8:00 Latest News: Fat Donglai's 6.5-Billion-Yuan "Dream City" Project Construction Starts, "Zhi Huijun" PENG Zhihui Becomes Chairman of Shanghai Weifu New Materials, App "Are You Dead" Renamed "Are You There"

Recently, Yu Donglai said in a live broadcast that after Dream City is built, if there is still space, several residential communities will be built.

Today's Hotspot Guide

US media: The US and Iran have reached an agreement on fully opening the Strait of Hormuz.

Lagou.com and its founder are restricted from high - end consumption.

Unitree Technology will appear before the review committee for its IPO on the STAR Market on June 1st. Its non - recurring profit after deduction in the first quarter decreased by 52.55% year - on - year.

One bottle of peach - flavored drink only contains 0.01 grams of peach juice. Master Kong is accused of playing word games by leveraging the popularity of Fenghua peaches.

Cambricon Technologies rose more than 11% during intraday trading, and its total market value exceeded 900 billion yuan, hitting a record high.

Top 3 Big News

Is Fat Donglai Entering the Real Estate Market? The "Dream City" Project with an Investment of 6.5 Billion Yuan Commences

Fat Donglai may be entering the real estate market. Recently, Yu Donglai said in a live broadcast that after the completion of the Dream City, if there is still space, several residential communities will be built. "One is for Fat Donglai employees, and the other is for the public." He stated that all the building design materials, construction quality levels, and specific construction costs will be made public, and the properties will be sold at a reasonable profit. Without disrupting the market, efforts will be made to achieve healthy development and ensure the rights and interests of every household. On May 20th, the reporter saw on Yu Donglai's personal social media account that he posted a group photo of the construction site. The banner clearly read: "The Dream City project commences." Meanwhile, he captioned the photo, saying, "The time when the dream begins, the place where the dream starts..."

According to the previously announced planning information, the first - phase construction area of Fat Donglai's "Dream City" project is 467,000 square meters, with 3,327 parking spaces. At the same time, the first phase of the project mainly involves the construction of a commercial complex. The main building is 299 meters long, 216 meters wide, 50 meters high, and has 8 floors. In addition to the first phase, a Happiness Lecture Hall, a Cultural Center, a hotel and other major components will be built in the future. Yu Donglai also posted information on his social media account, saying that the Dream City is the single - largest investment project since the establishment of the Fat Donglai brand. The investment in project construction and decoration is about 6.5 billion yuan. It is a super - large complex that will cover various business forms such as department stores, supermarkets, electrical appliances, jewelry, movies, catering, tea, video games, and hotels. He also said that he believes this project will become one of the models for future Chinese commerce. (Yicai Global)

Peng Zhihui, known as "Zhi Huijun", officially assumes the position of Chairman of Shanghai Weifu New Materials Co., Ltd.

On May 25th, Shanghai Weifu New Materials Technology Co., Ltd. (Stock code: 688585.SH), a company listed on the Science and Technology Innovation Board, completed a series of key industrial and commercial change registrations. Tianyancha shows that the legal representative of the company has been changed from Cai Zhaoyang to Tian Hua. Peng Zhihui, who was once a "Genius Teenager" at Huawei and has millions of fans on Bilibili and is known as "Zhi Huijun", has officially taken over the position of Chairman of the company. These series of changes mark the finalization of the personnel arrangements for the acquisition and integration of the control rights of Shanghai Weifu New Materials by the star robotics startup company, Zhiyuan Robotics, which has been ongoing since the second half of 2025. (Jiemian News)

The "Are You Dead?" app has been renamed to "Are You There?"

