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Tiktok refutes rumors and restricts the release of political, financial, legal or medical content
Recently, a creator received a notice from the Tiktok Creator Center that Tiktok no longer supports the release of social and political, financial, legal or medical content, or the establishment of an authorization relationship with a commercial promotion account with a high number of fans and great influence. In response to this, the relevant person in charge of Tiktok said to the reporter of First Finance and Economics that the online news is untrue. The relevant adjustment is to authorize the release of commercial materials, which does not affect the creator’s other monetization or commercialization capabilities.
Tencent Music Q1 Financial Report: Total revenue of 6.77 billion yuan, with annual dividend to be distributed for the first time
Tencent Music Entertainment Group announced on the 13th its unaudited financial performance for the first quarter ended March 31, 2024. In the first quarter of 2024, Tencent Music Entertainment Group’s total revenue was RMB 6.77 billion (USD 937 million), with an adjusted net profit of RMB 1.81 billion (USD 251 million), a year-on-year increase of 23.9%. In addition, it was also disclosed that the annual dividend would be distributed for the first time.
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Xiaomi and JD.com Deepen Strategic Cooperation with a Three Year Goal of 200 Billion RMB
According to Xiaomi, they have recently reached a new strategic partnership with JD.com. Both parties have set a target of 200 billion yuan in omnichannel sales for Xiaomi on JD.com in the next three years.
Arm was exposed to mass produce AI chips in 2025 and received support from SoftBank, and the company responded
Recently, it was reported that Arm has established an AI chip department with the goal of achieving mass production by 2025. SoftBank is also expected to contribute, and the company holds approximately 90% of Arm’s shares. On May 13th, a reporter from First Financial News confirmed with Arm, who stated, “Arm does not comment on any rumors or speculations.”
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Advanced intelligent driving in another car accident, Ideal L9 mistook a billboard for a real car and ended up being rear ended
Recently, a car owner from Xiangyang, Hubei Province, posted that he was driving the Ideal L9 Pro version on a highway and activated the auxiliary driving system. The vehicle suddenly brake sharply after detecting a picture of a small truck on a billboard while driving, causing a rear end collision. After the accident, the vehicle owner was determined by the traffic police to be fully responsible for the accident. In response to the accident, Ideal Automobile stated that the conclusion of the analysis of the accident was that visual inspection of the truck on the billboard ahead caused abnormal deceleration of the vehicle, and there were indeed some limitations to assisted driving.
Tesla Shanghai Energy Storage Super Factory Obtained Construction Permit
According to the official WeChat account of the Lingang New Area Management Committee of China (Shanghai) Pilot Free Trade Zone on May 13th, the construction permit for Tesla’s Shanghai Energy Storage Super Factory project has been issued. This is Tesla’s first energy storage super factory project outside of the United States, located near Tesla’s Shanghai super factory.
NIO’s second brand is about to be released, with the first car benchmarking against Tesla Model Y
Recently, in an interview with First Financial News reporters, Li Bin, founder, chairman, and CEO of NIO, stated that “the cost of the Ledo L60 will be reduced by about 10% compared to Tesla Model Y.” According to information disclosed by NIO, the first product of the Ledo L60 is an SUV model, targeting the 250000 yuan household market and benchmarking against Tesla Model Y.
BYD and Vanke Joint Venture Cancellation
According to the Aiqicha App, recently, the status of Shenzhen Vanke Yundi Industrial Co., Ltd. has changed from existing to cancelled. The company was established in May 2017, with Zhang Yan as the legal representative and a registered capital of 100 million yuan. The company is owned by BYD’s Shenzhen Tengshi Automobile Co., Ltd. and Vanke’s Hengqin Vanke Yundi Business Consulting Partnership (Limited Partnership), which hold 72% and 28% respectively.
BYD: Completing the Cancellation of Share Repurchase in 2024
BYD announced the completion of share buyback cancellation and share changes in 2024 in the evening. The number of buyback shares cancelled this time is 1.877 million, accounting for 0.06448% of the company’s total share capital before the buyback cancellation. The cancellation date is May 10, 2024.
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SoftBank: Net loss of 227.65 billion yen for fiscal year 2023
SoftBank released its performance report, showing a net sales of 6.76 trillion yen and a net loss of 227.65 billion yen for the fiscal year 2023; The annual profit of Vision Fund was 128.18 billion yen, and the investment income of Vision Fund was 724.34 billion yen.
China Life Insurance Group sets up the industry’s first silver industry fund with a total scale of 10 billion yuan
According to China Life Insurance, recently, China Life Insurance Group initiated the establishment of a RMB equity fund with a total scale of 10 billion yuan and an initial scale of 5 billion yuan, which is the first RMB equity fund with the theme of “silver industry” in the insurance industry.
