8:00 36Kr | "Xibei will go completely bankrupt" tops the trending search list, latest response released; former DingTalk CEO Wuzhao takes up the new position with an annual salary of 100,000; Jensen Huang sells approximately 46,000 shares of NVIDIA.
Today's Hotspot Guide
- Feng Lan responds to being restricted from high consumption
- 43 stocks will face share lifting ban next week, 4 of which have reversed losses to profits in their H1 performance
- Saudi Aramco will not deliver crude oil to European buyers next month
- The pricing range of new energy vehicle insurance is benchmarked against fuel vehicles, and renewal premiums for car owners will change
- Anthropic's annualized revenue is expected to exceed 100 billion U.S. dollars this year
TOP 3 Major News
"Xi Bei Will Go Completely Bankrupt" Hits Trending Searches, Latest Response
On September 19, the topic "Xi Bei Is Exposed to Face Total Bankruptcy" topped Weibo's trending list. According to Lanjing News, the blogger "Li Ji" posted that Xi Bei, which has been the top player in the Chinese full-service dining sector for 11 consecutive years, will shut down completely within two to three months. Its founder Jia Guolong will take on the vast majority of debts personally, give up all his shares, and only retain around 100 profitable stores for employees to run independently, in a bid to sustain the livelihood of 3,000 to 4,000 people. Up to now, more than 10,000 Xi Bei employees have been forced out of their jobs, and over 200 stores have been closed.
In response to the incident, a reporter from Lanjing News contacted Xi Bei's customer service, which responded that all stores across the country are operating normally at present. The brand will continue to focus on optimizing products and services, strictly adhere to quality standards, and serve every customer attentively. It also calls on the public to treat online information rationally. (21st Century Finance Report, Lanjing News)
Former DingTalk CEO Wu Zhao takes new post with annual salary of 100,000 yuan
On September 17, Baiwang Co., Ltd. (06657.HK), a listed company on the Hong Kong Stock Exchange, issued an announcement stating that the company recently held an extraordinary general meeting, which reviewed and approved the proposed appointment of Chen Hang as a non-executive Director of the Company with 100% affirmative votes. Chen Hang has been officially appointed since September 17, 2026.
According to the resume in the previous announcement, Chen Hang, 49 years old, has more than 20 years of product and management experience in the fields of enterprise-level internet products, artificial intelligence and digital economy. From March 2025 to June 2026, Chen Hang served as the Chief Executive Officer of DingTalk (China) Information Technology Co., Ltd. From 2021 to 2025, he founded Liangqing Yiyang (Hangzhou Digital Technology Co., Ltd.) and served as its founder. From 2020 to 2021, he served as the assistant to Daniel Zhang, Chairman of the Board and Chief Executive Officer of Alibaba Group Holding Limited. From 2014 to 2020, as the founder of DingTalk, he led the team to build enterprise-level intelligent collaborative office products and served as Chief Executive Officer. From 2012 to 2023, he was the product leader of Laiwang under Alibaba Group; from 2010 to 2012, he served as product manager in charge of the Etao website under Alibaba Group; from 2000 to 2010, he was responsible for the design and R&D of enterprise-level search engine products for HP Japan. Chen Hang obtained a Master of Business Administration degree from Tsinghua University in 2024.
The above announcement also shows that Chen Hang's remuneration as a non-executive Director will be RMB 100,000 per year, and he will not receive additional director allowances or subsidies for attending meetings in his capacity as a non-executive Director. (The Paper)
Jensen Huang Sells Approximately 46,000 NVIDIA Shares
Multiple NVIDIA executives have disclosed their stock transactions to the U.S. SEC. A total of 5 senior executives including CEO Jensen Huang sold nearly 150,000 shares of the company. Among them, Jensen Huang sold about 46,000 shares at a transaction price of roughly 212 US dollars per share. Colette Kress, the company's CFO, sold around 35,000 shares through a pre-established trading plan in addition to selling shares for tax payment purposes. (CLS)
AI Frontier
The simultaneous interpretation large model Qwen3.8-LiveTranslate is officially released
36Kr learned from the announcement of Qwen Large Model that the brand-new simultaneous interpretation large model Qwen3.8-LiveTranslate was officially released on September 19. The model reconstructs real-time simultaneous interpretation with the Interleave architecture, with comprehensively improved accuracy, fluency and conciseness, and the Letter Average At Lag (LAAL) is reduced from 2.8 seconds to 2.3 seconds.
