9:00 am Kr 36 | Yonghui Superstores is pursuing over 3.6 billion yuan in debt from Wang Jianlin and others; The Lancet: Nearly 1.2 billion people worldwide have mental disorders; WeChat responds to "messages can only be recalled within 2 minutes"
Today's Hotspot Guide
It's reported that Pop Mart spent 880 million to buy a building: No comment
Lei Jun revealed that Xiaomi YU7 had a temporary price cut
The Ministry of Education intends to approve the establishment of 34 new universities
Tencent promises not to reach or in a disguised form reach exclusive copyright licensing contracts with relevant copyright holders
Trump's Arc de Triomphe plan is approved
TOP 3 Big News
Yonghui Superstores Chases More Than 3.6 Billion Yuan in Debts from Wang Jianlin and Others
On May 21st, Yonghui Superstores issued an announcement stating that the company recently received a "Case Acceptance Notice" issued by the court. In the arbitration case between Yonghui Superstores and Dalian Yujin Trading Co., Ltd. (hereinafter referred to as Dalian Yujin), Wang Jianlin, Sun Xishuang, and Dalian Yifang Group Co., Ltd. (hereinafter referred to as Yifang Group), the arbitration award issued by the Shanghai International Economic and Trade Arbitration Commission has come into legal effect. After the company applied to the court for enforcement, the court issued a "Case Acceptance Notice" and decided to initiate enforcement proceedings. The amount involved in the case is the remaining share transfer price of 3.639 billion yuan, as well as relevant liquidated damages, legal fees, arbitration fees and other expenses.
36Kr learned that Tianyancha App shows that Wang Jianlin is associated with more than 40 enterprises, among which 10 are in the state of existence or relocation, and the rest have been cancelled or revoked. Risk information shows that there are currently multiple equity freeze records for Wang Jianlin. (China Securities Journal, 36Kr)
The Lancet: Nearly 1.2 billion people worldwide have mental disorders, a 95.5% increase compared to 1990
A research report published in the British magazine The Lancet on May 21 showed that in 2023, nearly 1.2 billion people worldwide had mental disorders, a 95.5% increase compared to 1990. Researchers found that from 1990 to 2023, the number of patients with 12 types of mental disorders increased globally. Among them, the increase in patients with anxiety disorders and depression was the most significant, with increases of 158% and 131% respectively compared to 1990. (CCTV News)
WeChat Responds to "Messages Can Only Be Withdrawn Within 2 Minutes"
On May 22nd, the official WeChat account "WeChat Pie" published an article explaining the design logic of WeChat's message withdrawal function. The article clearly states that the withdrawal time limits for different types of messages vary: text, voice, pictures, videos and other messages can be withdrawn within 2 minutes after being sent; while the withdrawal time limit for file messages such as Word, Excel, PPT, and PDF is 3 hours.
The WeChat team explained that the 2 - minute design is based on the fact that it is highly likely that the recipient has not finished reading the message. Withdrawing the message is equivalent to "re - saying" it and will not interrupt the chat rhythm. However, if more than 2 minutes have passed, the recipient has usually read or even replied to the message, and withdrawing it at this time will only increase the awkwardness. The reason why file messages have a longer withdrawal time limit is that there is a natural "time difference" for the recipient to view the files - they may be in a meeting or commuting, and 3 hours can provide enough buffer.
