8:15 Post | Dreame Denies Reports of Its Auto Division CEO Resigning: The Position Does Not Match Online Speculation; WeChat Launches Small-Scale Internal Test for Its Native AI Assistant; Data Breach Affects Core Suppliers of Apple and Tesla
Today's Hotspot Guide
The ChiNext Index suffered its largest decline of the year, falling below the 4,200-point mark.
Insta360 responded to the suspicion of cheating on national subsidies for its Luna Ultra new product that there was an error in the price marked at the press conference.
The Shanghai Stock Exchange issued a public initiative for the "Improving Quality, Efficiency and Emphasizing Returns" 2.0 special action to Shanghai-listed companies.
South Korea will require all listed companies to disclose details of treasury stocks.
Jia Yueting launched an industrial-grade wheel-arm robot.
Top 3 Big News
Dreametech Debunks Rumors of Auto CEO's Departure: Chen Longdong's Position Differs from Online Rumors, Left in May This Year
On June 23, in response to the rumors about the departure of Dreametech's auto CEO, Xingchen Future Auto under Dreametech issued a statement saying, "Mr. Chen Longdong joined the former Xingchen Future BU of Dreametech Technology in June 2025 and served as the BU head. His position does not match the online rumor of 'Dreametech Auto CEO'. In May 2026, Mr. Chen Longdong left Xingchen Future, and this departure is a normal personnel change."
During a major corporate restructuring earlier, Dreametech integrated all of its more than 200 independent business units, retaining only four core sectors: whole - house intelligent cleaning, smart home appliances, intelligent mobility, and AI embodied intelligence. The two most externally - watched cross - border businesses, automobiles and mobile phones, are no longer operated as independent businesses. They are uniformly incorporated into the newly established industrial research institute, retaining only the underlying technology R & D functions. The relevant plans for C - end vehicle mass production, offline stores, and heavy - asset vehicle factories have been completely cut. (Jiemian News, Phoenix Finance)
WeChat has a major update, and the native AI assistant starts a small-scale internal test
On June 20th, WeChat's native AI assistant, "Xiaowei", started a small-scale internal test. Users who have obtained the internal test qualification can click the "Xiaowei" logo in the upper left corner of the WeChat main interface to use the AI function after updating WeChat to the latest version (8.0.75). Users can also swipe right on the main interface with one click to start interacting with "Xiaowei".
The reporter experienced the beta version of "Xiaowei". After entering "Xiaowei", users can operate some basic functions through text or voice conversations, including daily conversations, file reading, setting reminders, sending messages, making transfers, and managing Moments, etc. For example, "Send birthday wishes to mom", "Transfer money to XXX", "Extract the noteworthy key content from the Moments in the past two days", "Remind me to drink water in 5 minutes", etc. (Guangming Net)
Tata Electronics, a core supplier to Apple and Tesla, was hit by a cyberattack, with over 630GB of data leaked
On June 23, it was reported that Tata Electronics in India confirmed that the company had recently suffered a "cybersecurity incident." Previously, security researchers revealed that the ransomware group "World Leaks" had posted more than 200,000 files on the dark web that were allegedly stolen from Tata Electronics, including component designs, specification documents, and trade secrets of its core customers, Apple and Tesla. The total amount of data leaked in this incident exceeded 630GB.
