9:00 AM, Kr 36 | The Strait of Hormuz is fully open; Lei Jun says the company won't produce models priced under 100,000 yuan in the next few years; Housing prices in all four first-tier cities are rising.
Today's Hotspot Guide
Luckin will launch bottled coffee, priced at 6 - 7 yuan
The founder responds to complaints about the high price of 48 yuan per cup for the new product of Amo Handmade
ByteDance Recruits Tech Talent Globally with New Overseas Work Locations Added
Stan Ng, a 31-year Apple veteran and vice president of marketing, announces retirement
Paramount promises that movies will be in theaters for at least 45 days before going to streaming platforms
Top 3 Big News
Strait of Hormuz Fully Open, Trump: Thank You, Iran
Iranian Foreign Minister Araqchi said on social media on the 17th that in view of the ceasefire reached between Lebanon and Israel, Iran will open the Strait of Hormuz to all merchant ships during the ceasefire period. Araqchi said that the Strait of Hormuz will be fully open to all merchant ships during the ceasefire period, and the shipping routes will follow the coordinated routes previously announced by the Iranian Ports and Maritime Organization. Trump confirmed that Iran has opened the Strait of Hormuz. US President Trump said on the 17th that he thanked Iran for opening the Strait of Hormuz. Trump wrote on social media: "Iran has just announced that the Iranian Strait is fully open and fully navigable. Thank you!" (Xinhua News Agency)
Lei Jun: Xiaomi Won't Launch Models Priced Under 100,000 Yuan in the Next Few Years
36Kr learned that on April 17th, during a live broadcast, when answering the netizens' question "Will Xiaomi launch models priced under 100,000 yuan in the future", Lei Jun stated that Xiaomi won't launch models priced under 100,000 yuan in the next few years. The reason is that to achieve good intelligence in electric vehicles, the cost will be higher, and it's quite difficult to keep it under 100,000 yuan. On the same day, Lei Jun took the new - generation SU7 Pro to start a live - broadcast challenge of traveling 1,265 kilometers from Beijing to Shanghai with only one charge. It is expected that this challenge will last for 15 hours and they will arrive in Shanghai around 21:30 at night.
Home prices in the four major first-tier cities have rebounded comprehensively, and the scope of market recovery is expanding.
On April 16th, the National Bureau of Statistics released data on the sales prices of commercial residential buildings in 70 large and medium-sized cities in March, sending a clear and positive signal: Home prices in the four major first-tier cities have rebounded comprehensively, completely breaking the previous downward market pattern and becoming the core indicator for the gradual stabilization and recovery of the national real estate market. Looking at the specific data, the new home prices in first-tier cities increased by 0.2% month-on-month, which is the first month-on-month increase since May 2025. Among them, Shanghai and Guangzhou led the country with a 0.3% increase. The second-hand housing market has also witnessed a breakthrough turnaround. The second-hand housing prices in first-tier cities increased by 0.4% month-on-month, ending the previous 11 consecutive months of decline. All four first-tier cities saw price increases, which is a landmark signal of the market's shift this round. Among them, Beijing led the country with a 0.6% increase, and both Shanghai and Shenzhen had a 0.4% increase.
