today’s headlines
The “Square Dance” app “Red Dance Alliance” illegally raised funds from the elderly, involving 870 million yuan
On November 9, the Supreme People’s Procuratorate held a press conference on “Crackdown on Remediation of Pension Fraud, Procuratorial Blue Guards Sunset Red”. According to reports, during the special campaign, procuratorial organs across the country approved the arrest of 7,594 people for various pension fraud crimes, and 8,516 people were prosecuted. Among the typical cases announced this time, a case involving illegal fund-raising from the elderly through the “square dance” application software, the amount involved is as high as 870 million yuan.
From 2014 to 2015, the defendant Liu Mouping successively established a number of companies and, without legal approval, agreed to crowdfund the development of the mobile application software “Red Dance Alliance”, an online social platform for the elderly, without legal approval. The annualized rate of return is 8%-14%, and it promises to guarantee the principal and interest payment, and publicize it to the general public, especially the elderly who like square dancing.
As of July 2019, the defendant Liu Mouping and others illegally absorbed more than 870 million yuan of public deposits from more than 1,200 people. On April 2, 2022, the Beijing Haidian District People’s Court sentenced Liu Mouping to nine years in prison and a fine of 500,000 yuan for the crime of illegally absorbing public deposits; sentenced the remaining 31 defendants to seven to two years in prison range, and fines are imposed. After the first-instance judgment, Liu Mouping and 7 defendants appealed. On August 4, 2022, the Beijing No. 1 Intermediate People’s Court ruled to reject the appeal and upheld the original judgment. (China Youth Daily)
Domestic information
Apple’s fast-growing sales business in China earns more than Alibaba and Tencent combined
According to a report from the Financial Times, Apple’s sales business in China has grown rapidly, and its profit exceeds the combined revenue of China’s two major technology companies.
According to Counterpoint, a market intelligence agency, Apple relies on China as a manufacturing base, where 95% of its production is concentrated. Operating profit in Greater China, which includes Hong Kong, Macau, Taiwan and mainland China, surged 104% in two years to $31.2 billion in the fiscal year ended September, surpassing Tencent’s, according to S&P Global Market Intelligence. ($15.2 billion in revenue) and Alibaba’s annual revenue ($13.5 billion).
Huawei criticizes smart cars that are heavy on hardware, light on experience, and weak in security: they can’t stack hardware
On November 9th, at the 12th China Auto Forum, Wang Jun, President of Huawei Smart Car Solution BU COO and Smart Driving Solution Product Line President, said that smart driving cannot rely on hardware, and a good driving experience cannot be built up with hardware.
He believes that the industry is now caught in a vicious circle of “heavy hardware, light experience, and weak security”. According to Wang Jun, as of the end of October 2022, Huawei has shipped 1.72 million sets of parts to car companies this year, including millimeter-wave radars and cameras. Wang Jun also said that a number of models based on Huawei’s distributed access, centralized computing hardware platform and AOS/VOS/HAS Core/Service software platform are under development and are scheduled to be launched in 2023. Wang Jun said that so far, Huawei has shipped 1.72 million sets to OEMs. In the future, the car Hongmeng operating system will definitely go to overseas markets.
2022 World Internet Conference Wuzhen Summit opens
On November 9, at the Wuzhen Internet International Convention and Exhibition Center, the 2022 World Internet Conference Wuzhen Summit officially opened. The theme of this summit is “Jointly Build an Online World and Create a Digital Future – Join Hands to Build a Community with a Shared Future in Cyberspace”. The conference lasts for two and a half days. On the same day, the China Academy of Cyberspace released the blue books of “China Internet Development Report 2022” and “World Internet Development Report 2022” at the conference.
“China Internet Development Report 2022” shows that in 2021, the scale of China’s Internet of Things industry will exceed 1.7 trillion yuan, and it is expected that this scale will exceed 2 trillion yuan in 2022. The scale of 5G network construction is the largest in the world. As of June 2022, a total of 1.854 million 5G base stations have been built and opened. 5G applications have covered many fields such as industry, agriculture, and service industries. The number of 5G application cases exceeds 20,000.
Relevant data show that in 2021, the scale of China’s digital economy will reach 45.5 trillion yuan, accounting for 39.8% of GDP. The Internet penetration rate and user scale have grown steadily. As of June 2022, the number of Internet users in China has reached 1.051 billion, and the Internet penetration rate has reached 74.4%. (Zhejiang Daily)
Secoo was put on file for investigation: the company was listed as “Lao Lai”, and the Beijing headquarters had been evacuated
Even if it doesn’t ship, Secoo is still active this year on “Double 11”, and offers full discounts such as “10000 minus 1000” and “1000 minus 100” in its app.