Tata Electronics said in a statement: "A few weeks ago, Tata Electronics detected a cybersecurity incident in some of our systems. Our response plan was immediately activated, and this incident did not have any impact on the operations of our various businesses, and all businesses remained unaffected." A person familiar with the matter said that Apple is currently conducting a "comprehensive analysis" investigation into this data leakage incident. (Jiemian News)
The Cutting - Edge of AI
SpaceX Reaches a Billion - Dollar Deal with AI Startup Reflection, to Provide Computing Power to the Latter
It is reported that SpaceX has signed a multi - billion - dollar agreement with AI startup Reflection AI to provide computing resources for the latter. Reflection announced on Monday that it will pay $150 million per month to SpaceX's AI department from July this year until 2029 to use the hardware of the Colossus 2 data center located in Memphis, Tennessee, USA. (Jiemian News)
NVIDIA Launches Halos Robot Safety System to Advance the Implementation of Physical AI
On June 22, NVIDIA announced the launch of "Halos for Robotics," a full-stack safety system for the physical AI and robotics fields. It aims to provide a unified safety architecture for intelligent robots operating in real-world environments. The system covers everything from the AI computing power chip IGX Thor and the sensor connection Holoscan Sensor Bridge to the Halos OS software stack and the AI safety certification laboratory, constructing an integrated safety system of "computing + perception + decision-making + certification." The first partner, Agility, has integrated Halos into its humanoid robot Digit for use in factory and logistics scenarios. (Jiemian News)
Tan Dai of Volcengine: Doubao will remain free, and the professional office task mode is powered by the 2.1Pro model
During the Volcengine Force Prime Conference, Tan Dai, the president, when talking about the charging issue of Doubao, said, "Doubao is not within Volcengine's business scope. But as far as I know, Doubao will remain free and serve a large number of users with high quality. Meanwhile, it will soon launch a professional office task mode for productivity scenarios, which is powered by our newly released 2.1Pro." Previously, on June 3rd, Doubao issued a statement saying that it plans to launch a professional version of Doubao to meet the productivity needs of professional groups, and the functions of Doubao for the daily use of the general public will remain free as they are currently. (Caixin)
Meta Halts AI Training Project Tracking Employees' Mouse Activity Due to Data Security Issues
Meta said on Monday that it will suspend an internal program for artificial intelligence training to investigate data security issues. This program tracks employees' mouse movements and digital activities. Previously exposed documents showed that sensitive data used to monitor employees' digital interactions in Meta's internal system was accidentally made accessible to all Meta employees. Meta confirmed that an investigation is underway but refused to disclose how long the project will be suspended. (Sina Finance)
Large Companies/ Major Events
The ChiNext Index Drops Below the 4,200-Point Mark, Recording the Largest Decline of the Year
After the ChiNext Index hit a new all-time high on the 22nd, on June 23rd, the ChiNext Index saw a significant pullback. It tumbled more than 4% at one point during the session and closed down 3.84%, marking the largest decline since 2026 and dropping below the 4,200-point mark. The total trading volume for the day was 901.646 billion yuan, a decrease of 118.9 billion yuan compared with the previous trading day. All of the top ten weighted stocks on the ChiNext Index declined, and the AI computing power industry chain led the decline. (Yicai Global)
Oracle laid off 21,000 employees, with a 13% reduction in the total number of employees in fiscal year 2026
On June 23, cloud computing giant Oracle continued to advance its business restructuring and implemented artificial intelligence technology across all business lines. As a result, the total number of employees in fiscal year 2026 decreased by 13%, with approximately 21,000 layoffs. According to the annual report released by Oracle on Monday local time, as of May 31, 2026, the total number of employees in the company was 141,000, compared with about 162,000 in the same period last year.
The document disclosed that Oracle spent $1.84 billion (note: approximately RMB 12.488 billion at the current exchange rate) on severance pay and other separation costs related to the restructuring in fiscal year 2026, far higher than the $374 million (approximately RMB 2.538 billion at the current exchange rate) in the previous fiscal year.
The company stated in the filing that this personnel adjustment was driven by multiple factors, including management and product line adjustments, sub - standard performance, strategic shifts, and corporate acquisition and integration. (IT Home)
Tan Dai, President of Volcengine: Volcengine has no current plans for a spin-off and independent listing
During the media communication session of the FORCE Conference on the 23rd, in response to the question of whether Volcengine has a plan for a spin-off listing against the backdrop of the rising market value of AI companies, Tan Dai, President of Volcengine, said that as far as he knows, Volcengine has no relevant plans for a separate spin-off and listing. At present, ByteDance is focusing on advancing technologies and industrial businesses such as the Doubao large model, Seedance video generation, and the implementation of the enterprise AI-native architecture. (Caixin)
The gold price has dropped by nearly 30% after hitting a record high at the beginning of the year
Gold, which was hitting record highs at the beginning of the year, has dropped by nearly 30% in just a few months. Looking back at 2025, gold became one of the best-performing major asset classes globally, driven by the "de-dollarization" narrative and the central banks' gold-buying spree. In 2026, the gold price soared to a record peak of $5,600 per ounce in January. However, the situation took a sharp turn. As of early June, the COMEX gold price touched a low of $4,023, erasing all its gains for the year.
In response to the recent doubts in the market about "the failure of gold's safe-haven property", Fang Yutao, a metals analyst at Everbright Securities, said that gold may be sold as a liquid asset in extreme situations, but this does not mean that its safe-haven property has disappeared. In the past two years, a large amount of allocation funds have flowed into the gold market, and the crowded trading has caused it to show characteristics of a risk asset when prices fall. However, the long-term logic of gold, namely "central banks' gold purchases and the trend of de-dollarization", has not changed. That is to say, the strongest bottom support for the gold price remains firm. (Red Star News)
Insta360 Responds to Doubts about Luna Ultra New Product's Alleged Fraud of National Subsidies: Incorrect Pricing in the Press Conference
Recently, Insta360's brand - new product, Luna Ultra, was officially launched. However, its pricing and subsidy - related operations quickly sparked market controversy. Many consumers questioned that the brand was conducting illegal marketing by taking advantage of national subsidies, and there were even issues such as fraudulently obtaining subsidies and occupying users' subsidy quotas.