On May 24th, according to Shangcheng Release, the "Are You Dead?" app has been upgraded to the "Are You There?" Peace of Mind Guardian Platform, and it was first put into use in Nanxing Street, Shangcheng District, Hangzhou City, Zhejiang Province. It is reported that the "Are You There?" platform adheres to an age-friendly design with large fonts, simple interfaces, few operations, and high fault tolerance. The elderly can complete a seamless check-in every day by using their smartphones. If they fail to check in for two consecutive days, the system will automatically notify their children or emergency contacts. (Jiemian News)

Big Companies/Big Events

US Media: The US and Iran Have Reached an Agreement on Fully Opening the Strait of Hormuz

The Washington Post reported on May 24 that the United States and Iran have reached an agreement on the framework of a memorandum of understanding. Once signed, shipping in the Strait of Hormuz will be fully restored within 30 days. The report cited an anonymous senior US government official as saying that the United States and Iran have developed a "framework" for a memorandum of understanding, including extending the ceasefire for 60 days to allow the two sides to reach a "final agreement" on permanently ending the Iranian conflict. During this period, mines will be cleared in the Strait of Hormuz and it will be reopened. (Xinhua News Agency)

LaGou.com and Its Founder Are Restricted from High - end Consumption

Legal litigation information from Tianyancha shows that recently, Beijing LaGou Network Technology Co., Ltd., the affiliated company of LaGou.com, and its founder Xu Dandan have a new consumption restriction order. The enforcing court is the People's Court of Haidian District, Beijing. The case process information shows that previously, the company had been enforced to pay more than 240,000 yuan in this case. The company was established in March 2013, with Xu Dandan as the legal representative and a registered capital of approximately 5.56 million RMB. Its business scope includes software development, computer system services, computer technology training, etc. It is jointly held by Beijing Run'an Information Consulting Co., Ltd., Ma Delong, Xu Dandan, etc. (Jiemian News)

Unitree Technology to Face IPO Review on the STAR Market on June 1st, with Q1 Non-recurring Profit After Tax Down 52.55% Year-on-Year

36Kr learned that the Listing Review Committee of the Shanghai Stock Exchange will hold a review meeting on June 1, 2026, to examine the application for the initial public offering of shares of Unitree Technology Co., Ltd. The company's IPO application on the STAR Market was officially accepted by the Shanghai Stock Exchange in March this year, and it plans to raise 4.202 billion yuan in this listing.

According to the company's disclosed Q1 operating data, from January to March 2026, Unitree Technology achieved an operating income of 423 million yuan. The year-on-year growth rate of its revenue dropped significantly compared with previous years, from 332.64% in the same period of the previous year to 68.49%. Affected by the substantial increase in period expenses such as R & D expenses and sales expenses, the company's non-recurring profit after tax in the current period was only 40.2536 million yuan, a significant decline compared with 84.8365 million yuan in the same period of the previous year, with a year-on-year decrease of 52.55%.

Huawei officially announced a new law in the semiconductor field

The 2026 International Symposium on Circuits and Systems was held in Shanghai on the 25th. He Tingbo, a director of Huawei and the president of the Semiconductor Business Unit, officially announced the "Tao (τ) Law" in a keynote speech titled "Exploration and Practice of New Paths in Semiconductors". This is the first time that China has put forward a new principle guiding the development of the global semiconductor industry. Based on this law, Huawei has successfully designed and mass - produced 381 chips in the past six years. This autumn, Huawei will release a new Kirin mobile phone chip, which fully adopts logic folding technology and significantly improves relevant performance. (People's Daily)

Hyundai Motor Group Establishes Specialized Department for Software-Defined Factory Strategy and Robot Parts Procurement

It is reported that Hyundai Motor Group has established a specialized department dedicated to advancing its Software-Defined Factory (SDF) strategy and procuring robot components. This is part of its broader plan to deploy Atlas humanoid robots in its automotive manufacturing plants. It was revealed that the group recently created a position to oversee its Software-Defined Factory (SDF) project and appointed Alpesh Patel, the Chief Innovation Officer of Hyundai Motor Group's Singapore Innovation Center, to this role. (Sina Finance)

Ni Shenghua, a former Alibaba P10 researcher, becomes the CTO of Dianxiaomi Group

36Kr learned that recently, Dianxiaomi officially announced the appointment of Ni Shenghua, a former Alibaba P10 researcher, as the Chief Technology Officer (CTO) of the group. He will comprehensively coordinate the strategic planning of the group's technology system, the upgrade of the architecture, and the breakthrough and implementation of cutting - edge AI technologies.