It is worth noting that if there were no time limit for withdrawal, the sender could tamper with the chat history at will. Records of borrowing money, work arrangements, and business commitments could all be deleted at will. (Phoenix Technology)
Large Companies/ Major Events
Customer Service Responds to the Appearance of Cooked Food Residues and Empty Bottles on Shelves in Multiple Sam's Clubs
Recently, in two newly opened Sam's Club stores in Jinan and Qingdao, Shandong Province, there have been successive incidents where customers consume products on the spot without paying and casually discard food residues and empty bottles in the shelf areas of the stores. The relevant on - site pictures have spread on online platforms, attracting public attention. On May 22nd, Jiemian News inquired with Sam's Club customer service about whether there are corresponding management measures for the above - mentioned behaviors. The customer service representative said that the relevant situations will be recorded and also reported to the relevant departments. The two stores where the suspected uncivilized consumption phenomena occurred both officially opened in May 2026. During the opening period of the two stores, the passenger flow was at a high level. Many popular cooked foods and beverages were well - received by consumers. In the early stage of the opening, the daily customer flow of the stores was significantly higher than the normal level. (Jiemian News)
It's reported that Pop Mart spent 880 million yuan on a building. Official response: No comment
On May 22nd, recently there were reports that "Pop Mart purchased the entire office building of Beijing Taikoo Place Phase II (formerly Yitiport Phase II) for 880 million yuan. The building area is about 44,000 square meters, with 16 floors above ground, and it may be used as the headquarters building." In response to the above rumors, Pop Mart's official side declined to comment. (Oriental Finance)
Lei Jun Reveals Temporary Price Cut of Xiaomi YU7
At the new product launch event of Xiaomi cars held on May 21st, according to the latest information officially announced on - site, the starting price of the standard version of Xiaomi YU7 is 233,500 yuan. It can accelerate from 0 to 100 km/h in 5.90 seconds, with a maximum horsepower of 320 PS and a top speed of 220 km/h. When being interviewed by the media group after the press conference, Lei Jun revealed that the starting price of 233,500 yuan for the standard version of Xiaomi YU7 was finalized under extremely high cost pressure. The initial pricing plan was originally 239,900 yuan. The team squeezed a lot of profits from the internal supply chain and operation links in order to let users truly feel Xiaomi's sincerity. (Sina Technology, Kuaikeji)
JD 618 to Create the First AI Shopping Live-streaming Gala on the Whole Network with AI Digital Humans
36Kr learned that JD announced that it will launch the first AI shopping live-streaming gala on the whole network, "JD 618 · Cyber Gala", at 8 p.m. on June 1st. It is understood that the gala will use JD's JoyStreamer multi-modal digital human generation ability to recreate classic IPs such as the Monkey King, Haier Brothers, Big Head Son, and Kapibara Yellow Pig, and interpret childhood classics in the form of AI digital humans.
Spotify Reaches Cooperation with Universal Music: Allows Subscribers to Create AI Cover Works
On May 22nd, it was reported that Spotify and Universal Music Group have reached a cooperation that will allow users to create cover songs and remixes using artificial intelligence. Foreign media reported that this feature is expected to be launched as a paid service. Subscribers of Spotify Premium can remix songs of artists participating in the licensing program and create AI cover works. Spotify stated that in addition to the existing royalty income, this new feature can also create additional income sources for artists and songwriters. Alex Norström, co-CEO of Spotify, said that Spotify's strength lies in solving difficult problems in the music field, and fan-made covers and remixes will be the next development direction. (Global Network Technology)
Hong Kong Securities and Futures Commission Requirement: Raise Account Opening Standards
The Hong Kong Securities and Futures Commission (SFC) issued a circular today, specifying the monitoring measures to be implemented when opening accounts and maintaining client relationships. The circular was issued after the SFC reviewed the account opening practices of 12 securities brokerage firms. The review identified a number of significant deficiencies, including insufficient due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross - border agency relationships with overseas intermediaries. The SFC is deeply concerned about the potential improper use of client accounts for suspicious or illegal transactions, and the resulting increased risks of money laundering and terrorist financing. The SFC requires all licensed corporations to conduct internal checks as soon as practicable to detect whether any suspicious or forged documents have been accepted for account opening. (Caixin Press)
The Ministry of Education intends to approve the establishment of 34 new universities
On May 21st, the official website of the Ministry of Education released the "Public Notice on the Intended Approval of the Establishment of Undergraduate Higher Education Institutions". It stated that in accordance with relevant regulations such as the "Higher Education Law of the People's Republic of China", the "Interim Regulations on the Establishment of General Higher Education Institutions", the "Interim Provisions on the Establishment of General Undergraduate Schools", and the "Trial Standards for the Establishment of Undergraduate-level Vocational Schools", after deliberation at a meeting of the Leading Party Members' Group of the Ministry of Education, it intends to approve the establishment of 34 institutions including Changzhou Vocational and Technical University of Information. The details are now open for public notice. The notice period is from May 21st to May 27th, 2026. The public notice information shows that among the 34 new universities, 22 are vocational undergraduate institutions. In 2019, the country launched a pilot program for undergraduate-level vocational education, breaking the "ceiling" of the junior college degree in vocational education. In recent years, the ranks of vocational undergraduate schools have been growing. (Yicai Global)
Tencent promises not to enter into, or enter into in a disguised form, exclusive copyright licensing contracts with relevant copyright holders
36Kr learned that Tencent Holdings Limited and Tencent Music Entertainment Group issued an announcement. The State Administration for Market Regulation issued the "Announcement on the Anti-monopoly Review Decision on Approving Tencent Holdings Limited's Acquisition of Equity in Himalaya Company with Restrictive Conditions" (hereinafter referred to as the "Decision") on May 11, 2026. In accordance with the requirements of the "Attachment: Commitment Plan for Restrictive Conditions" (hereinafter referred to as the "Commitment Plan") attached to the "Decision", the company promises not to enter into, or enter into in a disguised form, exclusive copyright licensing contracts with the copyright holders defined in the "Commitment Plan" (hereinafter referred to as "relevant copyright holders"), and will terminate all existing exclusive licensing contracts in various forms within the time limit specified in the "Commitment Plan".