More and more cities are joining the ranks of rising home prices, and the scope of market recovery is expanding. In March, 14 out of the 70 cities saw month-on-month increases in new home prices, 4 more than in February; 13 cities saw increases in second-hand housing prices, 11 more than in February. Market expectations are also changing positively. Recently, many mainstream domestic and foreign institutions have issued real estate market reports, making judgments that home prices have bottomed out and are rebounding, and holding an optimistic view on the real estate market trends in core cities. Goldman Sachs predicts that from the end of 2025 to the end of 2028, home prices in Shanghai and Shenzhen will increase by a cumulative 15%. Li Yujia, the chief researcher at the Housing Policy Research Center of the Guangdong Provincial Urban and Rural Planning Institute, believes that the current trend of real estate market stabilization is emerging, but the foundation for stabilization still needs to be consolidated. He suggests strengthening supply-side management, strictly controlling the scale of land supply, promoting the replacement of old second-hand houses with new ones, increasing the cross-regional transfer of housing provident funds, and comprehensively using policies such as purchase discounts and financial subsidies to form a systematic and integrated effect. (China Real Estate News)
Big Companies/Important Events
A total of 3.597 billion yuan in fines and confiscations were imposed, and 7 e-commerce platforms were penalized in the "Ghost Takeaway" series of cases
On April 17, the State Administration for Market Regulation legally made administrative penalty decisions in the "Ghost Takeaway" series of cases against 7 e-commerce platforms. The 7 e-commerce platforms were ordered to correct their illegal acts, suspend the addition of new cake shops for 3 to 9 months, and a total of 3.597 billion yuan in fines and confiscations were imposed. At the same time, a total of 19.6874 million yuan in fines were imposed on the legal representatives and food safety directors of the 7 platform enterprises. (Xinhua News Agency)
Luckin Coffee to Launch Bottled Coffee at a Price of 6 - 7 Yuan
Luckin Coffee's ready-to-drink products will be officially launched at the end of April. The first batch of three products are all bestsellers in Luckin Coffee stores: Classic Americano, Pomelo C Americano, and Coconut Latte. The products are packaged in the iconic "Luckin Blue" with a shelf life of nine months, and each bottle is priced in the range of 6 - 7 yuan. (LatePost)
National Development and Reform Commission: Indicators such as investment, consumption, and prices improved significantly in the first quarter
At the press conference of the "Starting the 15th Five - Year Plan" series themed news held by the State Council Information Office on the 17th, Wang Changlin, the deputy director of the National Development and Reform Commission, said that the economy achieved a stable and good start in the first quarter of the 15th Five - Year Plan, and indicators such as investment, consumption, and prices improved significantly. Wang Changlin, the deputy director of the National Development and Reform Commission: In the first quarter of this year, the GDP increased by 5% year - on - year, reversing the downward trend since the second quarter of last year and ranking among the top in major economies. Three indicators improved significantly: Fixed - asset investment turned from a decline to an increase; Service consumption grew rapidly; The general price level rose moderately. In March, the ex - factory prices of industrial producers increased by 0.5%, ending the 41 - month consecutive decline. (CCTV News)
Amma's Handmade's New Product Costs 48 Yuan per Cup, Criticized for Being Too Expensive, Founder Responds
Recently, the popular new tea brand Amma's Handmade launched a new product called "Syzygium samarangense and Mangosteen". It has been criticized by consumers for its high price of 48 yuan. On April 10th, Amma's Handmade released the new product "Syzygium samarangense and Mangosteen", priced at 48 yuan per cup. This price has sparked quite a controversy on social media. Many consumers think the price is too high, and some also believe that the appearance and taste of the drink are not worth the price.
On April 16th, Deng Qian, the founder of Amma's Handmade, stated that the pricing is based on a reasonable calculation of the product's raw material costs. This is a seasonal limited - edition new product. The brand hopes to be more open in selecting high - quality ingredients for product innovation and will not set a high price just for the sake of it. (Yicai, Southern Metropolis Daily)
Spot silver rises more than 1% intraday
36Kr learned that on April 17, spot silver rose more than 1% intraday and is now quoted at $79.20 per ounce.