Huawei: Ascend has crossed the ecological inflection point, and is fully capable of seizing the opportunity to build a new AI ecosystem
On September 19, Zhu Zhaosheng, Director of Huawei Computing Strategy and Business Development Department, stated that Ascend has crossed the ecological inflection point, and is fully capable and well-positioned to build a new AI ecosystem in the Agentic era. In terms of community performance, the Ascend CANN open source community has over 5,200 monthly active users. It has ranked as the most active open source community in China since June this year, with the number of non-Huawei developers in the community exceeding that of Huawei in-house developers. Currently, the average number of newly merged lines of code per day exceeds 30,000. At the model level, more than 40 large language models and multimodal models have completed pre-training based on Ascend, making Ascend the only AI computing power platform in China that supports pre-training. At the ecosystem level, apart from its self-developed open source CANN, Ascend has been connected to mainstream open source frameworks including PyTorch. (21st Century Business Herald)
European figures question US companies' proposal to slow down AI R&D as "out of private interests"
European tech companies and government officials have recently made public statements, questioning that the proposal raised by some US artificial intelligence (AI) enterprises to slow down AI research and development on the grounds of security is "out of private interests", holding that their real intention is to consolidate their own advantages and suppress competitors. A number of American tech entrepreneurs called for slowing down the development of cutting-edge AI technologies recently. Among them, Dario Amodei, CEO of Anthropic, wrote in an article that considering the security risks, AI enterprises need to slow down the rhythm of developing the most advanced models. In response to the proposal from US AI enterprises, European AI enterprises including France's Mistral AI have expressed opposition. Mistral AI noted in a statement: "Some leading enterprises in the industry are taking advantage of the current situation to consolidate their market position, and promote the formulation of regulatory rules that favor themselves and suppress competitors." Raphael Offen, Chief Operating Officer of Swiss company Proton, commented on the US enterprises' proposal at a tech event in Paris: "This is entirely out of private interests, they only want to maintain the market's dependence on their own services." Ben Brooks, Head of Public Policy at German AI startup Black Forest Labs, said that artificially set thresholds that forcibly widen the gap between large AI enterprises and new entrants will curb the innovation vitality in cutting-edge fields. Christian Kersting, Professor of Artificial Intelligence at Technical University of Darmstadt, Germany, believes that allowing a handful of enterprises to define what "dangerous AI" is on their own and select auditors by themselves "is not regulation in the real sense". Government officials of some European countries have also expressed their attitude of opposing the slowdown of AI R&D. Roland Lescure, Minister of Economy and Finance of France, told the media: "The self-serving intention of making all the competitors behind slow down so as to keep their own top position is perfectly clear." (Xinhua News Agency)
Major Companies / Major Events
Feng Lun Responds to the High-Consumption Restriction Order Against Him
On the evening of September 18, in response to the news of being placed under high-consumption restriction, Feng Lun, the once prominent real estate tycoon, responded on his Weibo that the incident arose from a loan dispute between Sanya Vantone and its minority shareholder. He noted that the loan was not approved by any competent authority of Sanya Vantone, and was operated without authorization by the minority shareholder who took advantage of the official seals of two companies under their control. The enforcement matter involved in this case does not impose any payment obligation on Feng Lun, and Feng Lun has already safeguarded his legitimate rights and interests through formal legal procedures.
