8:00 36Kr Express | Lei Jun denies earning 10 billion yuan from subscribing to new shares of Unitree; Luo Yonghao announces the suspension of his podcast updates; Meta Muse goes viral, Mark Zuckerberg's net worth surges by 160 billion yuan in a single day

Today's Hotspot Guide

Besant attributes the Hugging Face incident to OpenAI's management, claiming that the responsibility lies with people rather than AI

Duolingo is accused of inducing consumption after deducting 958 yuan from users even though it promised a 7-day free trial

The new version of WeChat launches the private posting feature, allowing users to make Moments visible only to themselves with one tap

Apple executive: It is not recommended to apply a screen protector to iPhone

The White House announces the launch of "Trump TV"

TOP 3 Major News

Lei Jun responds to the claim of earning over 10 billion yuan from Unitree's IPO new share subscription: It's not my personal investment, not a new share subscription arbitrage behavior

On the evening of September 21, Lei Jun responded to the statement that he "made a huge profit from new share subscription" after the listing of Unitree Robotics during a camping live broadcast. Lei Jun said that the entity that invested in Unitree is Shunwei Capital, not his personal contribution. Shunwei was the only investor in Unitree's Series A round, and he has known Wang Xingxing, the founder of Unitree, for more than ten years. This investment belongs to the early angel venture capital in the primary market, not the new share subscription arbitrage in the secondary market. When talking about the original intention, Lei Jun said that he had great difficulty in raising funds in his early years, and has been promoting domestic angel investment for 20 years to support young startup founders, which is also part of the industrial chain and ecological chain layout of Xiaomi and Shunwei. He called on the media not to create topics for traffic and be more cautious in their writing. During the live broadcast, Lei Jun also responded to the interesting incident of "kicking the robot with his foot" during his previous visit to Unitree Robotics. He said that kicking the robot was a test proposed by founder Wang Xingxing, and praised the robot for its excellent balance. (Jiemian News)

Luo Yonghao Announces Suspension of Podcast Updates

On September 22, a netizen left a message asking if the podcast program *Luo Yonghao's Crossroads* could be updated. Luo Yonghao replied that during the period when he is caught in the public opinion whirlpool, in order to avoid implicating the guests, the program will not be released in principle, and several episodes have actually been fully recorded. Recently, incidents including Luo Yonghao's negative comments on Mr. Wild Man, the dispute between Luo Yonghao and Jia Guolong of Xibei have repeatedly hit the trending search lists and aroused widespread public attention. (Yicai)

Meta Muse Goes Viral, Mark Zuckerberg's Net Worth Surges by 160 Billion Yuan in a Single Day

On local time September 21, Meta's share price surged by nearly 12%, pushing the estimated net worth of Mark Zuckerberg, the company's founder, to increase by about 25 billion U.S. dollars in one day, reaching 253.6 billion U.S. dollars. According to Forbes, this surge is mainly driven by Wells Fargo raising Meta's target share price, as well as investors' confidence in Meta's new self-developed AI assistant Muse. Wells Fargo raised Meta's target share price from $640 to $796 that day, maintaining its "overweight" rating. The artificial intelligence (AI) agent Muse newly launched by Meta earlier this month quickly topped the mobile application rankings after its release, and can independently complete tasks such as booking travel, sending emails and managing connected home devices. Zuckerberg previously regarded Muse as a step for Meta to achieve "personal superintelligence". (JIEMIAN NEWS)

AI Cutting-edge

Muse was swiftly banned by Amazon

Meta's latest AI agent Muse is essentially an AI assistant that can "take practical actions" on behalf of users, with the core capability of independently executing tasks including booking tickets, processing emails, and accessing Meta's social media platforms. On September 21, Meta's share price surged sharply, which was taken as a signal that AI agents are going mainstream. But while AI agents are winning favor in the consumer market, their conflicts with internet platforms have also been exposed.

