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【 Technology Circle 】
Huawei Announces Position Adjustment of Yu Chengdong
On May 10th, Huawei’s official website updated management information. As of now, Yu Chengdong has served as the Executive Director of Huawei, Chairman of Terminal BG, Chairman of Intelligent Automotive Solutions BU, and Director of Intelligent Terminals and Intelligent Automotive Components IRB. In addition, Yu Chengdong’s Weibo profile has also been updated, from CEO of Terminal BG to Chairman of Terminal BG.
OpenAI plans to announce its search product ahead of Google’s annual developer conference
According to market reports, OpenAI plans to announce its artificial intelligence search product next Monday local time, which will increase its competition with search giant Google. According to previous media reports, OpenAI is developing a search product that may compete with Google and the financially strong artificial intelligence search startup, Perplexity. Google’s annual conference for web developers will open next Tuesday, and it is expected to launch a series of products related to artificial intelligence at the conference.
[Automobile Circle]
He Xiaopeng responds to the competitive relationship with Volkswagen
“Although there may be some local competition within the business scope of Xiaopeng Motors and Volkswagen, from an overall strategic perspective, we firmly believe that both parties can achieve deep integration and cooperation.” Recently, Xiaopeng Motors Chairman He Xiaopeng responded to the cooperation with Volkswagen in an interview with reporters from First Financial News.
GAC Aion: Realize interconnection and interoperability of charging facilities with NIO by the end of May
Guangqi Aian News: On May 8th, Guangqi Group reached a strategic cooperation agreement with NIO. According to the framework agreement, the focus of cooperation will be on the construction and management of charging and swapping facilities, as well as battery asset management. In terms of the charging facilities that pure electric users are most concerned about, both parties will rely on their respective charging facilities to establish dynamic data interconnection between platforms. By the end of May, we will fully connect to each other’s charging facilities, bringing more convenient charging experiences to both car owners. At that time, Aion car owners can use apps, mini programs, and car consoles to achieve functions such as querying, navigation, startup, and payment for NIO charging stations. At the same time, both parties will also jointly invest in and build a power exchange station, establish a unified power exchange operation management system, and achieve scale advantages.
Wei Jianjun, Chairman of Great Wall Motors: The competition intensity in the automotive industry will not decrease in the next three years
On May 10th, 2024, at the shareholder meeting of Great Wall Motors, Chairman Wei Jianjun stated that the competition intensity in the automotive industry will not decrease in the next three years, and Great Wall Motors will adhere to a long-term development strategy to face the future. Faced with widespread industry losses, Great Wall has taken some actions but not others. Enterprises must have the ability to generate their own blood in order to create social value. (Securities Times)
Extreme Krypton has landed on the New York Stock Exchange, priced at $21 per ADS, making it the largest IPO of concept stocks to go to the United States in the past three years
At 9:30 am Eastern Time on May 10th, Jike Intelligent Technology Automotive Co., Ltd. was listed on the New York Stock Exchange under the stock code “ZK”. Due to oversubscription, Extreme Krypton has expanded its IPO size by issuing a total of 21 million American Depositary Shares (ADSs, each corresponding to 10 ordinary shares) at a price of $21 per share, raising approximately $441 million. If the underwriters exercise their over allotment rights, the issuance size will further expand to 24.15 million ADSs, raising approximately $507 million. Jike is the fourth Chinese new energy vehicle company to list on the US stock market, and also the largest Chinese company to go public in the US since October 2021, as well as the fastest new energy vehicle company to achieve listing.
Honda will repurchase up to 3.7% of its shares for 300 billion yen
According to reports, Honda will repurchase up to 3.7% of its shares for 300 billion yen.
Musk: Tesla will spend over $500 million this year to expand its supercharging station network
Tesla CEO Elon Musk reiterated that Tesla will spend over $500 million this year to expand its network of supercharging stations and create thousands of new ones; $500 million is just the cost of new site and expansion, not including operating costs, which are much higher.