Tianyancha data shows that recently, Sanya Vantone Health Development Management Co., Ltd. has added a new consumption restriction order, with the case number (2026) Qiong 0108 Zhi No. 2332. The applicant is Runhanhui (Haikou) Investment Co., Ltd., the enforcement court is the People's Court of Meilan District, Haikou, Hainan Province, and the person subject to the consumption restriction is Feng Lun. The information of the person subject to enforcement indicates that the enforced party in this case is Sanya Vantone Health Development Management Co., Ltd., with an enforcement amount of 425,800 yuan. (The Paper)
Zhang Xue Motorcycle Unveils 5 New Models, the Most Expensive Priced at 138,000 Yuan. Zhang Xue: International Brands Would Charge 1.5 Million Yuan for This Specification, Our Price Is Less Than 1/10 of That
During the 2026 China Motorcycle Expo, Zhang Xue Motorcycle made its appearance at Hall N7. The brand also held a new product launch event, where five new models made their debut at the same time, with the presentation delivered by Zhang Xue, the founder of Zhang Xue Motorcycle. In terms of the pricing of the newly released models, the 600V is priced at 27,980 yuan, the 27-model 500F at 30,580 yuan, the 820RR-RS at 138,000 yuan, the 820RR-RC at 128,000 yuan, and the 820X is priced between 46,800 yuan and 57,800 yuan. Regarding the 820RR-RS, the highest-priced model among the five, Zhang Xue stated that the price of 138,000 yuan is certainly not cheap, but many motorcycle enthusiasts may know that some international brands would sell models with the same configuration for as high as 1.5 million yuan. "Our price is less than one-tenth of theirs." (Sina Tech)
Zhang Liping, wife of Jia Guolong, pledges all her direct equity holdings in Xibei
According to the news on the evening of September 19, data from Tianyancha shows that on September 2, Inner Mongolia Xibei Catering Group Co., Ltd. (hereinafter referred to as "Xibei Catering Group") added 1 new equity pledge information. The pledgor is Zhang Liping, wife of Jia Guolong, the pledgee is Hohhot Ruyi Development Zone Branch of Industrial and Commercial Bank of China Co., Ltd., the amount of pledged equity is 5.40005 million yuan, and the status is valid. Industrial and commercial information shows that Zhang Liping directly holds 5.1959% equity of Xibei Catering Group, with subscribed capital contribution of 5.40005 million yuan, and serves as a director of the company. This means that Zhang Liping has pledged all the equity of Xibei Catering Group that she directly holds.
The equity penetration data from Tianyancha shows that Zhang Liping's final beneficial shareholding in Xibei Catering Group is 13.3687%. In addition to the aforementioned directly held shares, Zhang Liping also indirectly holds shares in Xibei Catering Group through Beijing Xibei Enterprise Management Co., Ltd. and multiple limited partnerships. As of press time, there is no response from the Xibei side. (Sina Tech)
43 Stocks Will Face Share Unlocking Next Week, 4 of Which Have Turned Losses Into Profits in Their First-Half Performance
A total of 43 stocks will have their share lock-up expire next week. Calculated based on the latest closing price, the total market value of the unlocked shares reaches 15.128 billion yuan. In terms of the unlocking ratio, among the stocks to be unlocked next week, the unlocking ratio of Shouyao Holdings-U hits 56.96%, ranking first; the unlocking ratios of Yousheng Co., Ltd., Juren New Materials and Xinghui Co., Ltd. all exceed 20%. (People's Finance News)
The 20th Asian Games opens
The 20th Asian Games opened on the evening of September 19 in Nagoya, Japan. (CCTV News)
Railway 12306 continues to identify and curb malicious ticket-grabbing behaviors to maintain a fair ticket sales environment
Since the train tickets for this year's Mid-Autumn Festival and National Day went on sale, Railway 12306 has placed a total of 7.117 million transactions in the slow queue, refused to issue tickets for 1.023 million transactions, and rejected the issuance of 1.331 million tickets in total, which has effectively curbed malicious ticket-grabbing behaviors. (Jiemian News)
Saudi Arabian national oil company will not deliver crude oil to European buyers next month
On local time September 18, people familiar with the matter said that Saudi Aramco, the Saudi Arabian national oil company, has informed at least two European refinery customers that after the key oil pipeline leading to the Red Sea in Saudi Arabia was attacked, Saudi Aramco will not continue to deliver crude oil to them in accordance with the contract next month. (CCTV News)
It is revealed that the sales volume of Xiaomi 18 Fold has reached nearly 80,000 units within 7 days after its launch