On September 20, Amazon moved to ban Muse. When users ask Muse to place orders on Amazon, they will receive a warning: "Unauthorized AI agents violate Amazon's Terms of Use." Amazon responded that it has never authorized Muse to carry out relevant operations, and Muse will not voluntarily identify itself as an AI when executing tasks, while it may also access and store users' data such as account information and order records. The company had tried to persuade Meta to exclude Amazon from Muse's operation scope but failed, so it finally chose to prohibit Muse from shopping on the platform on behalf of users. Meta has not yet made a response to Amazon's ban. (21st Century Business Herald)

PayPal Partners with Meta to Support Shopping and Payment via AI Agents

On September 22, PayPal announced that it has reached a cooperation with Meta, which will support PayPal users to complete shopping and checkout among PayPal merchants worldwide through Muse, the personal AI agent under Meta. (Jiemian News)

Insider Source: DeepSeek to Brief the UN Security Council on AI Risks

On September 22, according to media reports, two people familiar with the matter revealed that Chinese artificial intelligence startup DeepSeek will brief the United Nations Security Council on the risks brought by artificial intelligence this week. The UN Security Council will hold a meeting on September 23 local time to discuss issues related to artificial intelligence and international security. (China New Finance and Economics)

OpenAI Launches Two New GPT-6 Models: Sol and Luna with 50% Price Reduction

On Tuesday, September 22 Eastern Time, OpenAI announced the launch of two new models, GPT-6 Sol and GPT-6 Luna. Less than three weeks after OpenAI released its flagship model GPT-6 Astra, which it claims to be "the smartest in the world", OpenAI has further completed the GPT-6 product line, and brought part of Astra's capabilities to faster and cheaper models.

Another core highlight of the two new models this time is the pricing: OpenAI announced that the API prices of GPT-6 Sol and GPT-6 Luna are 50% lower than the promotional pricing of GPT-5.6. OpenAI states that this is because it has further improved cache and inference efficiency, and directly passes the saved costs on to users. According to OpenAI's official announcement, Sol and Luna are now available for Plus, Pro, Business, Enterprise and Edu users in ChatGPT Work and Codex with open APIs at the same time; free and Go users can experience GPT-6 Luna in the desktop application. (NetEase Tech)

Claude Opus 5.5 Released, Operating Cost for Typical Tasks Reduced by 40%

On September 22, Anthropic released Claude Opus 5.5, the first model in the Claude 5.5 series. According to Anthropic's positioning, Opus is still the tier with the strongest capabilities and the highest price among Claude's three core product lines. Compared with Opus 5 released two months ago, Opus 5.5 does not continue to focus on simply expanding the model scale, but puts emphasis on three directions: improving capabilities in programming, computer operation and knowledge work, reducing the overall cost of completing real tasks, and strengthening behavioral constraints in complex tasks. Anthropic stated that the performance of Opus 5.5 in most work scenarios has reached the level of Claude Fable 5.1, but the operating cost for typical tasks is about 40% lower than that of Opus 5. (Sina Tech)

Xiaomi Releases MiMo-V2.6 Model

36Kr learned that Xiaomi officially released and open-sourced the brand new Xiaomi MiMo-V2.6 series in the early morning of September 22. The team said that the MiMo-V2.6 series includes two native full-modality models, Pro and Flash. MiMo-V2.6-Pro scored 46 points in the Artificial Analysis Intelligence Index (AA Comprehensive Intelligence Index), but there is still a gap compared with the most powerful closed-source models Claude Fable5.1 and GPT-6 Astra. The team stated that the MiMo-V2.6 series adopts the same API pricing as the V2.5 series, and MiMo-V2.6-Pro has set a new cost-performance record for domestic models: at the same intelligence level, its price is 1/20 to 1/60 of that of overseas models.

Besant blames OpenAI management for the Hugging Face incident, stating that the responsibility lies with people rather than AI

U.S. Treasury Secretary Scott Bessent said the recent hacking incident involving OpenAI's advanced artificial intelligence models is the responsibility of the company's management, and he did not further hint at what consequences might arise. "Regarding the Hugging Face incident, the responsibility lies with OpenAI's management, not a group of agents," Bessent said in an interview on Monday. He noted that he agrees with the view of Daniel Huttenlocher, co-chair of the MIT Research Laboratory, that "humans should be held accountable, not AI." (Sina Finance)

