the rectifications are in place. The market supervision departments will take practical actions to respond to social concerns and strengthen the defense line of consumer safety. (CCTV News)
Pop Mart Responds to the 7-Year Delay in Blind Box Delivery
Recently, Ms. Xu from Xiamen spent 59 yuan in 2019 to purchase a Pop Mart Hello Kitty blind box. Due to not leaving a delivery address and forgetting about it herself, the order was put on hold for nearly 7 years. In March 2026, she filled in the address, which triggered the system to ship the order. She only realized it was the blind box after signing for it.
In response, Pop Mart told reporters that this order was placed on the blind box vending machine in September 2019. Since the customer did not leave a default address at that time, the order could not be shipped in time, and the company retained the ordered product for the customer. On March 9, 2026, the customer logged in to the blind box vending machine mini-program again, purchased other products and left a default address. Therefore, the system automatically shipped the order on March 16. It is worth noting that the second-hand price of this blind box is now only more than 20 yuan, which has been mocked by netizens as "the most unprofitable cross - time consumption". (Jiemian News, Hongxing News)
Most large technology stocks in the U.S. stock market declined before the market opened, while Arm rose more than 3%
36Kr learned that most large technology stocks in the U.S. stock market declined before the market opened. As of press time, Apple fell 0.76%, Google fell 0.6%, Amazon fell 0.57%, Microsoft fell 0.53%, Netflix fell 0.37%, NVIDIA fell 0.23%, and Tesla fell 0.21%; Arm rose more than 3%.
UK Regulator Launches Probe into Adobe over Cancellation Fees
On March 19th, the UK Competition and Markets Authority stated that it has launched an investigation into Adobe, the maker of Photoshop, to examine whether its early termination fees constitute unfair and misleading practices. The authority said it will investigate whether consumers can obtain "clear and timely information" about early termination fees before purchasing products, as these fees are likely to influence their purchasing decisions. (Jiemian News)
The 8th stock priced at 1,000 yuan in the history of A-shares has emerged. The stock price of Yuanjie Technology, a popular stock in the CPO concept, has reached 1,000 yuan
The stock price of Yuanjie Technology, a popular stock in the CPO concept, has reached 1,000 yuan, hitting a new all-time high and becoming the 8th stock priced at 1,000 yuan in the history of A-shares.
Based on the closing price on March 20, 2025, the stock has accumulated a nearly 690% increase in the past year. In the history of A-shares, a total of 7 stocks have ever or currently had a stock price above 1,000 yuan, namely Zhongan Technology, Kweichow Moutai, Yunsai Intelligence, Cambricon, Roborock, Hemai Co., Ltd., and Amicome. (Caixin Press)
Storage giant Kioxia halts production of some products
According to Yicai Global, storage manufacturer Kioxia recently sent a notice to its customers about the discontinuation of TSOP (Thin Small Outline Package) products. The TSOP products involved include those with capacities of 1Gb, 2Gb, 4Gb, 8Gb, 16Gb, 32Gb, and 64Gb. Reporters learned that the production halt involves some SLC (Single-Level Cell) and MLC (Multi-Level Cell) storage products. According to the notice, the deadline for the last order placement of TSOP (Thin Small Outline Package) is September 15, 2026, and the deadline for the last shipment is March 15, 2027.