According to the disclosure from digital blogger @RD Observation who has long focused on the share of China's domestic mobile phone market, the sales of Xiaomi 18 Fold in the first 7 days of availability are close to 80,000 units, making it the foldable phone with the highest 7-day initial sales volume in Xiaomi's history. The Xiaomi 18 Fold mid-sized foldable phone was released on September 7 and officially went on sale on September 10, with a starting price of 10,999 yuan. Xu Fei, Vice President of Xiaomi Group and CMO of Xiaomi Group, posted on September 8 that the Xiaomi 18 Fold mid-sized foldable phone has recorded booming sales. Data shared by Wang Xiaoyan, Senior Vice President of Xiaomi Group and President of Xiaomi China Region shows that the 10,000-yuan price range flagship Xiaomi 18 Fold has seen explosive initial sales, with a 310% year-on-year growth compared to the previous generation of large foldable phones. (IT Home)
CITIC Securities: Ultimate heat dissipation solution debuts, diamond ushers in the first year of industrialization
The research report released by CITIC Securities points out that driven by three core factors, namely the steep rise in power consumption of AI chips, traditional metal heat dissipation technology approaching its physical limit, and the continuous optimization of diamond preparation technologies and processes, the diamond heat dissipation industry is expected to embrace investment opportunities in its first year of industrialization. CITIC Securities suggests deploying investments along two main lines featuring leading commercial delivery and prominent positioning in mass production capacity: first, focus on leading enterprises in the industry that have taken the lead in small-batch supply of heat sinks, independently develop core equipment and take the lead in production capacity scale, which are expected to fully benefit from the surging market demand; second, pay close attention to relevant enterprises with leading processes, large-size manufacturing capacity and full industrial chain capabilities that are accelerating their production capacity expansion layouts. (Financial Associated Press)
The pricing range of new energy vehicle insurance will be aligned with that of fuel vehicles, and the renewal premiums for car owners are set to change
A new round of adjustments to the pricing rules for new energy vehicle insurance is expected to be launched. Recently, it is learned from industry insiders that the independent pricing coefficient range for new energy commercial auto insurance is expected to be adjusted to 0.5-1.5, which keeps consistent with that of fuel vehicles. Information from a number of property insurance companies shows that in September 2025, the independent pricing coefficient for new energy vehicle insurance was adjusted from 0.65-1.35 to 0.6-1.4, and then adjusted again to 0.55-1.45 in March 2026. This time the market expects the range to be adjusted to 0.5-1.5, which is the same as that of fuel vehicles. The current independent pricing coefficient range for commercial auto insurance of fuel vehicles is 0.5-1.5. This means that on the basis of the benchmark premium, insurance companies can set the independent pricing coefficient as low as 0.5 and as high as 1.5. However, the final premium will also be superimposed with other coefficients such as NCD, so the floating range of the final premium relative to the benchmark premium is not only 50% off to 1.5 times. (China New Finance and Economics)
The first newly established foreign-funded public offering fund has obtained QDII qualification, with QDII quota expanded twice within the year
Recently, BlackRock Fund has been approved the Qualified Domestic Institutional Investor (QDII) qualification, becoming the first newly established foreign-funded public offering fund institution to obtain such qualification. Against the backdrop of two rounds of QDII quota expansion this year and the total approved quota for securities and fund institutions exceeding USD 100 billion for the first time, foreign-funded public offering funds have further accelerated their pace of participating in the cross-border investment market. Since the beginning of this year, the expansion pace of the QDII channel has accelerated significantly. Data released by the State Administration of Foreign Exchange at the end of March shows that the total approved QDII quota of the whole market increased by USD 5.3 billion compared with the end of 2025, reaching USD 176.169 billion. At the end of August, the State Administration of Foreign Exchange issued an additional QDII quota of USD 6.84 billion, covering 89 institutions. As of the end of August, the total approved QDII quota of 196 institutions across the market has risen to USD 183.009 billion. (Securities China)
People with knowledge of the matter: Anthropic's annualized revenue is expected to exceed 100 billion U.S. dollars this year, and it may release IPO-related financial documents as soon as in the coming weeks
According to insiders, Anthropic's annualized revenue this year is projected to exceed 100 billion U.S. dollars, which marks a substantial increase from the $65 billion figure recorded in July. Investors seeking to participate in the IPO are using this rapid growth metric to support the company's potential $2 trillion valuation. Sources noted that Anthropic may release IPO-related financial documents as soon as in the next few weeks, and is expected to kick off stock trading as early as November. However, the relevant plans are still subject to changes driven by investor sentiment and market volatility. (CLS)