The CSRC Plans to Fine Futu HK$1.85 Billion and Tiger Brokers HK$411.2 Million
According to a WeChat post by the "CSRC Release" on the 22nd, recently, the China Securities Regulatory Commission (CSRC) has lawfully launched investigations and issued prior notices of administrative penalties against relevant domestic and overseas entities of Tiger Brokers (NZ) Limited (hereinafter referred to as "Tiger"), Futu Securities International (Hong Kong) Limited (hereinafter referred to as "Futu"), and Longbridge Securities (Hong Kong) Limited (hereinafter referred to as "Longbridge") for their illegal securities business operations in the Chinese mainland.
On the evening of May 22nd, Futu Holdings, the parent company of Futu Securities, issued an announcement stating that the company has received an investigation notice and a pre - notice of administrative fines from the China Securities Regulatory Commission and its Shenzhen branch (collectively referred to as "CSRC"). The CSRC plans to fine the company RMB 1.85 billion (approximately US$271 million). Li Hua, the founder and CEO of Futu, will be personally fined RMB 1.25 million (approximately US$183,575). Tiger Brokers announced on May 22nd that the Beijing Securities Regulatory Bureau has imposed a total administrative fine of approximately RMB 308.1 million on the company's relevant subsidiaries and confiscated approximately RMB 103.1 million in illegal gains. The total amount of fines and confiscations is RMB 411.2 million. (The Paper)
IMAX May Consider Sale, in Talks with Multiple Potential Buyers
It is reported that IMAX, a chain cinema operator, is considering a sale and has been in contact with several entertainment companies. The process is still in its early stages, and there is no guarantee that a deal will be reached. (Cailian Press)
NVIDIA Removes Game Business Category from Latest Financial Report, Integrates It into Edge Computing
According to technology media TweakTown, NVIDIA has incorporated the previously independently reported revenue from its game business into the "Edge Computing" category in its latest financial report, with a total of $6.4 billion (approximately 43.597 billion RMB). This change indicates that although the GeForce product line continues to be updated, the game business is no longer the company's core growth engine. (Caixin Media)
Trump's Arc de Triomphe - style project approved
The U.S. Commission of Fine Arts approved a design plan submitted by the U.S. federal government on May 21 (local time) to build an Arc de Triomphe - style structure in Washington, D.C., the capital. This is a crucial step in the project's progress. The commission is composed of members personally selected by U.S. President Donald Trump. The commission chair said, "This building is beautiful." It is understood that the current plan has been slightly modified compared with the version submitted in April this year, with the four lion statues on the base removed. (CCTV International News)
Samsung Electronics Union Launches Vote on Temporary Wage Agreement
The labor union of Samsung Electronics in South Korea began an electronic vote on a temporary wage agreement on the 22nd. According to the plan, the electronic vote will last until 10 a.m. on May 27, and about 89,000 union members are expected to participate. If the number of voters exceeds half of all members and the majority of voters support the agreement, the agreement will come into effect officially; otherwise, the labor and management sides need to resume negotiations. (Xinhua News Agency)
AMD CEO Says CPU Demand Will Continue to Grow in the Next Few Years
AMD CEO Lisa Su said on May 22 that the growth rate of the central processing unit (CPU) market is faster than "what any of us predicted a year ago," and it will continue to expand in the next few years. In the next five years, AMD expects the CPU market to grow by more than 35% annually. "And this is exactly our very strong area," Su said at an event in Taipei. (Sina Finance)
Australian Judge Harshly Criticizes Handling of Tesla Class - Action Lawsuit, Warns of "Very Bad Situation"
In a class - action lawsuit involving about 10,000 Australian Tesla owners, Tom Thurlow, a judge of the Federal Court of Australia, harshly criticized Tesla's performance in the discovery process and questioned whether the company takes the judicial process seriously. The lawsuit was filed by Brisbane law firm JGA Saddler, accusing Tesla of misleading Australian consumers in terms of "phantom braking," battery range, and autonomous driving capabilities. During the eight - month evidence - gathering process, Tesla only submitted about 2,000 documents. The plaintiff's lawyers said that a large number of relevant documents such as engineering software, in - vehicle systems, and complaint records are needed for experts to fully review the accusations. (Sina Finance)
The Cutting - Edge of AI
Google Compensates After Complaints Over Gemini's Switch to Computing Power Billing: Permanently Triples Quotas for Pro and Ultra Users
On May 22nd, according to a report from Cailian Press Technology, during the 2026 I/O Developer Conference, Google announced that it started adjusting the Gemini quota algorithm on May 17th, changing from the previous "daily number of prompt words" to "billing based on computing power", which triggered numerous complaints from netizens and users.