On November 8, the luxury e-commerce company Secoo, which was previously exposed as “people from Beijing headquarters go to empty buildings”, was once again on the hot search. The Beijing Consumers Association reported that due to the high number of complaints involving Secoo, and most of them have not been resolved, the relevant departments have launched an investigation into Secoo’s suspected violations of laws and regulations and damage to consumers’ rights and interests. According to the China Execution Information Disclosure Network, there are many compulsory enforcement information under the name of Secoo, and it has been listed as “Lao Lai”. The contact person of the property customer service of the leasing department of Secoo Building said that Secoo has withdrawn the lease, this building currently only accepts the whole lease, and there are new tenants talking.
Changan Automobile Chairman Zhu Huarong: It is recommended to resolutely crack down on raw material hoarding and hype On the morning of November 9, at the 2022 China Auto Forum, Changan Automobile Chairman Zhu Huarong said that the domestic smart new energy vehicle industry is currently facing many difficulties, “lacking core” and “expensive”. “Electricity” has become the bottleneck of enterprise development. Chip shortages have led to soaring chip prices, resulting in increased procurement costs for OEMs and longer order delivery cycles, which seriously affected the pace and sales of new products. Over the past year or so, the price of raw materials for power batteries has also continued to soar, and the price of battery-grade lithium carbonate has skyrocketed from 53,000 yuan/ton in early 2021 to 560,000 yuan/ton. Zhu Huarong suggested that the auto industry, with the support of the state ministries and commissions, carry out an “anti-profiteering” action in accordance with the law. At the national level, we must resolutely crack down on the hoarding and speculation of raw materials by individual companies at home and abroad, and rectify the chaos in the battery industry. It is reported that from January to September, Changan Automobile lost 606,000 units of production. “Lack of cores” resulted in a large inventory of semi-finished products, and “expensive electricity” increased the cost of a single vehicle by 5,000-35,000 yuan.
Robin Li says AI painting will be as easy as taking pictures
On November 9, Baidu CEO Li Yanhong said at the 2022 Lenovo Innovation and Technology Conference that with technological breakthroughs, using AI to paint, create videos, and even build virtual worlds may become as simple as taking pictures with a mobile phone. Entering keywords in “Wenxin·Yige” can intelligently generate multi-style art paintings. AI digital human Du Xiaoxiao has a strong ability to understand and generate, and is frequently out of the circle in AI songwriting, AI editing and other fields. Various technological advances have shown that the innovative development of AI technology is not a castle in the air.
Xiaopeng Huitian receives 6 billion yuan of bank credit, and is committed to the research and development and production of flying cars
On November 9, according to the official news of Xiaopeng Huitian, Xiaopeng Huitian officially reached a strategic partnership with Agricultural Bank of China Guangdong Branch, China Construction Bank Guangdong Branch, China CITIC Bank Guangzhou Branch and Pudong Development Bank Guangzhou Branch , the four banks jointly provided Xpeng Huitian with a total credit line of RMB 6 billion to support Xpeng Huitian’s flying car research and development and future production.