It is understood that Kioxia is a global leading provider of memory solutions, focusing on the development, production, and sales of flash memory and solid-state drives (SSDs). It was formerly known as the Toshiba Memory Group. In 2018, Kioxia was spun off from the Toshiba Group to become an independent company and was officially renamed Kioxia Corporation in 2019. (Yicai Global)
Siemens to Invest $165 Million to Expand AI Manufacturing Business in the United States
Siemens recently announced that it will invest $165 million to expand the manufacturing business of artificial intelligence infrastructure in the United States. This investment is based on Siemens' commitment in the past few years to invest nearly $700 million to expand its local manufacturing capacity in the United States, including the construction and expansion of electrical product factories in Pomona, California, and Fort Worth, Texas. (Jiemian News)
Intel Plans to Raise CPU Prices by 10% Starting from the End of This Month
It is reported that Intel has recently sent notices to its major customers, planning to raise CPU prices by 10% starting from the end of this month. The price adjustment covers the vast majority of mainstream products in its CPU product line. (Jiemian News)
Nvidia Plans to Deliver 1 Million GPUs to Amazon AWS by 2027
An executive at Nvidia revealed on March 19 that by 2027, Nvidia will sell 1 million graphics processing unit (GPU) chips and a range of other products to Amazon's cloud computing division, AWS. Nvidia and AWS announced an agreement this week that AWS will purchase 1 million GPUs from Nvidia, but did not disclose the specific time of the transaction. Ian Buck, vice president of hyperscale and high-performance computing at Nvidia, revealed on March 19 that the sales will start this year and continue until 2027. (Sina Finance)
WTO: The overall negative impact of tariffs on trade in 2025 is less than expected
On March 19th, the World Trade Organization (WTO) stated in its latest "Global Trade Outlook and Statistics" report that the overall negative impact of tariffs on trade in 2025 is less than previously expected. Looking ahead to 2026, the WTO believes that recent developments in tariffs mainly reflect strategic adjustments rather than fundamental policy changes. WTO economists estimate that as of the end of February this year, the share of global trade conducted under the "Most-Favored-Nation Treatment" principle has rebounded to 72%. (Yicai Global)
The average study - abroad budget of Chinese students exceeds 600,000 yuan
New Oriental recently released the "Report on the Development of Chinese Students Studying Abroad in 2026" (hereinafter referred to as the "report"). This is the twelfth consecutive year that New Oriental has released this annual report. The report points out that in 2026, the average study - abroad budget of Chinese students reached 605,000 yuan, hitting a new high in 12 years. (21st Century Business Herald)
The global surge in memory prices: A 32GB memory stick soars from $800 to $3,800
Recently, the global market has been swept by a wave of rising memory prices. Reporters' investigations in the Huaqiangbei Electronics Market in Shenzhen revealed that both office computers for essential use and high - end gaming consoles have seen a significant increase in cost due to the soaring memory prices. A merchant said, "The cheapest Kingston 16GB standard memory sticks (basic memory) were around $200 last April and May. Now, they're basically over $800. The 32GB memory, which used to cost $800, may now cost $3,800, a nearly 300% increase." The doubling of memory prices has directly driven up the cost of the entire computer. Facing such a market situation, users with limited budgets are starting to be more frugal and are even turning to the second - hand market for alternative solutions. (CCTV Finance)
The forefront of AI
OpenAI to Acquire Astral
On March 19th, OpenAI announced that it will acquire Astral and introduce open - source development tools into the Codex ecosystem. Astral has developed several widely used Python open - source tools, such as uv, Ruff, and ty, which help developers improve development efficiency. (Jiemian News)
WPS 365 Launches Official "Crayfish"
36Kr learned that on March 20th, at the WPS 365 AI Collaborative Office Summit in Shenzhen, Wang Dong, the vice president of Kingsoft Office, revealed on - site that WPS 365 has launched an official office "crayfish" named Xiaok K. It can handle complex office tasks in various scenarios such as document collaboration, chatting, meetings, and emails through WPS, ensuring security, professionalism, and being accountable for the results.
Amazon founder Jeff Bezos is reported to plan to raise $100 billion to set up a fund to acquire manufacturing enterprises and introduce AI
It is reported that Amazon founder Jeff Bezos is in talks to raise $100 billion to set up a fund to acquire manufacturing enterprises and introduce artificial intelligence technology. People familiar with the matter and investor documents said that Bezos has met with several large asset management institutions in recent months to raise funds for the project, including his trips to the Middle East and Singapore. (Jiemian News)
Elon Musk Accelerates the Development of Tesla's Next-Generation AI Chip
Tesla seems to be accelerating the advancement of its artificial intelligence roadmap. Elon Musk said that the company's next-generation AI6 chip could be taped out as early as December this year. This timeline is earlier than many people expected, suggesting Tesla's aggressive stance in in-house chip development. (Sina Finance)
Going Public in Progress
Unitree Technology Co., Ltd.
36Kr learned that the Shanghai Stock Exchange has accepted the application of Unitree Technology Co., Ltd. for an initial public offering (IPO) on the Science and Technology Innovation Board, with a proposed fundraising amount of 4.202 billion yuan.
Canva
It is reported that Canva is preparing for an IPO in 2027 and adding new artificial intelligence features to its products. (Sina Finance)
Honghe Technology
36Kr learned that Honghe Technology announced that the company is planning to issue overseas shares (H shares) and apply for listing on the Main Board of The Stock Exchange of Hong Kong Limited.
Financial Reports of Large Companies
Unitree Technology: Achieved an operating income of 1.708 billion yuan in 2025, a year-on-year increase of 335.36%
36Kr learned that the prospectus disclosed by Unitree Technology shows that in 2025, the company achieved an operating income of 1.708 billion yuan, a year-on-year increase of 335.36%; during the same period, it achieved a net profit of 600 million yuan after deducting non-recurring gains and losses, a year-on-year increase of 674.29%. The main reason is the rapid growth of product sales during the period.