Major Companies / Major Events

NVIDIA's Price-to-Earnings Ratio Drops to the Lowest Level in More Than a Decade

According to reports on September 22, NVIDIA's forward 12-month expected P/E ratio has fallen to less than 17 times, hitting a low in over a decade and roughly half of its 2025 valuation. Although the company expects its revenue and net profit to increase by 90% and 99% respectively in fiscal year 2027, rising costs of key components such as memory chips are squeezing profit margins, and analysts predict that the gross profit margin in the fourth fiscal quarter will drop below 72%. NVIDIA's share price has risen by 22% since the start of this year, but its increase lags behind most chip stocks. The market is also concerned about the sustainability of AI capital expenditure, as well as the possibility that large clients including Meta and Google developing self-developed AI chips will intensify competition. (Jiemian News)

Eddie Wu: The scale of Alibaba Cloud's data centers will exceed 20GW by 2032

36Kr learned that on September 22, Eddie Wu, CEO of Alibaba, stated at the Yunqi Conference that current customer demand for AI is extremely strong. The company will go all out to invest in AI infrastructure construction, with the goal of making the scale of Alibaba Cloud's globally operated data centers exceed 20GW by 2032. On the same day, T-Head released Zhenwu V900, the most powerful domestic AI chip, whose computing power is 3 times that of the Zhenwu M890. It is reported that the annual shipment volume of T-Head's AI chips will increase significantly.

Zhong Xuegao's Founder Speaks in Defense of Xibei: If Xibei Goes Bankrupt, It Will Be a Setback for China's Catering Industry

On the evening of September 20, Lin Sheng, founder of Zhong Xuegao, talked about the rumors of Xibei's closure during a live stream on his personal account. Lin Sheng said that if Xibei really goes bankrupt, it will definitely be a setback for China's catering industry. Xibei has always been an enterprise that performs extremely well in quality, quality and safety management, and raw material management, and is a benchmark enterprise in the catering industry. Recently, the topic "Xibei is exposed to be completely closed down" has topped the hot search list on Weibo. Some influential KOLs posted that Xibei will completely go bankrupt within two or three months. (National Business Daily)

China Industry and Information Technology News: The "de-CATL" narrative is unacceptable

36Kr has learned that China Industry and Information Technology News, a media outlet under the Ministry of Industry and Information Technology of China, released an article stating that the "de-CATL" narrative has been repeatedly hyped in the new energy vehicle industry for a period of time. It is a normal market behavior for automakers to adjust their supply chains, add suppliers and carry out independent R&D layouts, but these moves have been constantly packaged as "de-CATL", and even portrayed as the confrontation between complete vehicle manufacturers and power battery enterprises. Behind the heated discussion, what is really worth discussing is not "who replaces whom", but what kind of industrial competition is required as China's new energy vehicle industry enters the stage of high-quality development. If public opinion advocates the "de-some leading enterprise" narrative arbitrarily and artificially pits local leading enterprises against other enterprises in the industrial chain, such remarks do not conform to the current development stage of China's automotive industry. (China Industry and Information Technology News)

Apple Executive: Screen Protectors Are Not Recommended for iPhones

Recently, Tom Marieb, Apple's Vice President of Hardware Engineering, explicitly stated in a public interview that he does not recommend regular users to apply additional screen protectors to their iPhones. He admitted that every time he sees someone putting a screen protector on their iPhone, he feels very uncomfortable, because the team has carried out extensive R&D on the scratch and abrasion resistance of the screen, hoping that users can directly experience the original factory screen.

This remark has sparked heated discussions among netizens. Many digital enthusiasts directly pointed out that no matter how iterated and upgraded the material performance of consumer-grade mobile phone glass is, no manufacturer so far has been able to produce glass that can fully resist the ubiquitous quartz particles in the environment. It is understood that the second-generation Ultra Ceramic Shield glass was first applied to the iPhone 17 series, and its scratch resistance is three times that of the previous generation. Both the front screens of iPhone 18 Pro and iPhone Duo are equipped with this second-generation Ultra Ceramic Shield. (21st Century Business Herald)

7-day Free Trial But Deducted 958 Yuan, Duolingo Is Accused of Inducing Consumption