International oil prices have dropped significantly

As reports suggest that the negotiations between the United States and Iran have made progress and are close to reaching an agreement, market concerns have eased. During the Asian trading session on the 25th, international oil prices dropped significantly, with the decline once exceeding 5%. As of 8:30 a.m. Beijing time on the 25th, the price of light crude oil futures for July delivery on the New York Mercantile Exchange was reported at $92.05 per barrel, a decline of 4.71%. The price of Brent crude oil futures for July delivery on the London market was reported at $98.74 per barrel, a decline of 4.64%. (CCTV Finance)

One bottle of peach drink contains only 0.01 grams of peach juice. Master Kong is accused of riding on the coattails of Fenghua peaches and playing word games

Recently, Master Kong's "Daily C Peach Fruit Drink" has sparked widespread doubts due to the huge gap between its promotion and the actual content. Reporters found that this drink is sold both online and offline in Hangzhou, and its packaging prominently states "specially selected Fenghua peaches". However, in a 500 - milliliter bottle of the drink, only 0.01 grams of peach ingredients are added. To consume the amount of peach juice equivalent to one Fenghua peach, you may need to drink thousands of bottles of Master Kong's drink.

Master Kong responded that the product labeling complies with regulations and the ingredient information has been truthfully marked. However, legal experts believe that Fenghua peaches are a national geographical indication product worth over 1.5 billion yuan. The company deliberately hypes this selling point while adding very little of the corresponding raw material, which is suspected of misleading consumers and violating relevant regulations. In recent years, Master Kong has faced pressure on its performance. This kind of marketing approach that emphasizes promotion but neglects the actual product has eroded consumers' trust. When choosing beverages, consumers should focus on checking the ingredient list and not blindly believe the slogans on the outer packaging. (Metro Express)

Cambricon's stock rose more than 11% during intraday trading, with its total market value exceeding 900 billion yuan, hitting a record high

During the morning session on May 25th, Cambricon's stock price was strongly boosted by capital, with an intraday increase of more than 11% at one point, reaching a high of around 1,435 yuan. Its total market value approached 900 billion yuan, setting a new record high. Cambricon's strong performance served as a "wind vane" for the market, driving the entire Sci - Tech Innovation chip sector to be fully active. The Sci - Tech Innovation 50 Index's increase on that day expanded to more than 3%, and it even soared nearly 6% during intraday trading. Semiconductor core stocks such as Huahong Semiconductor, SMIC, ACM Research, and Sirip Technology all followed the upward trend and reached recent highs. The trading volume in the entire market increased significantly, with the total trading volume of the Shanghai and Shenzhen stock markets reaching approximately 3.21 trillion yuan. The trading of funds was active, and the focus was clearly on the hard - tech track. (Cailian Press)

Luxshare Precision: The strategy of promoting both optical and copper connections is not contradictory to the top customers' layout of optical chip and optical fiber manufacturers

Luxshare Precision recently held its annual shareholders' meeting. During the Q&A session, an investor asked: Luxshare advocates promoting both optical and copper connections, but top customer NVIDIA has been extensively investing in optical chip and optical fiber manufacturers. Is there a contradiction? How do you view the development of the optical and copper connection strategies? Luxshare Precision stated that in the products it currently serves, the future demand for optical connections will far exceed that for copper connections. However, the technical threshold for copper connections is also quite high. The two are not in a simple substitution relationship but will coexist in the long term: copper connections are suitable for short - distance scenarios, while optical connections are in greater demand for long - distance and higher - speed scenarios; when copper connections approach the limit of signal transmission, optical connections are needed to solve the problem. Therefore, the strategy of promoting both optical and copper connections is not contradictory to the top customers' layout of optical chip and optical fiber manufacturers. (Securities Times)

Tim Cook to Deliver Farewell Speech as CEO, Then Transition to Executive Chairman