Changxin Memory Technologies and YMTC Adopt "Payment in Advance for Production Scheduling"
It is learned from the industrial chain that since the fourth quarter of last year, there has been a phenomenon of "scrambling for goods" at Changxin Memory Technologies and YMTC, and this situation is still ongoing. Specifically, downstream customers need to make payments to distributors first. After the funds arrive, the distributors will queue up to enter the production scheduling system. They will notify customers to pick up the goods after the products are available. Industry insiders said that the above changes are basically in sync with the upward trend of the prices of this round of memory chips. (Jiemian News)
ByteDance Adds Overseas Work Locations and Recruits Tech Talents Globally
On April 17th, ByteDance launched the "Campus Recruitment for Talents in Frontier Technology Fields" project, opening up both full - time and internship positions for doctoral students graduating in 2027 and later. In addition to domestic cities such as Beijing, Shanghai, Shenzhen, Hangzhou, and Chengdu, multiple overseas work locations have been added, including Singapore, Sydney, San Jose, Seattle, and San Diego. The company assigns technical mentors to provide one - on - one guidance on research topics. It implements a mechanism of "grading based on abilities and setting salaries according to grades". Promotions are not based on seniority but on the capabilities of talents, and corresponding recognition is given according to their abilities. (Yicai Global)
Deng Taihua of ZHIYUAN: ZHIYUAN's annual revenue reached 1.05 billion yuan in 2025
On April 17, the 2026 ZHIYUAN Partners Conference opened in Shanghai. Deng Taihua, the founder, chairman and CEO of ZHIYUAN, said that ZHIYUAN's annual revenue reached 1.05 billion yuan in 2025. "We have become the fastest robot company in China to achieve 1 billion yuan in revenue." He revealed that ZHIYUAN's revenue target for 2026 is to achieve several - fold growth. (Jiemian News)
Agency: Impacted by the significant increase in storage prices hitting the low - end market, the shipment volume of ODM/IDH smartphones in the second half of 2025 declined by 10% year - on - year
36Kr learned that according to Counterpoint Consulting, the significant increase in storage prices in the second half of 2025 brought significant cost pressure to the global smartphone industry, especially hitting the low - end market. In the second half of 2025, the sales volume of smartphones priced below $150 declined by 11% year - on - year. Since the shipment volume of OEM's mid - and low - end models highly depends on ODM/IDH, this market downward trend driven by cost increase was inevitably transmitted to the ODM - IDH field. Data from Counterpoint Research shows that in the second half of 2025, the shipment volume of smartphones designed by ODM/IDH companies declined significantly by 10% year - on - year, ending a two - year consecutive growth trend.
The oil tanker "Shalamar" passed through the Strait of Hormuz
Reporters from China Media Group learned that according to data released by the ship - tracking website vesselfinder on April 17, an oil tanker flying the Pakistani flag entered the Persian Gulf. It became the first oil tanker carrying crude oil to sail out through the Strait of Hormuz since the United States imposed a blockade on the 13th. According to the released data, this oil tanker is named "Shalamar". It sailed south of Iran's Larak Island late at night on the 16th local time and entered the Gulf of Oman. The ship carried about 450,000 barrels of crude oil, which were loaded at Das Island in the UAE. The destination of the ship is shown as Karachi, Pakistan. Relevant data shows that the "Shalamar" is owned and managed by the Pakistan National Shipping Corporation. (CCTV News)
Stan Ng, a 31-year Apple veteran and vice president of marketing, announces retirement
Stan Ng, vice president of product marketing at Apple, announced on a social platform on April 16 local time that he will officially retire after 31 years of service to the company. Stan Ng joined Apple in 1995 and is one of the few executives who have witnessed all the major product changes from the iPod to the Apple Vision Pro. He has long led the market strategy for the Apple Watch and is a regular at Apple press conferences. In his farewell letter, he said, "Working at Apple has been a very happy thing." (Caixin)
SpaceX may go public as early as June, and Google may reap huge profits from SpaceX's listing
According to a report by U.S. media on the 15th, regulatory documents recently filed by U.S. space exploration company SpaceX in Alaska show that Google holds a 6.11% stake in it. SpaceX may go public as early as June this year, and Google is expected to make huge profits at that time. It is reported that SpaceX has submitted an application for an initial public offering (IPO) and may conduct the IPO at a valuation of $1.75 trillion to $2 trillion. If calculated based on this valuation, once SpaceX completes its IPO, the value of Google's stake will be approximately $106.9 billion to $122 billion. (CCTV Financial)