【 Big Consumption 】
Pangdonglai responds by helping Yonghui: the adjustment includes employee compensation, and Pangdonglai products will also be launched
The news of Henan’s well-known enterprise Pangdong helping Yonghui Supermarket continues to attract attention. On May 10th, the reporter contacted relevant staff from Pangdong, who stated that there are indeed plans to assist Yonghui Supermarket, including two stores in Zhengzhou and Xinxiang. They are expected to officially launch on June 1st. The specific details of the adjustment include employee salaries, store planning, product structure, shared supply chain, optimization of store prices and services, etc. The staff also revealed that some of the products from Pangdong will be put on shelves at Yonghui Supermarket. (Elephant News)
Coconut trees are fined for not accepting advertisements! Regulatory authorities claim that multiple people have filed complaints, and they have found and dealt with one after another
Coconut Group was fined 40 million yuan for advertising “coconut milk wiping”, and the situation continued to ferment. On the evening of the 9th, Hainan Coconut Group issued a statement of “one concern” and “two objections”. On the 10th, staff from the market supervision department in Haikou told reporters that after this punishment, Coconut Group revoked the relevant advertisements. If such illegal activities continue to occur after punishment, the marketing department or corresponding regulatory department will further follow up and handle them. For the issue of fines, the staff member stated that the company will be required to pay within a specified time limit, and the specific amount will be subject to the administrative penalty decision. The staff member pointed out that the Coconut Group has been punished multiple times for publishing illegal advertisements, “it has indeed been punished all along, and there have been many complaints. The regulatory authorities are handling it based on the principle of finding and investigating together.”. (Southern Metropolis Daily)
Gree establishes a household appliance business department, and Dong Mingzhu brings in “foreign aid” for channel transformation
In order to promote channel transformation, Dong Mingzhu, Chairman and President of Gree Electric Appliances, has once again introduced “foreign aid”. On May 9th, Gree Electric Appliances announced the establishment of a Home Appliance Business Department, which will merge the functions and personnel of the Home Air Conditioning and Small Appliance Business Department, Ice Washing and Household Appliance Business Department, and appoint Lu Luqun as the Sales Director to be in charge of the Home Appliance Business Department, with a probationary period of six months to one year. Lu Luqun previously worked at JD.com and has been operating Gree’s sales in Hebei for the past two years, stabilizing the market after the spontaneous withdrawal of former Hebei Gree Province representative Xu.
Financial sector
Ruifengda Asset Runs Away? The office is empty, and the police have sealed off its Shanghai office
In response to the “Runaway” controversy of “Ruifengda” private equity, a reporter from First Financial News arrived at the Shanghai office of Ruifengda Asset Management on the morning of May 10th. Currently, the office is empty and there are nearly 20 investors coming to defend their rights. Some investors told reporters that the amount of fund products purchased ranges from 3 million to 30 million yuan, mostly through sales or agency purchases, and currently cannot be redeemed. In addition, the Economic Investigation Detachment of Shanghai Pudong Branch arrived at the scene at noon on the 10th. The reporter noticed that the Economic Investigation Detachment requested keys from the property management and sealed off the Ruifengda office. The reporter learned that the Economic Investigation Detachment of Pudong Branch requires investors who are defending their rights on site to submit relevant materials at the detachment window. Currently, the case has not been filed, and a decision on whether to file the case will be made within 60 days after preliminary examination.
What is the salary of the head of a listed bank? Average annual salary of 1.2 million yuan, with a maximum of 3.7 million yuan
According to Wind data, First Financial found that out of 42 listed banks, 36 of them disclosed their chairman’s annual salary. The average pre tax compensation received by 36 listed bank chairmen last year was 1.2 million yuan. Among them, the highest annual salary was Gao Yingxin, the chairman of Minsheng Bank, with a pre tax compensation of 3.7352 million yuan during the reporting period. The lowest was Zhang Weizhong, the chairman of Shanghai Pudong Development Bank, who took office in November last year. Due to his short tenure, the pre tax compensation during the reporting period was only 214200 yuan.