On May 25th, well - known technology journalist Mark Gurman reported that this year's Apple Worldwide Developers Conference (WWDC) will be Tim Cook's last keynote speech as Apple's CEO. WWDC 2026 will be held at Apple Park in Cupertino, California, USA on June 8th local time. Current CEO Tim Cook will deliver his last keynote speech as CEO. He will officially step down as CEO on September 1st and transition to the position of Executive Chairman of the board. As the Executive Chairman, he will no longer give keynote speeches in the future. John Ternus, the senior vice - president of hardware engineering, will succeed Cook as CEO and join the board simultaneously. It is planned that at the iPhone launch event in the fall of September, the foldable iPhone will make its debut as the first major hardware product after his tenure, marking a new stage of the integration of Apple's AI and hardware. (Jiemian News)

Elon Musk Says Starlink Will Carry Most Internet Traffic in the Future, and Starlink Is the Internet

Elon Musk said on May 24 that if SpaceX's Starlink satellite network continues to develop, it may ultimately carry most of the internet traffic, and he painted a picture of a future where the system becomes the main backbone of online connectivity. Musk responded on X to a post that cited details from a SpaceX document, which showed that the downlink capacity of Starlink V3 satellites will be significantly increased, from 96 Gbps per satellite in V2 to 1024 Gbps. (Sina Finance)

SpaceX IPO is imminent, and space ETFs are experiencing a "blowout" explosion

As SpaceX's highly anticipated IPO is about to materialize, space ETFs are experiencing a "blowout" explosion. Data from Morningstar Direct shows that in just the past month, space-related ETFs have attracted $1.3 billion in new capital inflows, pushing the total assets under management of this emerging sector to $3.3 billion. However, an ETF strategist at Strategas cautioned that the "space economy" remains a niche segment in the vast technology landscape. He warned that "blindly chasing SpaceX, space concepts, and the next big thing" could lead to problems. (Caixin)

7-Eleven founder Toshifumi Suzuki died of heart failure

On May 25, Seven & I Holdings Co., Ltd. officially announced in an obituary on its official website that Toshifumi Suzuki, the former chairman and CEO, passed away on May 18 due to heart failure at the age of 93. As the "God of Retail" in Japan, he introduced 7-Eleven to Japan in the 1970s and successfully reverse - acquired it, creating a huge global retail empire. Seven & I Holdings stated that in accordance with the wishes of the family, the funeral was held privately by close relatives. According to Jiupai News, in the 1970s, Toshifumi Suzuki brought the 7-Eleven convenience store from the United States to Japan and single - handedly built it into the world's most successful convenience store brand. In 2010, he published the book Ideas 1: Overcoming the Pains of Growth. In 2014, he published The Philosophy of Retail. In 2015, he published The Psychological Warfare in Retail. (China News Service)

The EU Plans to Fine Google Hundreds of Millions of Euros

The German business newspaper Handelsblatt cited sources from the European Commission, stating that the EU plans to fine Google, a subsidiary of Alphabet, up to hundreds of millions of euros as part of an antitrust investigation. The newspaper reported that the relevant ruling is nearly complete and is expected to be officially announced before the summer recess. It also added that this will be the largest fine issued by the EU for violations of the new Digital Markets Act (DMA). (Sina Finance)

Delivery Hero Confirms Receiving Uber's Acquisition Offer of €33 per Share

On May 23 local time, German food delivery giant Delivery Hero issued an announcement confirming that Uber has sent it a preliminary proposal, intending to launch a potential acquisition offer to all the company's shareholders at a price of €33 per share. (Jiemian News)

Foreign investors net sold more than 10 trillion won worth of Samsung and SK Hynix stocks last week

Data released by the Korea Exchange on May 25 showed that foreign investors sold more than 10 trillion won (about $6.6 billion) worth of Samsung Electronics and SK Hynix stocks last week, making net sales of South Korean stocks for 12 consecutive trading days. According to the data, in the week starting on May 18, foreign investors net sold 5.33 trillion won worth of SK Hynix stocks and 5.26 trillion won worth of Samsung Electronics stocks. (Sina Finance)

The forefront of AI

Global Weekly Invocation Volume of Large AI Models Rises for Five Consecutive Weeks, DeepSeek-V4-Flash Tops the List