According to netizens' feedback, both the promotional posters of this new product launch event and the offline physical stores directly marked the starting price of the standard package as 3,999 yuan. However, there was an obvious difference in the pricing on the brand's official Taobao flagship store. When consumers placed orders on the online store, they could see that the original price of the product was 4,729 yuan. To reach the price of 3,999 yuan, they had to apply for relevant national subsidies and then stack the store discounts. Many users posted their orders to confirm this price composition.
In response to this incident, the official staff of Insta360 came forward to make an official response. They admitted that there were omissions in the public price marking at the press conference, and the original price of the product was not clearly announced, which led to consumers' price perception deviation. (Straits Metropolitan News)
SpaceX's $25 billion bonds will be issued in five tranches, with a maximum maturity of up to 30 years
U.S. SEC filings show that SpaceX will issue $7 billion of 5.35% senior notes due in 2031, $6 billion of 5.65% senior notes due in 2033, $6 billion of 5.875% senior notes due in 2036, $2.5 billion of 6.6% senior notes due in 2046, and $3.5 billion of 6.65% senior notes due in 2056. The proceeds from this issuance will be used to repay bridge loans and for general corporate purposes, and it is expected to be completed on June 26, 2026. (Caixin)
All three major U.S. stock indexes closed lower, and most large technology stocks declined
36Kr learned that at the close on June 23, all three major U.S. stock indexes fell. The Dow Jones Industrial Average dropped 0.09%, the Nasdaq Composite declined 2.21%, and the S&P 500 Index fell 1.44%. Most large technology stocks declined. Arm dropped more than 10%, Intel fell more than 6%, Tesla declined more than 5%, NVIDIA dropped more than 4%, Google fell more than 1%, and Apple, Meta, and Netflix had slight declines; Microsoft rose more than 1%, and SpaceX and Amazon had slight increases. Most popular Chinese concept stocks weakened. Bilibili and XPeng Group dropped more than 4%, JD.com fell more than 3%, Alibaba, Tiger Brokers, and Futu Holdings declined more than 2%, and Pinduoduo, NetEase, Li Auto, and Baidu dropped more than 1%; iQiyi rose more than 1%, and NIO and Zhihu had slight increases.
Samsung Display has received official mass - production certification from Apple and officially launched the production of display modules
Recently, Samsung Display has received official mass - production certification from Apple and officially launched the production of foldable OLED display modules. According to industry news on June 22, its factory in Vietnam has activated some back - end production lines and started the production of the first batch of 3 million panels. If the supply of components is stable, Apple's first foldable iPhone is expected to be released this autumn.
The mass - production certification of modules is a key step before delivery, used to verify the quality and stability of finished products. Apple's yield threshold is 70%, and Samsung Display's comprehensive yield has reached 80%, successfully passing the review. As the sole supplier of Apple's foldable OLED, the two parties have signed a three - year exclusive supply agreement, and the scale of the first batch this year is 3 million pieces. (Financial News)
The Shanghai Stock Exchange Issues a Public Initiative for the "Improving Quality, Efficiency, and Emphasizing Returns" 2.0 Special Action to Shanghai-listed Companies
36Kr learned that the Shanghai Stock Exchange has issued a public initiative for the "Improving Quality, Efficiency, and Emphasizing Returns" 2.0 special action to all Shanghai-listed companies, marking a new stage of the special action. It is mentioned that efforts should be made to improve the quality and efficiency of business development. This initiative guides companies to clarify the goals of improving business quality. For example, financial and non-financial indicators that can reflect profitability or business quality, such as return on equity, gross profit margin, production and sales volume, and R & D achievements, or other self-selected indicators that companies believe can better reflect their own characteristics, are selected, and targeted improvement measures are proposed. At the same time, companies are also encouraged to actively use the capital market tools such as mergers and acquisitions, reorganizations, and refinancing to solve problems such as competition among peers.