Tesla Reportedly Bans Resale of Model S/X Signature Editions Within One Year, Violators to Be Fined $50,000 and Blacklisted
It is reported that Tesla requires buyers of its "Farewell Edition" Model S and Model X Signature Editions to sign a strict anti - resale agreement. Violators will face a fine of at least $50,000. The electric vehicle manufacturer announced last week that it will produce these models in limited quantities as a farewell before discontinuing production this year. According to the electric vehicle news website Electrek, anyone who wants to buy these two electric vehicles must agree to the terms restricting the resale of the vehicles within the first year after purchase. Under the agreement, buyers are not allowed to sell or attempt to sell the vehicle within 12 months from the date of delivery without Tesla's approval. (Sina Finance)
Paramount Promises a Minimum 45 - day Theatrical Run Before Streaming
Paramount CEO David Ellison solemnly promised theater owners at the CinemaCon film industry conference on Thursday that if the company's acquisition of Warner Bros. Discovery gets regulatory approval, the merged entity will release at least 30 movies each year, and each film will have an exclusive theatrical run of at least 45 days. (Sina Finance)
South Korea's Samsung Electronics Union: If the strike goes ahead as planned, the company will lose $20.3 billion this year
Union workers at South Korea's Samsung Electronics said on the 17th that if the tech giant goes ahead with a strike as planned, it could lose 30 trillion won (about $20.3 billion) in profit this year alone. The warning comes as wage negotiations have reached an impasse. The union previously demanded a significant increase in performance bonuses, and it is widely believed that if the demand is approved, the total bonus Samsung Electronics will need to pay this year could reach as high as 45 trillion won. (Sina Finance)
OpenAI Allegedly to Reach a Major Deal with Cerebras with a $20 Billion Investment
It is reported that OpenAI has agreed to pay Cerebras over $20 billion in the next three years to use the server clusters powered by the latter's chips. OpenAI aims to significantly reduce computing costs and reduce its dependence on NVIDIA chips through a diversified hardware layout. (Caixin)
Meta Announces Price Hike for Quest 3/3S VR Headsets
On April 16th, Meta announced that starting from April 19th, 2026, it will raise the prices of the Quest 3 and Quest 3S headsets. The prices of the Meta Quest 3S (128GB) and Meta Quest 3S (256GB) will increase by $50 to $349.99 and $449.99 respectively, and the price of the Meta Quest 3 will increase by $100 to $599.99. The new pricing will also apply to refurbished devices, while the prices of all Quest accessories will remain the same. The company stated, "This price adjustment is due to a significant increase in the manufacturing costs of high - performance VR hardware. The global price increase of key components (especially memory chips) is affecting almost all consumer electronics categories, including VR. To continue providing the hardware, software, and service quality that the Quest platform deserves, we need to adjust the prices." (Jiemian News)
The Cutting - Edge of AI
OpenAI Releases an Upgraded Version of Codex
OpenAI has released an upgraded version of Codex. Now, Codex can use all the apps on the user's computer. The company is promoting the integration of ChatGPT, Codex, and the Atlas browser into a "super AI application" for the desktop. (Caixin Press)
Alibaba Open-Sources Medium-Sized Models of Tongyi Qianwen 3.6 Series
36Kr learned that on the evening of April 16th, Alibaba's Tongyi Qianwen open-sourced its medium-sized model Qwen3.6-35B - A3B. Activating only 3B of it surpasses Google's newly released Gemma4 - 31B model.
Canva Officially Launches Canva AI 2.0
36Kr learned that Canva, a visual communication and collaboration platform, has officially launched Canva AI 2.0. In this upgrade, Canva AI 2.0 introduces a new architecture layer to comprehensively reconstruct the design process. Canva AI can deeply understand the user's working style, automatically apply brand styles, and continuously learn about team preferences and goals. Users can also import existing design training models to generate a personalized memory library.
Fliggy AI Open Platform Launched
36Kr learned that the Fliggy AI Open Platform was launched recently, and the domestic official website has opened for registration and application for API keys. According to the official website, the Fliggy AI Open Platform is directly connected to Fliggy's official product library and dynamic inventory in real - time, and is deeply adapted to the OpenClaw protocol, providing support for native skill plug - in capabilities. This means that developers can create travel - related products and applications through various "Lobster" applications.