Recently, many netizens posted on social platforms, questioning that the "free membership trial" service of Duolingo deliberately induces consumption and has a "free trap". Some netizens said that they had used Duolingo for free for three or four months, then saw the subscription entry for the "7-day free experience" of the Super Duolingo family plan in the App. After clicking to complete the subscription, there was no 7-day trial countdown, but the 738-yuan annual subscription fee was directly deducted. Some other netizens said that Duolingo did not give any reminder before deducting the payment, and they did not find out about the deduction until more than a month later; other netizens stated that they were deducted 958 yuan after subscribing for the 7-day free trial. On September 22, Jiemian News made multiple calls to Duolingo regarding the above allegations, and the calls were not connected as of press time. (Jiemian News)

Zhongsu Co., Ltd. Skyrockets Over 900%, With a Maximum Floating Profit of More Than RMB 260,000 Per Winning New Share Allotment

The newly listed stock N Zhongsu continues to rally by over 900% after trading resumption, hitting a peak price of 580 yuan. Calculated at this price, investors who win one new share allotment (500 shares) can record a floating profit of approximately RMB 262,400. According to public data, Zhongsu Co., Ltd. is mainly engaged in the research and development, production and sales of modified engineering plastics. (Jiemian News)

Walmart China Adjusts the Head of Dual-format Procurement

36Kr has learned that Walmart China has announced two core personnel appointments for its procurement teams, involving the two major business formats of Sam's Club and Walmart Stores. According to the appointment details, Sean Jackson, current Senior Vice President of Non-Food Procurement for Sam's Club U.S., will be seconded to China to take the position of Chief Procurement Officer of Sam's Club, reporting directly to Liu Peng, President of the Sam's Club business format. At the same time, Amber Bynum, current Vice President of Walmart China and Head of Non-Food Procurement of Sam's Club, has been transferred to the position of Chief Procurement Officer of Walmart Stores, reporting to Zhu Jun, President of the Walmart Stores business format. She is scheduled to officially take office in mid-October, and will complete the post handover within the next month.

Draft Revised Guidelines for Overseas Antitrust Compliance of Enterprises Open for Public Comments

On September 22, the State Administration for Market Regulation launched a public consultation on the "Revised Draft for Comments on the Guidelines for Overseas Antitrust Compliance of Enterprises", to further guide Chinese enterprises to enhance their awareness of overseas antitrust compliance and guard against relevant legal risks. The deadline for submitting feedback is September 29, 2026. To help enterprises understand the latest cross-border antitrust regulatory trends, this revision summarizes and adds updates on the changes in antitrust legislation and law enforcement, for example, embedding the concerns of overseas antitrust law enforcement authorities over the digital economy in the dedicated chapters covering monopoly agreements, abuse of market dominance, and concentration of undertakings. It clarifies the latest notification thresholds for concentration of undertakings in jurisdictions including the European Union, the United States and Germany, and reminds enterprises to pay attention to the foreign investment security review and foreign subsidy review systems. In response to the trend of high incidence of overseas antitrust litigations and investigations, provisions on initiating private civil litigations in major jurisdictions are newly added on the basis of existing contents about administrative fines and criminal liabilities. (CCTV News)

National Development and Reform Commission: Promote the BeiDou Industry Scale to Exceed 1 Trillion Yuan Within 5 Years

Li Chao, Deputy Director of the Policy Research Office and Spokesperson of the National Development and Reform Commission, said at the September press conference of the National Development and Reform Commission on September 22 that efforts will be made to promote the BeiDou industry scale to exceed 1 trillion yuan within 5 years, so as to achieve new breakthroughs in the marketization, industrialization and internationalization of large-scale BeiDou applications. (Xinhua Finance)

WeChat's new version launches the private posting feature, allowing users to set Moments posts to visible only to themselves with one tap

Recently, some netizens found that after updating WeChat to version 8.0.78, a new "Private Posting" entry has been added to Moments. The posted content will be automatically set to visible only to the user themselves, and can also be adjusted to public status after release. Previously, to post private Moments content, users needed to manually select the permission on the posting page, and the new entry simplifies the operation process. According to actual tests, this feature is currently in the gray-scale testing phase on Android and iOS terminals. Some users have not received the update push for the time being and cannot see this entry, which will be launched in batches in the follow-up. This version update also upgrades WeChat's built-in Xiaowei AI, adding capabilities of friend dialogue, image interpretation, AI album storage, portrait generation and image outpainting. Meanwhile, a number of details are optimized: a quick entry for remark editing is added to the friend profile page, the built-in camera supports fast focal length switching and macro mode, the left-swipe buttons on the chat list and the pop-up menu adopt a new visual style of rounded corners and liquid glass. (Jimu News)