Alibaba May Sell Its Game Business, Lingxi Interactive Entertainment, and Multiple A-share Companies Are Interested in Taking Over
Market rumors suggest that Alibaba Group is planning to sell its game business brand, Lingxi Interactive Entertainment, with the overall sale price expected to be between 7 billion and 9 billion yuan. According to relevant reports, the potential buyers currently include several A-share listed game companies. Reporters have verified the relevant rumors from multiple insiders in the game industry. However, as of press time, Lingxi Interactive Entertainment has not responded to this news. Public information shows that Lingxi Interactive Entertainment has a scale of around 1,200 people. Its game studios include the Ordinary Studio, Pumpkin Studio, Star Studio, Kite Studio, and Innovation Studio, as well as two operation departments, UC Games and JiaoYimao. (Shanghai Securities News)
Alibaba Cloud Raises the Registration Price of .co Domains
36Kr learned that Alibaba Cloud announced that due to the cost increase from the upstream domain name registry, after careful consideration, it has decided to adjust the price of .co domains at 0:00 on July 1, 2026. The registration price of .co domains will be adjusted to 120 yuan per year for the first year, and the renewal and transfer-in prices will be adjusted to 249 yuan per year.
Multiple banks have raised the margin requirements for precious metal products. Industry insiders: Banks are tightening leverage due to the sharp fluctuations in the precious metals market
Recently, the international precious metals market has experienced sharp fluctuations. On June 22, multiple banks successively issued announcements to raise the margin ratio for individual precious metal deferred contracts on the Shanghai Gold Exchange. Previously, China Guangfa Bank announced that it would raise the margin ratio for gold and silver deferred contracts from 100% to 140%, and planned to completely discontinue the agency business of individual precious metal trading on the Shanghai Gold Exchange by the end of this month. Bank of China also issued an announcement stating that starting from the closing settlement on June 24, the customer margin ratio for gold deferred contracts will be adjusted from 99.9% to 120%, and the customer margin ratio for silver deferred contracts will be adjusted from 99.96% to 119.91%.
Industry insiders said that recently, the international precious metals market has seen sharp fluctuations, and it has become normal for the daily amplitude to exceed $100. High - leverage deferred contract trading is extremely likely to trigger margin calls during the roller - coaster price movements of gold. Banks need to raise the margin ratio to reduce the customer leverage ratio to prevent a "stampede - style" chain of margin calls in the market. (CCTV Finance)
Czech Republic Plans to Ban Students from Using Mobile Phones at School Starting in 2027
On June 22 local time, Czech Prime Minister Andrej Babiš said on social media that the Czech government has submitted a draft law to the parliament, planning to ban all students in compulsory education from using mobile phones at school starting from September 2027. According to the bill, the ban applies not only during class but also during breaks, except in cases such as for health reasons or when the school uses mobile phones for teaching purposes. In addition, Babiš also said that due to concerns about the possible negative impact of social media on children, the Czech government is also studying the possibility of restricting children's use of social media. (CCTV News)
US Stock CEO Salaries in the Hundreds of Millions Make a Strong Comeback, Led by Elon Musk's $158 Billion
Just one year after executive compensation packages in the hundreds of millions seemed to be on the wane, the group of chief executives with annual salaries exceeding $100 million has made a strong comeback. Last year, the number of U.S. CEOs who surpassed this once-rare pay threshold reached a new high since 2021, with nearly 12 of them earning more than $200 million. Of course, compared with Elon Musk's $158 billion compensation package at Tesla, the salaries of these executives are just a drop in the bucket. In second place on the list is Shankh Mitra of Welltower, a real estate investment trust focused on senior housing and healthcare, with a total compensation of $821 million. (Sina Finance)
Who Will Be the Next Trillionaire After Musk? Prediction Markets Suggest Zuckerberg Has the Best Chance
Thanks to his stake in SpaceX, Elon Musk became the first person in human history to have a net worth of over a trillion dollars after the company went public on June 12. Traders in prediction markets believe that Mark Zuckerberg has the best chance of becoming the next trillionaire, although it is still a low - probability event. On the prediction platform Kalshi, traders are betting that Meta CEO Zuckerberg has a 32% chance of becoming the world's second trillionaire. Kalshi traders have given Jensen Huang, the CEO of NVIDIA, the second - highest probability, saying that the likelihood of him reaching a net worth of a trillion dollars is 21%. (Caixin)
BASF China Exits Joint Venture with PetroChina
36Kr learned that Tianyancha App shows that recently, industrial and commercial changes have taken place in BASF Jihua Neopentyl Glycol Co., Ltd. The original shareholders, BASF (China) Co., Ltd. and BASF SE, have exited, and the registered capital has been reduced from 150 million RMB to 60 million RMB. The company was established in November 1995, with Chen Jianjun as the legal representative. Its business scope includes the manufacturing of basic chemical raw materials, the manufacturing of special chemical products, and the sales of special chemical products. It is now wholly owned by PetroChina.
