8:1 Krypton Daily Briefing: Nike Exits S&P 100 Index, Foldable iPhone Starting at 14,999 Yuan, China Ministry of Finance Issues Special Treasury Bonds to Boost Capital of 8 Central Financial Enterprises

This adjustment will officially take effect before the U.S. stock market opens on September 21.

Today's Hotspot Guide

Kimi and MiniMax are about to open stores on Tmall
lululemon's share price has halved, with more than 2.3 billion US dollars of market value evaporated
Zijin Mining apologizes for text errors in its financial report
Wang Ning of Pop Mart visits the headquarters of LVMH Group, and the head of the group leads family members to receive him
"National Anti-Fraud AI" APP is launched
Tesla's Robotaxi may realize all-weather operation next month

TOP 3 Major News

With its market value shrinking sharply, Nike is to be removed from the S&P 100 Index

Recently, S&P Dow Jones Indices has excluded Nike (NKE.N) from the S&P 100 Index. This adjustment will officially take effect before the U.S. stock market opens on September 21, which is also the first time in Nike's history that it has been removed from the list of this flagship broad market index.

Looking back over the past five years, Nike's share price has continued to decline after hitting its all-time high in 2021. As of the release of the news on this index adjustment, the stock price has recorded a cumulative drop of about 79% in five years from its all-time peak, and the company's total market value has evaporated by more than 220 billion U.S. dollars. Recently, Nike's stock trading price has fallen to the range of 38 to 40 U.S. dollars, hitting a new low in nearly 12 years. The industry leader that once had a stable market value of hundreds of billions of U.S. dollars has seen its market capitalization drop sharply in a cliff-like manner. (Cailian Press)

Carrier reveals iPhone 18 pricing, foldable model expected to start at 14,999 yuan

On September 5, overseas carrier Vodafone leaked pricing data. The iPhone 18 series sees a roughly 10% price increase, far lower than the previously rumored sharp price hike. The starting price of the US version of the Pro model only rises by about 100 US dollars, and the first foldable-screen iPhone Ultra for the US market is priced at approximately 1999-2099 US dollars. Calculations show that the China-market version is expected to start at 9999 yuan for the Pro model and 14999 yuan for the foldable model. (Kuai Technology)

The Ministry of Finance will issue special treasury bonds to support 8 central financial enterprises in replenishing capital

The Ministry of Finance will issue 300 billion yuan of special treasury bonds in the near future to support 8 central financial enterprises in replenishing their core tier-1 capital. On the same day, the 8 central financial enterprises including Industrial and Commercial Bank of China, Agricultural Bank of China, Export-Import Bank of China, China Export & Credit Insurance Corporation, PICC, China Life (Group), China Taiping and China Re respectively released their capital increase plans. Industry insiders said that this capital increase by the Ministry of Finance to the 8 central financial enterprises is a forward-looking arrangement of taking precautions ahead of potential risks, and an active move to support the high-quality development of central financial enterprises and help the macro economy achieve steady and long-term growth.

In terms of the insurance sector, the Ministry of Finance has injected 35 billion yuan into China Life Insurance (Group) Company, raised no more than 150 billion yuan through private placement targeted at PICC, and injected 70 billion yuan into China Taiping, with a total of 570 billion yuan for the three institutions. This capital injection will effectively enhance the risk resistance capacity of insurance institutions, promote the steady improvement of key indicators such as solvency, and consolidate the foundation for long-term sustainable development.

In terms of the banking sector, the Industrial and Commercial Bank of China plans to raise no more than 1 trillion yuan, of which the Ministry of Finance subscribes for 700 billion yuan, and China National Tobacco and its affiliated enterprises subscribe for 300 billion yuan; the Agricultural Bank of China plans to raise no more than 1.6 trillion yuan, of which the Ministry of Finance subscribes for 1.3 trillion yuan, and China National Tobacco, local tobacco entities and Shuangwei Investment etc. subscribe for 300 billion yuan. After deducting the issuance expenses, all the funds raised by the two banks will be used to replenish their core tier-1 capital. (Cailian Press)