Shanshan Co., Ltd.: Plans to Invest 5.106 Billion Yuan in Building an Integrated Base Project with an Annual Output of 150,000 Tons of Lithium-ion Battery Anode Materials

36Kr learned from the announcement of Shanshan Co., Ltd. that the company plans to invest in and construct the 150,000 tons/year integrated base project for lithium-ion battery anode materials of Inner Mongolia Shanshan Technology, with a total investment of about 5.106 billion yuan, of which the fixed asset investment is about 4.318 billion yuan. The project construction period is 17 months, with a planned start in March 2027 and completion in July 2028. After the project is completed, it will form an integrated production capacity of 150,000 tons of anode materials per year, supporting a 50,000-ton graphitization capacity. This investment still needs to be submitted to the shareholders' meeting for deliberation, and obtain approval and filing for environmental impact assessment, energy conservation assessment and other relevant procedures.

The White House announces the launch of "Trump TV"

The White House of the United States announced on September 21 the launch of "Trump TV", which is referred to by American media as "a 24-hour streaming channel on the YouTube platform that broadcasts past events of the Trump administration". On the same night, the live event titled "Trump TV: Greatest Hits Network" was launched on the official White House YouTube channel, starting with the speech delivered by Trump at Mount Rushmore (commonly known as "Presidents Mountain") on July 3 this year. The White House posted on social media, "'Trump TV' is now on air. It runs 24 hours a day, updates in real time, and gathers all the wonderful past moments, important announcements, as well as the latest and most significant content of the current administration in one place." American media reported that it is still unclear whether "Trump TV" will broadcast live activities of Trump and his administration. (Jiemian News)

Saudi Arabia reportedly restarts the East-West oil pipeline and may resume exports from Yanbu Port on Tuesday

On September 22, it was reported that Saudi Arabia has restarted the East-West oil pipeline and may resume crude oil exports from Yanbu Port on the Red Sea later that day, and the pipeline is currently transporting oil at a low speed. (Jiemian News)

Global tanker freight rates are skyrocketing, with the freight rate of very large crude carriers (VLCCs) surging by over 400%

The U.S.-Iran conflict has lasted for more than half a year, coupled with continuous navigation obstructions in the Strait of Hormuz, pushing the global oil transportation market into an extreme market situation. The freight rate of very large crude carriers has skyrocketed by more than 400% compared with that before the conflict, and the oil price shipped to Asia has risen accordingly. Statistics show that the freight cost of crude oil transported from Houston to Asia is about 26 US dollars per barrel, accounting for a quarter of the WTI crude oil futures price. In September, the daily hire rate of VLCCs on the Middle East-to-China route exceeded 1 million US dollars, which is more than 5 times the level before the conflict. High freight rates have boosted shipowners' earnings, many Asian refineries have abandoned Middle East crude oil and turned to closer supply sources for procurement, driving the freight rates of medium and small tankers to rise synchronously.

The rising freight rate is rooted in the fact that geopolitical risks in the strait have lifted the shipping risk premium. Tankers have to detour around the southern tip of Africa, which extends the transportation cycle and consumes effective transport capacity. At present, the United States and Iran have not reached an agreement, so freight rates are most likely to remain at a high level in the short term, aggravating global imported inflation. (21st Century Business Herald)

Novo Nordisk Announces 13,000 Job Cuts

Novo Nordisk, which announced plans to lay off 9,000 employees last September, disclosed the final headcount reduction details at its Capital Markets Day held in London on September 21. The company stated that through this round of organizational restructuring, it has saved more than 10 billion Danish kroner (1.535 billion U.S. dollars) in costs, which will be reinvested in commercialization and R&D. The total number of positions affected by past adjustments has reached around 13,000, and the company currently has 66,000 full-time employees worldwide. The core driver behind this round of workforce optimization at Novo Nordisk is that its flagship product semaglutide, which accounts for over 70% of the company's total revenue, is facing mounting pressure on growth. In the first half of 2026, Novo Nordisk's semaglutide product portfolio (covering indications for both blood sugar reduction and weight loss) recorded total sales of 112.193 billion Danish kroner (approximately 17.525 billion U.S. dollars), with its revenue lagging about 10.2 billion U.S. dollars behind tirzepatide, the competing product from Eli Lilly. (Yicai Global)