Huawei Launches Companion AI Solution
36Kr learned that Huawei Terminal announced the launch of a companion AI solution - Xiaoyi Companion AI. This interactive solution adopts a side - state interaction form and can be awakened by double - clicking the navigation bar. It will be first installed on the Huawei Pura X Max to be released on April 20.
On the Market
Envision Energy
Envision Energy may consider raising up to $2 billion through a Hong Kong IPO. (Caixin)
Capital Securities
36Kr learned that the International Cooperation Department of the China Securities Regulatory Commission issued a record-filing notice regarding the overseas issuance and listing of Capital Securities Co., Ltd. The company plans to issue no more than 1,047,777,500 overseas-listed common shares and list them on the Hong Kong Stock Exchange.
Changchun Changguang Chenxin Microelectronics Co., Ltd.
36Kr learned that Lingyun Optics announced that its affiliated company, Changchun Changguang Chenxin Microelectronics Co., Ltd., was listed on the Hong Kong Stock Exchange on April 17, 2026, with the stock code 3277.HK. Changguang Chenxin offered 65.2942 million shares globally this time, with an issue price of HK$39.88 per share. Lingyun Optics holds 37.829 million shares of Changguang Chenxin, accounting for 8.69% of its total post - issue share capital (excluding over - allotment options), and the lock - up period for the shares it holds is 12 months after the listing. The company classifies its investment in Changguang Chenxin as a long - term equity investment and accounts for it using the equity method. The actual impact of this listing on the company's financial position shall be subject to the final audit report.
ACM Research (Shanghai)
36Kr learned that ACM Research (Shanghai) announced that the company is planning to issue overseas-listed shares (H shares) and list them on the Stock Exchange of Hong Kong Limited. As of now, the company is discussing the specific implementation work of this H-share listing with relevant intermediary institutions, and the relevant details have not been finalized. This H-share listing will not result in a change in the company's controlling shareholder and actual controller. After the specific plan is determined, the work of this H-share listing still needs to be submitted to the company's board of directors and shareholders' meeting for review, and requires filing or approval from relevant government agencies and regulatory authorities such as the China Securities Regulatory Commission, the Hong Kong Stock Exchange, and the Hong Kong Securities and Futures Commission.
Xiamen Ketuo Communication Technology Co., Ltd.
36Kr learned that the International Cooperation Department of the China Securities Regulatory Commission issued a notice on the record-filing for the overseas issuance and listing of Xiamen Ketuo Communication Technology Co., Ltd. and the "full circulation" of its unlisted domestic shares. The company plans to issue no more than 11,629,100 overseas-listed ordinary shares and list them on the Hong Kong Stock Exchange. Twenty shareholders of the company plan to convert a total of 88,153,289 unlisted domestic shares they hold into overseas-listed shares and list them for trading on the Hong Kong Stock Exchange.
Financial Reports of Large Companies
Netflix's Q1 revenue reaches $12.25 billion, a 16% year-on-year increase
Netflix announced its first-quarter results on April 16th local time. The revenue was $12.25 billion, a 16% year-on-year increase. The earnings per share were $1.23, compared with $0.66 in the same period last year. Netflix expects the second-quarter revenue to be $12.57 billion and the earnings per share to be $0.78. (Jiemian News)
Largan Precision: Revenue in the first quarter was NT$15.54 billion, a year-on-year increase of 6.6%
Largan Precision's revenue in the first quarter was NT$15.54 billion, a year-on-year increase of 6.6%, with an estimated NT$14.08 billion;
The net profit was NT$6.12 billion, a year-on-year decrease of 5%, with an estimated NT$5.31 billion; Earnings per share were NT$46.63, compared with NT$48.28 in the same period last year, with an estimated NT$39.64. (Caixin)
China National Nuclear Construction: New contracts worth 19.204 billion yuan were signed in the first quarter, and the revenue was 22.452 billion yuan
36Kr learned that China National Nuclear Construction announced that from January to March 2026, the company signed new contracts worth 19.204 billion yuan and achieved an operating income of 22.452 billion yuan. The company reminds investors that the above data are interim data and may differ from the data disclosed in the regular reports.