The Latest Frontiers of AI

OpenAI Says It Needs to Expand the Scope of Disclosure of Alignment Failure Incidents

OpenAI: In response to the new stage of model capability development, we need to expand the scope of disclosure of alignment failure incidents. At present, we and the broader artificial intelligence industry have not yet established clear standards for reporting alignment failure issues that arise during the training, evaluation and deployment phases. These include various cases that do not fall under traditional security incidents, but help understand the behavior of artificial intelligence and predict future risks. We are building a relevant framework and will announce it to the public in the coming weeks; at the same time, we are collaborating with dozens of government regulatory agencies around the world on the above issues. (Sina Finance)

Kimi and MiniMax are about to open stores on Tmall soon

After Zhipu AI's first store on the e-commerce platform landed on Tmall, a number of large model manufacturers including Kimi, MiniMax and Stepfun are also in contact with Tmall. They will settle in Tmall to open official flagship stores and sell Token subscription package products in the future. (Shanghai Securities News)

Anthropic is expected to release its prospectus at the end of September

Citing people familiar with the matter, media reports that Anthropic is expected to complete its IPO a few days before the start of the U.S. midterm elections in November. The report says two insiders revealed that the prospectus is not expected to be unveiled until the end of September, instead of being released as early as next week according to the previous schedule. The relevant plans including the listing timeline may still change, the insiders added. (Sina Finance)

Major Companies / Major Events

Maserati Responds to Exposed Cooperation with Huawei: No Comments on Market Rumors or Speculations

Recently, according to media reports, Stellantis Group is conducting long-term industrial cooperation negotiations for its luxury brand Maserati with Huawei and JAC Motors. On September 4, other media reports stated that the two sides have entered the in-depth consultation stage, planning to apply Huawei's Harmony Intelligent Mobility platform to Maserati models, with the goal of launching the first jointly developed mass-produced vehicle by the end of 2027. The report also mentioned that the cooperation model may adopt a dual-brand strategy: the model will be sold under the premium Zunjie luxury brand in the Chinese market, and bear the Maserati logo for the global market.

On September 5, Wang Chao, Member of the Executive Committee of Stellantis Group Asia Pacific and Vice President of Communications, responded: "As part of normal business operations, Stellantis Group keeps continuous communication and exchanges with global industry partners on various topics, and is always committed to providing customers with the best mobility solutions. We do not comment on market rumors or speculations. As previously announced, the future strategy and development plan of the Maserati brand will be officially released at the Investor Day event held in Modena, Italy in December this year. Before that, we will not make further comments on any relevant market rumors or speculations." (National Business Daily)

lululemon's share price has halved, with more than 2.3 billion USD of market value evaporated

On September 4, lululemon's U.S.-listed stock price fell by 17.38%, hitting a new low in more than eight years, with over 2.3 billion USD of market capitalization wiped out. Since the beginning of this year, the cumulative decline of the stock has exceeded 52%. One day prior, lululemon released its financial report for the second quarter of fiscal year 2026. In the second quarter, the company's global net revenue reached 2.416 billion USD, down about 4% year on year; calculated at constant exchange rates, the decline stood at 5%. Its net profit was 329 million USD, lower than the 370.9 million USD recorded in the same period last year.

There is an unexpected windfall hidden in this 329 million USD net profit — the company recognized 134.5 million USD in IEEPA tariff refunds and 4.1 million USD in related interest in the quarter, contributing approximately 0.86 USD to earnings per share. Excluding this one-off gain, the adjusted EPS is about 2.06 USD, representing an actual year-on-year decline of more than 30%. (National Business Daily)

Zijin Mining Apologizes for Text Errors in Its Financial Report

Recently, multiple basic text errors found in the 2026 semi-annual report of Zijin Mining (HK2899) have aroused widespread public discussion.