The second largest shareholder has completely exited its position, and the share price of Green Tea Group has nearly halved from its peak 

For Hong Kong-listed Green Tea Group (06831.HK), which has been listed for only 1 year and 4 months, Partners Gourmet, a subsidiary of Partners Group, the second largest shareholder, has liquidated all its shareholdings through over-the-counter transactions and completely withdrawn from the company. As of the close of trading on September 22, Green Tea Group's shares closed at HK$4.995, up 1.52%; compared with the historical high of HK$9.81 in July 2025, the share price has retreated by 49.08%, nearly halved.

Back in April this year, the company disclosed that the shareholder had sold a total of 106.14 million shares, accounting for 15.96% of the total share capital, and would no longer hold any shares after the transaction was completed. (Jiemian News)

Meixin mooncakes hit the trending list with a 40% discount, while mooncakes from five-star hotels are sold at a 70% markdown

Reporters visited a number of offline supermarkets and shopping malls and found that even though the Mid-Autumn Festival is still four to five days away, the mooncake promotion spree has already kicked off. Multiple gift box products of traditional high-end mooncake brands including Meixin, The Peninsula, Ying Kee and Wing Wah are generally offered a 10% to 30% discount offline. In local Hong Kong, with additional discounts from payment methods, some Meixin mooncake products have seen their discount as low as 40% off during the promotion period. Most five-star hotel mooncake gift boxes on second-hand trading platforms are sold at a 70% discount, with prices dropping to less than 200 yuan. A distributor indicated that the official price of Shenzhen JW Marriott mooncake gift boxes ranges from 298 yuan to 498 yuan, and the current lowest price is only 99 yuan; the mooncake gift box of Chengdu W Hotel, which was originally priced at 258 yuan, is now available for 149 yuan; the elegant gift box of Guangzhou Ritz-Carlton originally priced at 388 yuan is sold for only 110 yuan, and the exclusive gift box originally priced at 428 yuan is only sold for 228 yuan. (Jiemian News)

The three major U.S. stock indexes closed mixed, with SanDisk rising more than 6%

36kr learned that at the close of September 22, the three major U.S. stock indexes performed mixed: the Nasdaq rose 0.45%, the S&P 500 closed flat, and the Dow fell 0.36%. Large tech stocks saw divergent trends: SanDisk rose more than 6%, Micron rose 5%, Tesla, NVIDIA and Apple posted slight gains, Amazon and Google fell more than 1%, while Microsoft and Meta saw a slight decline. Most of the popular Chinese concept stocks rose across the board: NIO, Pinduoduo, Li Auto and NetEase increased by more than 1%, and Bilibili, Alibaba, JD, Baidu and XPeng Group recorded slight rises.

HKEX Proposes to Lower Transaction Approval Threshold, Reduce Lock-up Period for Spin-off New Shares to One Year

The Stock Exchange of Hong Kong is continuing to advance the reform of its listing mechanism and has launched a 10-week public consultation. The consultation document discloses that this round of reform involves a number of streamlined arrangements for transactions of listed companies and spin-off of businesses for listing. Following the previous phase of listing mechanism reform that targeted new share offerings, this second phase of the listing mechanism reform focuses on the ongoing regulatory requirements for issuers after their listing, covering three major areas: notifiable transactions, connected transactions, and spin-off listings. The new regulations aim to make major acquisitions, disposals and spin-offs of subsidiaries for listing by Hong Kong listed issuers more flexible and efficient in the future. In accordance with the current Hong Kong Stock Exchange Listing Rules, transactions conducted by listed issuers shall be classified into different categories according to the percentage ratios of assets, profits, revenue, consideration and other indicators: transactions whose size test reaches 5% but is less than 25% are "disclosable transactions", which only require the publication of an announcement; transactions reaching 25% but less than 75% (for disposal matters) or 100% (for acquisition matters) are "major transactions", which require the publication of a circular and approval by the general meeting of shareholders; larger-scale transactions fall into the two categories of "very substantial acquisitions" and "very substantial disposals". (Caixin)

Listing in Progress

Red Avenue New Materials Launches Share Offering, Lists for Trading on September 29

On September 21, Red Avenue New Materials, a semiconductor photoresist manufacturer, announced that it plans to globally offer 68.1187 million H shares. The Hong Kong public offering kicked off at 9 a.m. the same day, and the company is expected to be listed and traded on the Hong Kong Stock Exchange on September 29. The company's offering price range is HK$39.00–44.00 per share. Calculated at the average price of HK$41.5 within the price range, the total funds raised through this H-share offering are approximately HK$2.827 billion.