Korean drama TV responded to “5 relevant persons in charge were sentenced”: the app involved is a copycat version
On November 9, the official Korean drama TV issued a statement on the “5 Korean drama TV related persons in charge”, saying that the recent “5 Korean drama TV related persons in charge” have received everyone’s attention, among which “Korean drama TV” is. The copycat version of “Korean Drama TV” under Jiangyin Cool Vision is not an app produced by the company, please pay attention to distinguish it. According to the information released by the Jiangsu Higher Court, in early May 2020, the defendant Xiong believed that the “Korean TV” brand owned by the outsider was more profitable, so he transferred it to his own management after consultation. Immediately, the defendant Xiong contacted the defendants Li and Huang, and the three of them conspired to launch the app on the mobile application market, and released a large number of infringing Korean dramas, Korean variety shows and other film and television works online, and placed advertisements in the App and film and television drama works. Earn advertising fees. The advertising fees were collected from them, and the total illegal business amount was more than RMB 2.21 million. The world’s first! Volvo officially withdraws from the research and development of internal combustion engines: all shares sold Geely Recently, Volvo issued a statement announcing that it will divest its internal combustion engine business and concentrate its capital to develop high-performance electric systems, becoming the first car company in the world to officially withdraw from the research and development and manufacturing of internal combustion engines. It is reported that Volvo will divest from Aurobay and sell all its shares to Geely Holding, which is expected to be completed by the end of this year. According to Volvo’s previous plan, it will be fully electrified in 2025, when the proportion of pure electric models will reach 50%, and the rest will be hybrid models. The safety of Huawei’s M7 test was questioned. On November 10, the China Insurance Research Institute announced the latest batch of crash test results. In the representative 25% offset collision of China Insurance Research Institute, the “A-pillar is suspected to be deformed” of the Wenjie M7. In the subdivision project, the two sub-items of the intrusion of the upper part of the passenger compartment have only obtained the “A” evaluation, and the body structure has only obtained the “A” evaluation. Earlier on July 4, Huawei’s AITO brand officially launched its second model, the large electric SUV AITO M7, priced from 319,800 yuan. Among them, the comfortable version starts at 319,800 yuan; the deluxe version starts at 339,800 yuan; the flagship version starts at 379,800 yuan. Yu Chengdong once said that the M7 is a large luxury SUV, and the goal is to surpass the comfortable and intelligent experience of a million-dollar luxury car. He also said that the biggest disadvantage of Wenjie M7 is that it is too cheap. (Tech Planet) Apple Greater China Vice President Ge Yue Joins Lululemon’s Board of Directors On November 9, Lululemon announced the appointment of Ge Yue to its board of directors, effective immediately. It is understood that Ge Yue is Apple’s vice president and managing director of Greater China, and has played a key role in Apple’s product development of new features for China. Ge Yue has also served on Starbucks’ board of directors since 2019. (Financial Association)
International information
More than 11,000 people were violently laid off, Zuckerberg admitted that the decision made the largest layoff in the history of Meta
On November 9, Meta CEO Mark Zuckerberg confirmed in an open letter the scale of the overall layoffs, which amounted to about 13% of the workforce, bringing the total to 11,000, including recruiting and business teams. The company will also extend the hiring freeze to the first quarter of next year.
It is reported that this is the first large-scale layoff in Meta’s 18-year history and one of the largest layoffs in the United States this year. Major tech companies such as Microsoft and Twitter have also laid off thousands of jobs. In a letter to employees, Zuckerberg said, “I did it wrong, and I am responsible for it,” arguing that his over-optimism about growth had led to the company’s unfavorable overstaffing.
In terms of layoff details, Meta said that it will pay employees 16 weeks of basic salary, an additional 2 weeks of basic salary for every full year of work, and all remaining paid vacation time. The company will also pay employees and their families an additional six months of medical care. Health care costs, restricted stock for laid-off employees, etc. will be paid on November 15, 2022, and layoff compensation expenses total approximately $2 billion. This year, Meta’s stock price has fallen by more than 70% due to the macroeconomic downturn, increased competition and advertising losses.
Binance: Decided to Abandon FTX Acquisition Based on Due Diligence Results
On November 10, Binance officially issued a statement saying that based on the results of the company’s due diligence, as well as the latest news reports about mishandling of customer funds and the investigation of the so-called US agency, it has decided not to pursue a potential acquisition of FTX.com. Binance initially wanted to be able to support FTX’s customers and provide liquidity, but these issues were beyond Binance’s control or ability. Every time a major player in an industry fails, retail investors suffer. Over the past few years, the crypto ecosystem is becoming more resilient, and future misuse of user funds will sooner or later be eliminated by the free market. As the regulatory framework evolves and the industry becomes more decentralized, the ecosystem will become stronger. The three major record companies negotiated with TikTok, demanding a cut of advertising revenue According to foreign media reports, the three major music record companies Warner, Sony, and Universal have recently communicated with TikTok, hoping to reach a new agreement. The big three record labels are demanding a cut of TikTok’s ad revenue. According to previous news, the three major record companies and TikTok reached a so-called “buyout” agreement in the past. According to the agreement, after TikTok pays a one-time fee to the record company, it can use the music authorized by the record company for an unlimited number of times during the two-year agreement for the content creation of users on the TikTok platform.
SHEIN pilots Taobao model in Brazil
On November 10th, SHEIN, China’s largest cross-border fast fashion platform, is piloting a platform model in Brazil: merchants directly open stores on SHEIN and are responsible for operations and logistics, just like Taobao. Previously, SHEIN designed and purchased products by itself. A person close to SHEIN said that the pilot decision will be made in 2021, and it will be officially launched in March this year. After SHEIN implemented the store model in Brazil this year, the product details page is also similar to the product map page of Taobao merchants.