South Korea to Require All Listed Companies to Disclose Details of Treasury Stocks
South Korea's financial regulator said on Tuesday that all listed companies will be required to disclose detailed information about their treasury stocks under the revised enforcement rules of the Commercial Act approved by the cabinet. The revision was approved by the South Korean parliament at the end of February. Under the revision, all listed companies must cancel their treasury stocks within one year after purchase and repurchase their existing treasury stocks within 18 months. Previously, only companies holding more than 1% of the outstanding shares in treasury stocks were required to disclose the number of treasury stocks they held and their plans for using them. (Sina Finance)
Sony Group Plans to Issue US Dollar Bonds for the First Time in Nearly Three Decades
The last time Sony Group entered the investment - grade US dollar bond market, it was busy promoting the first - generation PlayStation. Nearly three decades later, it is ready to make a comeback. According to an unnamed source familiar with the matter, the Japanese conglomerate will issue two series of senior fixed - rate bonds. The yield of the 5 - year bonds offered by underwriters is about 70 basis points higher than that of US Treasury bonds of the same maturity, and the spread of the 10 - year bonds is about 90 basis points. The bonds may be priced later. (Sina Finance)
Going Public in Progress
MOMENTA Passes the Listing Hearing at the Hong Kong Stock Exchange
36Kr learned that MOMENTA GLOBAL LIMITED has passed the listing hearing at the Hong Kong Stock Exchange. The joint sponsors are China International Capital Corporation and Deutsche Bank.
Luxshare Precision: The Listing Committee of the Hong Kong Stock Exchange has reviewed the company's listing application
36Kr learned that Luxshare Precision announced that the company is carrying out relevant work for the application to issue overseas-listed foreign shares (H shares) and list on the Main Board of The Hong Kong Stock Exchange Limited. The Listing Committee of the Hong Kong Stock Exchange held a listing hearing on June 18, 2026, to review the company's application for this overseas issuance and listing. The joint sponsors of the company's overseas issuance and listing received a letter from the Hong Kong Stock Exchange on June 22, 2026, which stated that the Listing Committee of the Hong Kong Stock Exchange had reviewed the company's listing application. However, this letter does not constitute a formal listing approval, and the Hong Kong Stock Exchange still has the right to raise further opinions on the company's listing application.
Investment and Financing
Xiaozhu Autonomous Vehicle to Complete Independent Financing with a Valuation of Hundreds of Millions of US Dollars
36Kr has learned that Xiaozhu Autonomous Vehicle, an unmanned logistics vehicle brand under Youjia Innovation, is about to complete independent financing, with a valuation reaching hundreds of millions of US dollars. The investors include top-tier autonomous driving industry capital. The funds from this round of financing will be mainly invested in the full-stack R & D of physical AI technology and software and hardware for full-area mapless autonomous driving, and the expansion of the mass production capacity of the whole vehicle. Public data shows that as of 2025, Xiaozhu Autonomous Vehicle has been put into operation in 18 cities across the country. Combining with the company's recent order disclosures, the cooperation scale exceeds 8,000 vehicles.
"Striding AI" Completes Nearly $100 Million in Angel Round Financing
36Kr learned that on June 23, "Striding AI" has completed a nearly $100 million angel round of financing. The investors include several listed companies such as CP Group, Huaqin Technology, and iHealth, many well - known domestic and foreign entrepreneurs, and several first - tier investment institutions. The funds raised in this round will be mainly invested in three major directions: First, continuously recruit top global algorithm, engineering, and commercialization talents to improve the layout of the full - chain talent echelon; Second, increase the iteration and application of core technologies such as world action models and reinforcement learning to strengthen the infrastructure capabilities of embodied intelligence; Third, accelerate the verification and productization of applications in scenarios such as retail and industry.
Cool Products
Jia Yueting Unveils Industrial-Grade Wheel-Arm Robots
On June 23rd, Faraday Future (FF) launched the industrial-grade wheel-arm robot series FF Faber at the Automate robotics and automation exhibition in Chicago, and for the first time disclosed the EAI robot industrial ecosystem strategy. With the debut of the wheel-arm robot series, FF has formed a robot product matrix covering three major forms (humanoid, quadruped, and wheel-arm) and six major series.
Jia Yueting said that in the future, the Faber series will further participate in the robot production process, promoting the industrial application mode of "robots producing robots". (Phoenix Tech)
Compiled | He Yuting