Ruifengda’s investment in multiple New Third Board companies announced suspension of trading for self inspection
The “runaway” incident of the private equity controller is continuing to ferment. On May 13th, Ruifengda announced the suspension of trading in several New Third Board stocks. The announcement stated that the company has conducted preliminary verification on the public opinion related to negative news about private equity funds related to shareholder Ruifengda. Considering the significant changes in stock prices in the previous period, the company plans to conduct verification on the above-mentioned matters.
China Taiping Insurance: The total original insurance business revenue for the first four months was approximately 181.667 billion yuan
China Pacific Life Insurance Co., Ltd., a subsidiary of the company, announced on the Hong Kong Stock Exchange that from January 1st to April 30th, its cumulative original insurance business revenue was RMB 104.524 billion, a year-on-year decrease of 3.5%. The company’s subsidiary, China Pacific Property&Casualty Insurance Co., Ltd., has accumulated original insurance business revenue of RMB 771.43 billion, a year-on-year increase of 7.8%.
Sunshine Insurance: Independent non-executive director Gao Bin resigns
Sunshine Insurance announced on the Hong Kong Stock Exchange that it has received the resignation of independent non-executive director Gao Bin. Due to Gao Bin being re elected as an independent non-executive director of the company for at least six years, in accordance with relevant regulatory regulations in China, Gao Bin has submitted his resignation to the board of directors as an independent non-executive director, chairman of the related party transaction control committee, member of the audit committee, and member of the nomination and compensation committee.
AVIC Trust plans to list and transfer equity of Jiahe Fund, Jiahe Fund responds
Recently, the Beijing Property Rights Exchange conducted a project promotion for the 81.8182 million shares of Jiahe Fund held by AVIC Trust, with a disclosure period from May 13 to November 1, 2024. The reporter found that this may be related to the poor performance of AVIC Trust. A person from the customer service hotline of Jiahe Fund responded by stating that “although AVIC Trust is a shareholder, it does not participate in the company’s decision-making, and the transfer of equity will not have any impact on the company.”. (21st Century Business Herald)
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China Merchants Group Real Estate (Beijing) Co., Ltd. plans to sell 40% equity of Beijing Zhaosheng Real Estate at a base price of 1.32 billion yuan
According to the website of the Beijing Property Rights Exchange, 40% equity of Beijing Zhaosheng Real Estate Development Co., Ltd. has been listed on the exchange, with a transfer price of 1.32 billion yuan and a deposit of 396 million yuan required. The intended transferee shall pay within 1 working day after qualification confirmation. The company is 100% owned by China Merchants Group Real Estate (Beijing) Co., Ltd.
Does Midea Property compress its management hierarchy? Latest response: Normal internal adjustments within the company
It is reported that Midea Real Estate has recently completed a new round of organizational restructuring, shifting from a three-level control to a “group city” two-level structure, with further reduction in management levels. The original 7 regions (including Shenyang City Company) have been split into 12 operating units. Midea Property responded by stating that this organizational restructuring is a normal internal adjustment within the company. (CSI Taurus)
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McDonald’s has been exposed for “changing labels on expired ingredients,” and local city authorities have responded
The news of McDonald’s changing the labels of expired ingredients to extend their lifespan has sparked heated discussions among netizens. On the morning of May 13th, the market supervision departments of the involved McDonald’s Zhengzhou Excellent Agricultural Union Restaurant and McDonald’s Jinan University Restaurant all stated that they had “gone to the involved stores for investigation and evidence collection.”. (Zhongxin Longitude and Latitude)
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Will electricity prices increase on June 1st? State Grid responds
Recently, there have been rumors that residential electricity prices will rise from June 1st, and peak pricing will be cancelled and replaced with segmented pricing. On the afternoon of May 13th, a customer service representative from the State Grid Service Hotline responded that “we have not yet received any relevant policy documents issued by the price regulatory department, nor have we received any relevant electricity price adjustment notices from the power supply company.” The other party emphasized that before the electricity price adjustment, the power supply company generally publicizes it to the public in advance through the official channels of the State Grid, and this should be taken as the basis.
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Hainan Airlines opens a direct international passenger route from Chongqing to Seattle
According to Chongqing’s official WeChat account on May 13th, Hainan Airlines will resume direct passenger routes from Chongqing to Seattle from May 16th. This route is the third Chinese direct route to the United States resumed by Hainan Airlines, following the Beijing Boston and Beijing Seattle routes.
Fengfei Electric Vertical Takeoff and Landing Aircraft Completed Franchise Flight at Shanghai Pudong International Airport
On May 13th, according to the official WeChat account of Fengfei Aviation, recently, at Shanghai Pudong International Airport, Fengfei Aviation Technology’s independently developed 2-ton eVTOL electric vertical takeoff and landing aircraft V2000CG Kerry Gull completed its charter flight.
Education industry
Jinbao brand: will not withdraw from the Chinese market
On May 13th, the official WeChat account of the chain early education institution Jinbao announced that Jinbao will not withdraw from the Chinese market, and the brand reserves the right to pursue legal responsibility against those who spread false statements.
(Editor: Wu Qi)