On September 5, Zijin Mining (HK2899) released the "Announcement on Correction of Relevant Text Errors in the Notes to the Financial Statements of Periodic Reports". The announcement pointed out that after verification, the above errors do not involve the financial data, accounting subjects and operating indicators in the periodic reports, and will not have a substantial impact on the authenticity, accuracy and completeness of the periodic reports of all periods that the company has disclosed. Zijin Mining (HK2899) said, "The company hereby extends sincere apologies to investors and relevant institutions. In the follow-up work, the company will further improve the internal information disclosure management system, strictly check and verify the approval process, and strengthen communication and coordination with the annual audit accounting firm to avoid the recurrence of such problems." (Sina Finance)

Wang Ning of Pop Mart Visits LVMH Group Headquarters, the Head of the Group Receives Him Together with Family Members

According to Sina Tech, recently, Wang Ning, founder of Pop Mart, met with Bernard Arnault, Chairman and CEO of LVMH Group, at the LVMH Group headquarters in Paris, France. This is the first meeting between the two, and Wang Ning also gave Arnault a Labubu as a gift on site. It is noted that the figure Wang Ning presented to Arnault is the MEGA LABUBU 10th Anniversary Commemorative Edition, which is a globally limited-release style. It is understood that Delphine Arnault, the eldest daughter of LVMH Group and CEO of Dior, as well as Pietro Beccari, core senior executive of LVMH Group and Global CEO of LV, also participated in the meeting. (Sina Tech)

Multiple Countries Promote Localized Layout of Gold Reserves

A large number of countries around the world are accelerating the adjustment of their gold reserve storage arrangements to reduce dependence on the single custody system of Europe and the United States. Since 2013, many countries have successively launched the repatriation of overseas gold reserves. The 2026 Central Bank Gold Reserve Survey from the World Gold Council shows that in the past 12 months, 19% of central banks have increased the proportion of domestic gold reserves or realized diversified allocation of reserve locations, while the proportion was only 7% a year ago. The number of central banks that deposit their gold reserves in the vaults of New York and London continues to decline. (CCTV Global Current Affairs)

AITO responds to "pre-produced vehicle" rumors: completely unsubstantiated, a police report has been filed

In response to recent online rumors claiming that a certain AITO M6 model is a "pre-produced vehicle" or "time-traveling vehicle", AITO Automobile released an official statement noting that after verifying the Vehicle Identification Number, the actual production date of the involved vehicle is July 2026. The vehicle nameplate information published or reposted by relevant self-media accounts is false content generated via photo editing or AI alteration. The resulting claim that the company manufactures "pre-produced vehicles" and "time-traveling vehicles" is entirely a rumor. The company emphasized that the internet is not a space beyond the reach of the law, and it has preserved relevant evidence and filed a report with the public security authority. (CLS)

Voluntary delisting re-emerges in the A-share market, and the diversified delisting framework keeps improving

In 2026, three voluntary delisting cases have been recorded in the A-share market. Starting from Deppon Co., Ltd. becoming the first company that implemented voluntary delisting at the beginning of this year, then ZWZ B being privatized and delisted after its controlling shareholder launched a full tender offer, and up to the end of August, the "first color TV listed stock" *ST Konka A planned to voluntarily apply for the delisting of its A shares and B shares through a shareholders' meeting resolution. Voluntary delisting has become the consensus choice of these listed companies. "Voluntary delisting is a legally recognized loss-limiting strategy." Lawyer Guo Siyan from Guangdong Huayupinzhi Law Firm stated to reporters that for troubled enterprises such as *ST Konka A, voluntary delisting can retain greater autonomy for the company, and create more flexible space for subsequent asset restructuring or the introduction of strategic investors. (Shanghai Securities News)

China's first AI-assisted innovative drug approved for marketing

According to the information released by Westlake University, the innovative drug Estevir Hydrochloride Tablets (trade name: Aipusivir), jointly developed by Westlake University, Westlake Laboratory and Westlake Pharmaceutical, has recently been officially granted conditional marketing approval by the National Medical Products Administration. This is the first Class 1 innovative drug fully independently researched and developed by Westlake University, which is applied for the treatment of mild and moderate novel coronavirus infection in adults. Class 1 innovative drug is the highest level in China's drug registration classification, representing original innovation from 0 to 1. Its core features include a brand-new chemical structure, a brand-new mechanism of action, and clear clinical value. (The Financial Associated Press)

Better-than-expected employment data sparks interest rate hike panic, Bitcoin falls below $80,000