According to the official announcement, in the past, Gemini mainly calculated usage based on the daily number of prompt words. The new rule changes to calculating based on computing power consumption, and also includes request complexity, invoked functions, and chat history length in the quota calculation.
As public opinion intensified, Varun Mohan from Google's Antigravity team publicly explained the situation and stated that for current Pro and Ultra paying users, the weekly Gemini quota has been reset, and subsequent quotas will be permanently tripled.
Starbucks Halts AI Inventory Counting Tool Across North America
Just nine months after its full - scale roll - out in North American stores, Starbucks officially shut down this week the artificial intelligence tool used for automated inventory counting. It was previously learned that this AI tool frequently miscalculated quantities in actual operations, leading to numerous errors in inventory management. This tool was once a signature initiative by CEO Brian Niccol to address the core problem of frequent product shortages. He had long criticized that shortages severely dragged down the company's performance. (Sina Finance)
Anthropic is in talks with Microsoft to use its AI chips
It is reported that Anthropic is in talks with Microsoft to rent servers equipped with Microsoft's self-designed AI server chips. (Jiemian News)
Microsoft and EY will jointly invest over $1 billion to help customers launch major AI projects
Technology giant Microsoft is teaming up with consulting firm EY and plans to invest over $1 billion to assist customers in launching major AI projects. Errol Gardner, vice chair of EY's global consulting business, said in an interview that this plan aims to help companies develop AI projects from the pilot stage to large-scale projects, and customers will "truly get a return on their investment" at that time. (Sina Finance)
Going public
Silicon Intelligence Updates Prospectus
36Kr learned that according to documents from the Hong Kong Stock Exchange, Nanjing Silicon Intelligence Technology Group Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange. The joint sponsors are China Merchants Bank International and DBS Bank (Hong Kong) Limited.
Ōura, the maker of smart rings, secretly filed an IPO application in the United States
Ōura, a maker of smart rings, announced on May 21 that it had confidentially submitted a draft S-1 registration statement for its initial public offering to the U.S. Securities and Exchange Commission. The trading code has not been announced yet. Goldman Sachs and JPMorgan Chase will serve as the lead underwriters for this IPO. (Sina Finance)
Dongxin Semiconductor Co., Ltd.: Planning to Issue H-Shares and List on the Main Board of the Hong Kong Stock Exchange
36Kr learned that Dongxin Semiconductor Co., Ltd. announced that the company intends to issue overseas - listed shares (H - shares) and list on the main board of the Hong Kong Stock Exchange. As of now, the company is actively discussing the relevant work of this issuance and listing with relevant intermediary institutions.
Beijing Shougang Langze Technology Co., Ltd. Passed the Listing Hearing of the Hong Kong Stock Exchange
36Kr learned that documents from the Hong Kong Stock Exchange show that Beijing Shougang Langze Technology Co., Ltd. updated its post - hearing information package, which means the company passed the hearing for its IPO on the Hong Kong Stock Exchange.
Financial Reports of Large Companies
Lenovo Group: Revenue in the Fourth Fiscal Quarter Reached US$21.6 Billion, a Year-on-Year Increase of 27%
36Kr learned that Lenovo Group announced that in the fiscal year 2025/26, the Group's annual revenue increased by 20% year-on-year, reaching a new high of US$83.1 billion. After excluding the impact of one-time restructuring costs, non-cash fair value gains on warrants, nominal interest on convertible bonds, and other non-cash items, the adjusted profit attributable to equity holders increased by 42% year-on-year to US$2 billion. In the fourth fiscal quarter, revenue reached a record high of US$21.6 billion, a year-on-year increase of 27%, marking the highest growth rate in the past five years. Revenue related to artificial intelligence increased by 84% year-on-year, accounting for 38% of the Group's total revenue.