XPeng Motors: It is expected to deliver 61,000 - 66,000 vehicles in the first quarter, a year-on-year decrease of 29.8% - 35.1%
36Kr learned that XPeng Motors released its financial reports for the fourth quarter and the whole year of 2025. The financial reports show that for the first quarter of 2026, the Company expects the vehicle delivery volume to be between 61,000 and 66,000, a year-on-year decrease of approximately 29.79% - 35.11%. The total revenue will be between RMB 12.20 billion and RMB 13.28 billion, a year-on-year decrease of approximately 16.01% - 22.84%.
China Tourism Group Duty Free Corporation: Net profit of 3.586 billion yuan in 2025, a year-on-year decrease of 15.97%
36Kr learned that China Tourism Group Duty Free Corporation released its 2025 annual performance report. The financial report shows that the total operating revenue reached 53.694 billion yuan, a year-on-year decrease of 4.92%; the net profit attributable to shareholders of the listed company was 3.586 billion yuan, a year-on-year decrease of 15.97%.
Chifeng Gold: Net profit increased by 75% year-on-year in 2025, plans to distribute 0.32 yuan per share in cash dividends
36Kr learned that Chifeng Gold released its 2025 performance report. The report shows that the company achieved an operating income of 12.639 billion yuan in 2025, a year-on-year increase of 40.03%; the net profit attributable to shareholders of the listed company was 3.082 billion yuan, a year-on-year increase of 74.70%. The company plans to distribute a cash dividend of 0.32 yuan (tax included) per share to all shareholders, without issuing bonus shares or converting capital reserves into share capital.
Baiwei Storage: Net profit of 853 million yuan in 2025, a year-on-year increase of 429.07%
36Kr learned that Baiwei Storage announced that its operating income in 2025 was 11.302 billion yuan, a year-on-year increase of 68.82%; the net profit attributable to shareholders of the listed company was 853 million yuan, a year-on-year increase of 429.07%. It plans to distribute a cash dividend of 2.1410 yuan per 10 shares (tax included) to all shareholders.
Investment and financing
"Xuanjing Biotech" Completes Over 200 Million Yuan Pre-A Round of Financing
36Kr learned that on March 20th, the clinical-stage small nucleic acid drug company "Xuanjing Biotech" announced the completion of a Pre-A round of financing exceeding 200 million yuan, led by Kangjun Capital. Delian Capital, Huatai GenScript Fund, Jinyifu Xin, Guohai Innovation Capital, Lenovo Capital & Incubation Group, and existing shareholder Yuanxi Haihe jointly participated in this round of investment.
“SynapX” Secures Nearly $50 Million in Series A Financing
36Kr has learned that “SynapX”, a company focusing on the field of physical AGI, has officially announced the completion of nearly $50 million in its first - round financing. This round was jointly invested by five top - tier institutions, including Horizon Robotics, Hillhouse Capital Ventures, Xiaomi Strategic Investment, Shunwei Capital, and Linear Capital. It is reported that the funds from this round of financing will be specifically allocated to three core areas: core technology and product R & D, the establishment of a full - modality data system, and the recruitment of world - class talents.
Cool Products
Tesla Plans to Deliver Semi Electric Trucks in Bulk in 2026, with Prices Possibly Below $300,000
This summer, after years of delays, Tesla plans to start delivering the Semi in bulk from its Nevada Gigafactory. According to a recent report from Tigress Financial Partners, the company expects to deliver 5,000 to 15,000 Semis in 2026, and the annual production will then increase to 50,000 units. The company has not publicly announced the price of the Semi and did not respond to requests for comment. Companies that have ordered the vehicles are bound by confidentiality agreements. However, people familiar with the matter said that the price is below $300,000, about twice the cost of a diesel truck. (Sina Finance)
MOVA AtomForm to Launch First Intelligent 12-Nozzle 3D Printer in Silicon Valley, USA
36Kr learned that MOVA AtomForm announced that it will hold a product launch event in Silicon Valley, USA, at 1 p.m. on March 24th local time in San Jose, USA (4 a.m. on March 25th, Beijing time), and officially unveil its first desktop 3D printer, the Palette 300, which features an intelligent 12-nozzle system. As previously revealed by MOVA AtomForm, this 3D printer is equipped with the OmniElement™ fully automatic nozzle switching system and 12 independent nozzles. It supports the integrated printing of up to 36 colors and 12 types of materials, increasing the material changing speed by 50% and reducing material waste by 90%.
Organized | Kris