Nanjing Bank Chairman Xie Ning: Currently researching the standardized and orderly promotion of mid-term dividends
On May 10th, Xie Ning, Chairman of Nanjing Bank, stated at the 2023 and Q1 2024 performance briefing that the dividend policy of Nanjing Bank has been incorporated into the company’s articles of association, and is currently studying the standardized and orderly promotion of mid-term dividends. Relevant proposals have been included in the agenda of the 2023 Annual Shareholders’ Meeting. (Shanghai Securities Journal)
The Zhejiang Securities Regulatory Bureau has taken measures to issue warning letters to Guoxin Securities Co., Ltd. and related responsible personnel
The Zhejiang Securities Regulatory Bureau has issued a warning letter to Guoxin Securities Co., Ltd. and its related personnel. The company’s recommended Lierda Technology Group Co., Ltd. was listed on the Beijing Stock Exchange on February 17, 2023. According to Lierda’s 2023 Annual Report disclosed on April 26, 2024, Lierda’s net profit attributable to shareholders of the listed company after deducting non recurring gains and losses in 2023 was -18317100 yuan, which was a loss in the year of listing, and the selected listing standard for this project includes the net profit standard.
The M&A market is heating up, and Daiwa Securities has become the largest “dark horse” in the industry in the first quarter
As the market for mergers and acquisitions continues to heat up, various intermediary agencies are making efforts to seize business opportunities, and their rankings are quietly changing. The reporter noticed that according to Wind data, in the first quarter of 2024, a foreign securities firm ranked second in the market with a total M&A transaction amount of 25.585 billion yuan. This foreign securities firm is Daiwa Securities (China) Co., Ltd., which has been in Beijing for more than three years.
【 Pharmaceutical Circle 】
Yunnan Baiyao’s former chairman and several executives were taken away for investigation? Insiders claim or involve the loss of state-owned assets
On May 8th, it was reported by the media that Wang Minghui, former chairman of Yunnan Baiyao, and former executives Wang Jin, Yin Pinyao, and others were taken away by the local disciplinary and supervisory commission for investigation due to their involvement in the same matter. As of now, Yunnan Baiyao has not responded to this news. The reporter noticed that from March last year to February this year, the aforementioned executives all resigned within a few months after the start of their new term, and when explaining the reasons for their resignations, they all referred to them as “personal reasons”. The reporter learned from insiders close to Yunnan Baiyao that Wang Minghui, former chairman of Yunnan Baiyao, is indeed under investigation, and the investigation has been ongoing for a long time. “I have heard this news since last year and it has been some time now.” The person also revealed that Wang Minghui was investigated or due to his involvement in transferring state-owned assets and causing loss of state-owned assets during Yunnan Baiyao’s acquisition of Wanlong Holdings. (Daily Economic News)
[Game Circle]
World of Warcraft: National server return information will be announced on June 6th
World of Warcraft stated on Weibo that the Blood Roar Remake Message Activity will end on June 6th. At the end of the message activity, we will bring you more news about the return of World of Warcraft’s national server. We are working at full speed, thank you for your patience and support.
[Real estate industry]
Vanke A: Applying for a RMB 1.3 billion loan from Postal Savings Bank to provide guarantees for its subsidiary
Vanke A announced in the evening that in order to meet business needs, the company, as a borrower, has applied for a bank loan from the Shenzhen Luohu District Branch of China Postal Savings Bank Co., Ltd., with a total loan amount of RMB 1.3 billion and a term of 3 years. The holding subsidiaries of the company, Wuhan Vanke Grass Lake Real Estate Co., Ltd. and Suqian Wanteng Real Estate Co., Ltd., respectively provide corresponding mortgage guarantees for the aforementioned loans with the project land they hold. The relevant arrangements in this matter constitute external guarantees that need to be disclosed.
(Editor: Zheng Jiawei)