Information: OpenAI's revenue in the first quarter was approximately $5.7 billion
According to a report by The Information citing two unnamed sources, OpenAI's revenue in the first quarter was approximately $5.7 billion. The report states that OpenAI's coding assistant Codex, along with the growth in enterprise sales and advertising tests for ChatGPT, jointly drove the revenue growth in the first quarter. (Sina Finance)
Ralph Lauren Shows Impressive Performance in the Chinese Market, with a Significant Revenue Increase
Driven by the strong growth in the Chinese market, Ralph Lauren's net profit in the fourth fiscal quarter reached $151.6 million, and its revenue increased by 17% year-on-year to $1.98 billion. According to statistics from market data agency FactSet, the company's adjusted earnings per share were $2.80, exceeding the market's expected value of $2.55. (Sina Finance)
Take-Two's net bookings in the fourth fiscal quarter reached $1.58 billion, exceeding market expectations
Take-Two's net bookings in the fourth fiscal quarter were $1.58 billion, while analysts had expected $1.57 billion. The company expects net bookings of $8 billion - $8.2 billion in fiscal year 2027, while analysts expect $9.11 billion. The company expects net bookings of $1.32 billion - $1.37 billion in the first fiscal quarter, while analysts expect $1.57 billion. (Caixin Media)
Workday's Q1 revenue reached $2.54 billion, exceeding market expectations
Workday's Q1 revenue was $2.54 billion, while analysts had expected $2.52 billion. The company maintained its full - year subscription revenue forecast at $9.93 - $9.95 billion. The company expects its Q2 subscription revenue to be $2.46 billion, while analysts expect $2.456 billion. (Caixin)
Investment and financing
AI startup Hark completes $700 million in financing with participation from NVIDIA, AMD, and Intel
Hark, an AI startup under Brett Adcock, the founder of Figure, announced the completion of a $700 million Series A financing round, with a valuation of $6 billion. This round of financing was led by Parkway Venture Capital, with participation from NVIDIA, AMD Ventures, Intel Capital, etc. The funds will be used to expand GPU infrastructure, accelerate the development of future AI models, and design and build next - generation AI hardware. (Caixin)
"Endless Ark" Completes Tens of Millions in Seed Round Financing
36Kr learned that "Endless Ark," an AI-driven biotech pharmaceutical company, announced the completion of tens of millions in seed round financing, led by Monolith Capital. Endless Ark Technology was founded by Zhao Simiao, a doctoral student at the University of Oxford. It is committed to developing longevity drugs through cross-species AI models and exploring therapies that can improve organ function.
Kalshi Inc. Raises $200 Million in Funding, Valuation Remains at $22 Billion
It is reported that Kalshi Inc. has raised $200 million in funding, and its valuation remains at $22 billion. (Cailian Press)
"Zhongke Dunxu" Completes Tens of Millions in Angel Round Financing
Beijing Zhongke Dunxu Technology Co., Ltd. announced the completion of an angel round of financing worth tens of millions. This financing was led by Shoucheng Capital, with Junxi Capital and Shunxi Fund participating as follow - on investors, being sought after by diverse types of capital. Zhongke Dunxu originated from the "national team" of artificial intelligence, the Institute of Automation of the Chinese Academy of Sciences. With the mission of Collective AGI (Collective General Artificial Intelligence), it is an AI company that not only plans for the vast scenarios of the future unmanned society but also has current low - altitude safety products on the market. It is committed to breaking the dilemma in the AI industry where "the long - term vision is beautiful but implementation is difficult" and achieving parallel development of "technology + business".
Cool Products
Jukun Robotics Launches the World's First Industrial-Grade Five-Finger Dexterous Hand
36Kr learned that Jukun Robotics recently launched the world's first industrial five-finger dexterous hand, Torch - hand1, which is specially designed for industrial scenarios and can adapt to the operation requirements of various complex scenarios.
Potensic Launches New Flagship Drone ATOM 3
36Kr learned that recently, Potensic officially launched the new flagship drone ATOM 3 of the ATOM series. It is understood that the ATOM 3 is positioned as a 249g all - scenario aerial photography drone. It is equipped with a 1/1.3 - inch large - sensor, capable of achieving 4K 60fps HDR, with a maximum flight time of 50 minutes and a video transmission distance of up to 16 kilometers. It also features AI Follow 2.0. It supports intelligent functions such as low - altitude following within 4 meters, AI night - view mode, and one - click short video shooting. It can be paired with the PTD 2 remote controller with a screen. Currently, it is officially on sale on all domestic platforms.
Compiled | Kris