European Institutions' Adjustment of US Treasury Allocation Sends Signals
The yield on the 10-year US Treasury bond recently broke through 5%, hitting its highest level since 2007. As the total US federal government debt exceeded $40 trillion in August, some European institutions have begun to adjust their allocation of assets including US Treasuries, drawing further attention to the mounting pressure facing the US Treasury market. Norges Bank Investment Management has proposed reducing the weight of government bonds in its bond investment benchmark from 70% to 50%. Reuters estimates that if the relevant adjustment is eventually implemented, the fund's current US Treasury holdings of around $215 billion could be cut by nearly $80 billion, making US Treasuries the single government bond category with the largest reduction scale in this adjustment. Swiss asset management firm Swisscanto recently released a report stating that the yield on 30-year US Treasuries recently broke through its previous fluctuation range, prompting the institution to reduce its allocation to long-term US Treasuries. UK-based Brown Shipley believes that while the US Treasury's expansion of long-term Treasury repurchases can temporarily support bond prices, it is difficult to solve the fundamental problems facing US public finances in the long run, so it maintains an underweight recommendation for US Treasuries in the short term. (CCTV Finance)
SpaceX will account for a 2.82% weight in the Nasdaq 100 Index
According to reports, the data shows that as the quarterly adjustment of the Nasdaq 100 Index takes effect on Monday, SpaceX's weight in the index will reach 2.82%, a notable increase from the current weight of about 1.28%. This final figure calculated based on Friday's closing price is consistent with the tentative weight previously released by the index compiler. (Jiemian News)
Iranian Source: The US side states that it is ready to conduct negotiations with Iran
On local time September 19, according to a high-level unnamed source in Iran, Qatar and Pakistan, as the mediating parties, have informed Iran that the United States is ready to carry out negotiations and reach an agreement, and has a serious attitude in promoting this process. The source pointed out that as far as Iran is concerned, as long as the United States returns to the Islamabad Memorandum of Understanding and performs the clauses in it, Iran is also ready to resume the implementation of this memorandum within several days. However, Iran requests to obtain practical and credible guarantees to ensure that it will not be attacked again. (CCTV News)
Four companies including OpenAI are sued on charges of conspiring to advocate for controlling the pace of AI development
A civil lawsuit submitted to the federal court on September 18 local time shows that artificial intelligence giants Anthropic, OpenAI, SpaceX AI and Google are accused of colluding for their recent calls to jointly slow down the R&D speed of artificial intelligence. The complaint points out that Dario Amodei, CEO of Anthropic, publicly called for "industry-wide collaboration" earlier this month to "control the pace of development at the frontier of artificial intelligence", which was endorsed by Elon Musk, head of SpaceX AI, Sam Altman, CEO of OpenAI, and Demis Hassabis, co-founder of Google DeepMind. In accordance with US antitrust law, the above conduct constitutes an illegal commercial agreement reached between competitors. Nick Rowley, one of the lawyers representing the four plaintiffs who filed this lawsuit in the Northern District Court of California, said that the case was filed to prevent the world's most powerful for-profit technology companies from reaching "self-serving private agreements" that would make artificial intelligence "quickly get out of human control". Rowley said in a statement: "Faced with species-extinction threats such as nuclear war, and the greatest risk humanity has ever faced in its history, human beings deserve unbreakable protection mechanisms. Legal rules should be formulated by the government in a transparent and legitimate manner and be accountable to the public." (Sina Finance)
It is reported that OpenAI is expected to burn 280 billion U.S. dollars by 2030
According to reports, OpenAI is expected to burn 280 billion U.S. dollars by 2030. Its free cash flow (FCF) from 2026 to 2030 is projected to be -278 billion U.S. dollars, and its projected booked revenue will reach 840 billion U.S. dollars. Its revenue in 2030 is estimated at 350 billion U.S. dollars, while the figure for 2026 is expected to be 36 billion U.S. dollars. (CLS)
Cool Products
Leapmotor A10 OTA has been gradually rolled out starting from September 19
According to the information from Leapmotor, the Leapmotor A10 OTA has been successively pushed out since September 19. The new features added in this OTA include the newly added rearview mirror adjustment entry in 360° view, memory parking speed setting and parking space collection function, voiceprint guard, Tencent Cloud Game application, Mango TV application, and vehicle offline reminder. (Jiemian News)
Compiled by | Baby Chinese Cabbage