According to the latest data from OpenRouter, from May 18th to May 24th, the total global weekly invocation volume of large AI models reached 28.9 trillion Tokens, a 7.4% increase from the previous week, rising for five consecutive weeks. The demand for invoking large models continues to be released. Among the listed large AI models, the weekly invocation volume of Chinese large AI models reached 922.3 billion Tokens, a 19.89% increase from the previous week; during the same period, the weekly invocation volume of US large AI models was 493 billion Tokens, a 16.27% increase from the previous week. The weekly invocation volume of Chinese large models has exceeded that of the US for four consecutive weeks and ranked first globally. Chinese models are more deeply integrated into the global developers' invocation system. (Daily Economic News)

Elon Musk: The Grok base model V9-Medium (1.5T) has completed training

Elon Musk said that the Grok base model V9-Medium (1.5T) has completed training. The evaluation results are good. A large amount of Cursor data has been added to the supplementary training, and more will continue to be added later. The fine-tuning work is in progress, and reinforcement learning will be launched in a few days. It is expected to be officially released in 2 to 3 weeks. (Caixin)

ima Copilot will be fully opened on May 25th, and a new ability - Knowledge Channel supporting the release of Skills will be launched

36Kr learned that ima will open two important capabilities on May 25th: The Copilot function will be fully opened. Previously, users had to apply and wait in line for this function, and the number of people in the queue has exceeded 100,000. The full opening of Copilot means that more users can directly use the Knowledge Agent within ima's own products. The materials and knowledge that users have accumulated in ima can also be invoked and used during the task - execution process of Copilot. Meanwhile, the Knowledge Square supports the release and discovery of Skills through the Knowledge Channel. The first batch of Skills, such as WeChat Reading and Tencent Recruitment, are now online, and users can also release their own Skills.

The Embodied Intelligence Data Platform Aperdata.ai of Wuyi Vision is Officially Launched

36Kr learned that the Embodied Intelligence Data Platform Aperdata.ai of Wuyi Vision is officially launched. According to the introduction, this platform mainly addresses the pain point of the lack of data for embodied intelligence training and verification, constructs a high-fidelity simulation training environment and synthetic data strictly constrained by physical laws, and accelerates the transition of AI from the digital world to the physical world.

AMap Store Location Query Skill Integrated into DingTalk Wukong

36Kr learned that recently, a Skill named "AMap Store Location Query Intelligent Assistant" was officially launched on the Skill Square of DingTalk's enterprise - level AI native work platform "Wukong". This Skill is targeted at franchisees of chain brands and small and medium - sized merchants. It can provide a full - process location selection service for opening stores, including location recommendation, site evaluation, site comparison, and project establishment reports, through natural language conversations.

Going Public in Progress

Smart ring manufacturer Oura secretly filed a listing application in the US

Oura, the manufacturer of the smart wearable device Oura Ring, has secretly filed an application for an initial public offering in the United States. In the past two fiscal years, Oura's total revenue has quadrupled, and the company has continuously reinvested its gross profit into business expansion. This company, founded in Finland more than a decade ago, has now sold over 5.5 million smart rings globally, and its products are available in more than 4,600 retail outlets worldwide. The Oura Ring is mainly used to monitor sleep, daily activities, and other health indicators, providing personalized health insights and guidance. (Sina Finance)

Guolian Green Technology (Wuxi) Co., Ltd. Submits Listing Application to the Hong Kong Stock Exchange

36Kr learned that according to documents from the Hong Kong Stock Exchange, Guolian Green Technology (Wuxi) Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

The IPO application of SmartChip Technology Co., Ltd. on the Science and Technology Innovation Board has been accepted by the Shanghai Stock Exchange

36Kr learned that the IPO application of SmartChip Technology Co., Ltd. on the Science and Technology Innovation Board has been accepted by the Shanghai Stock Exchange.