Guosen Securities: Net profit of 1.1073 billion yuan in 2025, a year-on-year increase of 34.76%
36Kr learned that Guosen Securities released its 2025 performance report. The report shows that during the period, the company achieved an operating income of 2.4143 billion yuan, a year-on-year increase of 28.21%; the net profit attributable to shareholders of the listed company was 1.1073 billion yuan, a year-on-year increase of 34.76%. The company plans to distribute a cash dividend of 3.50 yuan per 10 shares (tax included) to all shareholders and will not conduct bonus share distribution or capital reserve conversion into shares. In addition, the company implemented the dividend distribution for the first three quarters of 2025 in February 2026, distributing a cash dividend of 1.00 yuan per 10 shares (tax included) to all shareholders. During this reporting period, the company distributed a total cash dividend of 4.50 yuan per 10 shares (tax included) to all shareholders.
Cool Products
Hesai Unveils the World's First 6D Full-Color LiDAR
36Kr learned that on April 17th, at the 2026 Technology Open Day event, Hesai Technology released the world's first 6D full-color LiDAR ultra-sensitive chip, Picasso SPAD-SoC. Meanwhile, the Hesai ETX series of LiDARs will be upgraded with the new Picasso SPAD-SoC, supporting up to 4320 lines of full-color 4K ultra-high-definition perception. Mass production and delivery will start in the second half of this year.
The Leapmotor D19 is officially launched
36Kr learned that on April 16, the first model on Leapmotor's flagship D platform, the Leapmotor D19, was officially launched, with a price range of 219,800 - 269,800 yuan. The new car offers two power options: pure - electric and extended - range, as well as multiple versions with six - seat and seven - seat configurations.
Investment and Financing
"Lobster Mobility" Completes Nearly 100 Million Yuan Angel Round Financing
Recently, "Lobster Mobility" completed nearly 100 million yuan in financing. This round of financing will be used for technology R & D, team expansion, and global layout. The project is jointly developed by Dudu Zhixing, well - known AI scientists, and a native technology team. The core members come from Meta, Amazon Zoox, Lyft L5, Kimi, Tencent, as well as professors from world - renowned universities and Ph.D.s from Tsinghua University. Among them, Dudu Zhixing has served over 2,000 large corporate clients and has over a decade of experience in the mobility industry. Relying on the Sage multi - agent platform, Lobster Mobility is committed to achieving the large - scale implementation of full - link AI mobility services and solutions, and creating a global AI mobility assistant.
"Xingyun" Completes Multiple Rounds of Pre - A and Pre - A+ Financing
36Kr learned that "Xingyun", a domestic fully self - developed GPGPU innovative enterprise, announced the successful completion of multiple rounds of Pre - A and Pre - A+ financing in succession, with the total financing amount exceeding 400 million RMB. Wuyuan Capital, SAIF Partners, and Primavera Capital jointly led the investment, while local state - owned assets from Beijing, Jiangsu, etc., BAW Storage, and GPUs enterprises' founders' family offices driven by GSR Ventures, and industrial capitals such as Skyworth Capital followed the investment. Yunxiu Capital has provided services for multiple consecutive rounds and will serve as the exclusive financial advisor for the next round of financing.
"Accelerated Evolution" Completes Nearly 1 Billion Yuan in Financing
36Kr learned that the embodied intelligence company "Accelerated Evolution" recently completed nearly 1 billion yuan in financing. This round of financing was jointly led by Beijing High - end and Precision Industry Fund, Jingguosheng Fund, and Huakong Fund. Lenovo Star, Guohai Innovation Capital, and Bank of Communications Capital participated in the investment, while existing shareholders such as Shenzhen Capital Group, Source Code Capital, Innoangel Fund, and IDG continued to increase their stakes. The funds from this round of financing will be used for the construction of a global delivery network, the development of embodied model algorithms, and the iterative upgrade of robot products.
Compiled | Xu Jiatong