According to Woofun AI, the U.S. employment data released on Friday far exceeded market expectations, directly triggering market concerns that the Federal Reserve will maintain a tightening policy, and the price of Bitcoin immediately fell below the $80,000 threshold. The expectation of macro liquidity tightening was quickly transmitted to the derivatives market. The probability of a 25 basis point rate hike in September jumped from 52% to 59%. Data compiled by Woofun AI shows that the yield on 2-year U.S. Treasury bonds surged 7.6 basis points, while the yields on 10-year and 30-year U.S. Treasury bonds rose 3.2 basis points and 1 basis point respectively; the U.S. Dollar Index (DXY) rose 0.3% to 99.3 points. Higher yields have boosted the attractiveness of dollar-denominated assets, while a strong dollar has increased the financing cost of crypto assets, forming a dual downward pressure. (Sina Finance)

"National Anti-Fraud AI" APP Launched

To further enhance the informatization and intelligent level of telecom and online fraud prevention work, and help the public effectively identify and guard against fraud, the "National Anti-Fraud AI" APP independently developed by Shanghai Municipal Public Security Bureau under the guidance of the Criminal Investigation Bureau of the Ministry of Public Security was officially launched recently. The "National Anti-Fraud AI" APP integrates large language models, multimodal models and intelligent agent technology. After users input suspicious scenarios via mobile phones, the APP can complete risk assessment, identify fraud patterns, push typical cases, disassemble fraud tactics from multiple dimensions including "text + voice + video", and provide targeted identification and prevention countermeasures. (Xinhua News Agency)

Tesla's share price plummeted by nearly 6%, wiping out nearly 600 billion yuan in market value overnight

As of the close of US stocks on September 4 (Friday), Tesla's share price closed sharply lower at $354.08 per share, down 5.92%, with the maximum intraday decline exceeding 6%, and the closing market value reached 1.3985 trillion US dollars, erasing about 88.05 billion US dollars (equivalent to about 590.9 billion yuan) compared with the previous trading day. On the news front, Cybercab was officially put into operation in Austin, the United States on Thursday US Eastern Time. At the Cybercab event held in Austin, Texas, USA, the limited new information disclosed failed to meet investors' expectations. This event was only open to invitees without live broadcast, and CEO Elon Musk did not show up either. In addition, the National Highway Traffic Safety Administration (NHTSA) launched a regulatory review of about 1,000 Cybercabs on the same day, focusing on reviewing the processes and technical data used by Tesla to prove that the vehicles meet federal motor vehicle safety standards. (National Business Daily)

South Korea's cumulative exports this year hit a record high of 709.4 billion US dollars

Latest statistics from the Korea Customs Service show that as of 1 p.m. on September 5, the cumulative export volume of South Korea this year reached 709.4 billion US dollars, surpassing the historical high of 709.3 billion US dollars for the whole of last year. According to South Korean sources, although facing severe external environments including the situation in the Middle East this year, South Korea's major export categories have maintained growth driven by the semiconductor sector. In the first 8 months of this year, South Korea's semiconductor exports amounted to 281.2 billion US dollars, rising by 169.6% year on year. Semiconductors accounted for 40.6% of the total export volume. (Securities Times)

Investment and Financing

AI Startup Gimlet Completes $300 Million Financing

AI startup Gimlet has closed a $300 million financing round led by Andreessen Horowitz, with a valuation reaching $3 billion. (CLS)

Cool Products

Tesla Robotaxi May Achieve 24/7 Operation Next Month

According to news on September 6, Ashok Elluswamy, Head of Tesla AI, recently stated on social media platform X that Tesla's Robotaxi autonomous ride-hailing service is not far from "realizing 24-hour all-day operation". He said that after the integration of "the next technology under the v15 program" is completed, the 24-hour all-day operation will be launched "around next month". At present, Tesla's Robotaxi service has realized 7-day-a-week operation in the United States, with operating hours from 6 a.m. to 10 p.m. every day, covering cities including Austin, Dallas, Houston, Miami, Orlando and Tampa. (Sina Finance)

Compiled | He Yuting