In addition, “Forbes” reported on November 6 that SHEIN has hired Tang Wei, an investment banker from Bear Stearns, as executive vice chairman. The industry generally believes that Tang Wei’s joining is to boost SHEIN’s IPO process. (LatePost later)
Musk cuts 19.5 million Tesla shares in three days, cashing out about $3.95 billion
Recently, the latest regulatory documents show that Tesla CEO Elon Musk reduced his holdings of Tesla shares by a total of 19.5 million shares in three consecutive trading days on November 4, 7 and 8, and the total value of the shares sold was approximately amounted to $3.95 billion. After the reduction, Musk holds about 445.6 million Tesla shares. Tesla’s stock has fallen more than 12% since Musk closed the $44 billion Twitter acquisition. Year-to-date, the company’s shares have fallen 52.17%. (Daily Economic News)
Samsung plans to reduce Vietnam’s smartphone production ratio to 40% next year
On November 10, Samsung will continue to diversify its global production base. The proportion of smartphone production in Vietnam will drop from 50% this year to 40% next year. Last year, the Vietnamese factory once accounted for 60% of Samsung’s total smartphone production. Samsung’s investment in Vietnam has made the country one of the world’s mobile phone production centers. Rising labor costs in Vietnam and a slowdown in the global consumer market are cited as the main reasons behind Samsung’s move. Samsung has previously announced that it is preparing to open a new R&D center in Hanoi in the fourth quarter of 2022 or early 2023 at the latest, and plans to produce chips in Vietnam from mid-2023 and expand its component production in Vietnam.
It is reported that as early as the end of 2021, Samsung Electronics has transferred some of its smartphone production lines in Vietnam to the Gumi factory in Gumi City, North Gyeongsang Province. In the future, the reduced proportion of production in Vietnam will be distributed to India, Indonesia, Latin America and other regions. At present, India is the second largest production base of Samsung Electronics smartphones, accounting for 21%.
Amazon and others complain that Microsoft’s cloud computing business is suspected of monopoly
The trade group CISPE, including Amazon, filed a complaint with EU antitrust regulators as the acquisition of Activision Blizzard faces EU antitrust scrutiny, and Microsoft’s cloud computing business faces new antitrust complaints. “Microsoft’s use of its dominance in productivity software to limit customer choice as European customers seek to move to the cloud” is causing irreparable damage to the European cloud computing ecosystem, CISPE secretary-general Francisco Mingorance said in a statement. In terms of market share, Amazon is the market leader in cloud computing, followed by Microsoft and Google. (Sina Technology)
It is reported that Apple’s first AR glasses encountered design problems, affecting the launch in 2024
On October 9, Leifeng.com reported that Apple’s first AR glasses were delayed. Apple’s AR glasses are expected to be delayed until 2025-2026 due to design issues, said Jeff Pu, an analyst at Haitong International Technology Research. “Due to design issues, we now expect AR glasses to be delayed until 2025-2026,” Jeff Pu wrote in an email to MarketWatch. Just five months ago, Pu was predicting that Apple AR glasses might be possible. Launch as soon as 2024. The analyst did not specify what the design issues facing Apple’s AR glasses could be aesthetic or technical.
Samsung Electronics’ DRAM market share hits 8-year low, report says
According to the latest report, Samsung Electronics’ share of the global DRAM market has fallen to an eight-year low. The global DRAM market sales in the third quarter were US$17.973 billion (currently approximately RMB 130.125 billion), down 29.3% from US$25.427 billion in the second quarter. Samsung Electronics’ DRAM sales fell from $11.121 billion in the second quarter to $7.371 billion in the third quarter (currently about 53.366 billion yuan), a drop of 33.7%, a decline that exceeded the decline in the overall market. That’s the lowest share in eight years since the third quarter of 2014, according to IDC data. On the other hand, SK Hynix and Micron Technology, which ranked second and third in terms of market share, declined relatively slightly compared with Samsung Electronics.
Microsoft .NET 7 officially released
On November 9th, the Microsoft .NET Conf online event officially opened on the 8th. As Microsoft’s open source, cross-platform development platform, .NET 7 has now launched its first official version, which also means that Microsoft’s “unification work” has finally been completed. With .NET 7, Microsoft says it’s easy to containerize .NET 7 projects, set up CI/CD workflows in GitHub Actions, and enable cloud-native observability.
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