Huanchuang Technology: Proposes Global Offering of 11.5888 Million H Shares at an Offering Price of HK$58.85

36Kr has learned from the announcement released by Huanchuang Technology that the company plans to globally offer 11,588,800 H shares, including 1,158,900 H shares for Hong Kong public offering and 10,429,900 H shares for international offering, with a 15% over-allotment option. The offering price is HK$58.85 per share, and the shares are expected to start trading on the Hong Kong Stock Exchange on September 30, 2026.

Investment and Financing

Led by HSG and Yunqi Partners, "Huachao Shenkong" completes RMB 200 million Pre-Series A financing

Recently, non-invasive AI brain-computer interface company "Huachao Shenkong" (BCI-Sonics) announced that it has completed RMB 200 million Pre-Series A round of financing. This round of financing is jointly led by HSG and Yunqi Partners, with follow-on investments from Proxima Capital, Yuanhe Holdings, Xuhui Sci-Tech Venture Capital and Deshi Investment. Existing shareholders Matrix Partners China and Delian Capital continue to increase their stakes. Xunguang Capital continues to act as the exclusive strategic financial advisor. The raised funds will be used for product R&D, core talent recruitment, clinical research advancement and AI infrastructure construction. Prior to this, the company has successively completed the angel round led by Matrix Partners China and the angel+ round jointly led by Delian Capital and Daoyuan Capital, with total accumulated financing of nearly RMB 300 million since its establishment.

"Zhiran Medical" Raises Over 600 Million Yuan in Financing

36Kr has learned that Zhiran Medical, an invasive brain-computer interface company, has completed a new round of financing, and the estimated financing amount of this round exceeds 600 million RMB. Investors participating in this round include Shunxi Fund, LYFE Capital, Legend Capital, HSG, China Life Capital, Yuanbio Capital, Shunwei Capital, Meituan Longzhu, Zhongguancun Science City, Xinze Capital, Jiayin Capital, CAS Star, Crimson Partners, Danlu Capital and other institutions. According to previously public information, since it completed the Series A financing of over 300 million yuan in August last year, the total accumulated financing of Zhiran Medical has exceeded 1.2 billion yuan.

"Longxun Kuangteng" completes 100 million yuan-level Series B1 financing

36Kr learned that AI4S enterprise "Longxun Kuangteng" has recently completed a 100 million yuan-level Series B1 financing. The existing shareholder Tongchuang Weiye continued to increase its investment, with Cathay Haitong Kaiyuan and Zhongxin Capital making joint investments. The funds from this financing round will be used to expand the R&D team, build the dry-wet closed loop, and develop the business system.

"Qingwei Aviation" completes a new round of financing of over 50 million RMB

36Kr has learned that "Qingwei Aviation" recently closed a new round of financing totaling over 50 million RMB, jointly invested by CSC Capital, Optics Valley Sci-Tech Venture Capital, and Jiangxi Financial Holding Capital. This marks the third round of financing the company has completed within half a year, following previous investments from GL Ventures, Songhe Capital and Plum Venture Capital. The raised funds will be mainly used to accelerate the R&D and airworthiness certification process of the fly-by-wire flight control computing platform with the highest safety level (DAL A) and the intelligent cockpit display system.

Cool Products

Apple's new Mac mini and Mac Studio are officially launched today

On September 22, Apple announced that the new Mac mini and Mac Studio are officially available on the market. The Mac mini is equipped with M6 or M5 Pro chips, with starting prices of $899 and $1699 respectively; the Mac Studio is equipped with M5 Max or M5 Ultra chips, with starting prices of $2499 and $5499 respectively. (CLS)

Edited by Li Qi