Investment and Financing

"Tianji Intelligence" Completes RMB 1 Billion in Financing

36Kr has learned that, according to the official WeChat account of Tianji Robot, recently, Guangdong Tianji Intelligent System Co., Ltd. has officially completed RMB 1 billion in Series B and Series B+ financing. After the investment, its valuation is nearly RMB 10 billion, and it has joined the unicorn club. This round of financing was co-led by Hillhouse Capital and Meituan Strategic Investment, with co-investment from Tencent, Gaorong Capital, Photon Capital, GGV Capital and other institutions. Gaohe Capital acted as the exclusive financial advisor for this round. The proceeds of this round of financing will be mainly used for technology research and development, large-scale mass production, and the construction of a global sales network.

"Junaopanshi" Completes a New Round of Hundreds of Millions of Yuan in Financing

36Kr learned that Junaopanshi, an embodied intelligence brain company, has completed a new round of hundreds of millions of yuan in financing. This round of financing was led by industrial capital, with old shareholders and multiple funds reinvesting and participating. Duowei Capital served as the exclusive financial advisor. Meanwhile, another round of financing is also in the process of simultaneous closing. The funds will be mainly invested in core technology R & D, the expansion of the talent team, and the global market expansion to accelerate the R & D, engineering implementation, and real - scenario verification of the Cognitive World Model.

“Ugroove Technology” Completes Over 300 Million RMB Series C Financing

36Kr learned that “Ugroove Technology” recently completed over 300 million RMB in Series C financing. This round of financing was jointly led by Legend Capital and Fortune Capital, with Gopher Asset and Guoke Investment participating as follow - on investors. The funds from this round will be used for the R & D iteration of light - curing technology, the deepening of the global industrial chain, the recruitment of top - level talents, and the release of a new generation of digital dental solutions and desktop - level light - curing full - color product creation products.

"BlueDot Touch" Completes Hundreds of Millions of RMB in Series C++ Financing

36Kr learned that recently, BlueDot Touch, a six-dimensional force sensor company, announced the completion of hundreds of millions of RMB in Series C++ financing. This round was led by SAIC Financial Holdings and Shangqi Capital, with follow - on investments from SMIC Juyuan, Zhengda Robotics, and Houwei Capital. The funds raised in this round will be mainly used for new product R & D, digital and intelligent production construction, and global market expansion.

Cool Products

Ferrari Unveils Its First All - Electric Vehicle, the Luce

Ferrari unveiled its first all - electric vehicle on the 25th. This four - door sedan named "Luce" (which means "light" in Italian) was developed with the assistance of former Apple design chief Jony Ive and his team, LoveFrom. It is also Ferrari's first five - seat model. Ferrari aims to attract wealthy family customers by offering them comfortable seats, high - end technological configurations, and a 600 - liter trunk space. The highly anticipated Luce is priced at 550,000 euros ($640,000) and is expected to start deliveries in the fourth quarter of 2026. (Sina Finance)

New 3D Printing Technology Debuts, Institutions Conduct Frequent Research on 3 Stocks

Since 2026, good news has continued to emerge in the 3D printing industry. According to Science and Technology Daily, a research team from the Swiss Federal Institute of Technology in Lausanne (EPFL) has developed a new holographic volumetric 3D printing technology, which improves the printing efficiency by 70 times compared with previous technologies. It can complete the printing of millimeter - scale structures within seconds and print human organ models in just a few minutes. The relevant paper was published in the latest issue of the journal "Light: Science & Applications". Institutional research is an important way to understand the latest industrial layout of listed companies. According to statistics from Securities Times Data Treasure, as of now, there are 18 3D printing concept stocks that have received three or more institutional research visits this year. Among them, three stocks have received more than 10 institutional research visits, namely Han's Laser, Aite Dental, and Orbbec - W. (Securities Times)

Dier Laser: Panel-level Glass Substrate Through-hole Equipment Has Been Shipped

36Kr learned that Dier Laser stated on the interactive platform that the company's TGV laser micro-hole equipment can be applied to relevant fields such as semiconductor chip packaging and display chip packaging. Currently, it has achieved full coverage of laser technology for wafer-level and panel-level packaging, and completed the shipment of panel-level glass substrate through-hole equipment.

Compiled | Kris

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