Startups

15:02

                            A-share closing review: Shanghai Composite Index fell 7.34% and fell below 3100 points. More than 2,800 stocks in the market hit the limit down
                        
                            The three major A-share indices closed down today. As of the close, the Shanghai Composite Index fell 7.34%, the Shenzhen Component Index fell 9.66%, the ChiNext Index fell 12.5%, and the Beijing Stock Exchange 50 Index fell 17.95%. The total market turnover was 1618 billion yuan, an increase of 459.7 billion yuan from the previous day. More than 5,200 stocks fell in the market, and more than 2,800 stocks hit the limit. In terms of sector themes, the agriculture and GMO sectors rose against the trend; the consumer electronics and battery sectors fell sharply. On the market, all kinds of mainstream A-share indexes fell collectively, with the Shanghai Composite 50 Index falling more than 5%, the CSI 300 Index falling more than 7%, the CSI 1000 Index falling more than 11%, the micro-cap index falling more than 11%, and the CSI 2000 Index falling more than 12%; the agriculture and GMO sectors rose against the market trend, with Shennong Seed, Dunhuang Seed, Beidahuang, Wanxiang Denong, Fucheng Shares, Jinhe Bio and many other stocks hitting the daily limit, and Xiaoming Shares and Kangnong Seed ranked first in terms of growth; the consumer electronics sector continued to fall, with more than 20 stocks such as Goertek, Luxshare Precision, Fu Ri Electronics, Lianchuang Optoelectronics, Edifier, and Foxconn Industrial Internet hitting the daily limit. In terms of hot stocks, Chemtech Gas staged a ground-to-sky board, recording 6 boards in 7 days.
                        
11:31

                            A-share midday review: Shanghai Composite Index fell 6.34% in half a day, while agriculture and breeding sectors rose against the trend
                        
                            The three major A-share indices fell collectively in the morning trading today. As of noon, the Shanghai Composite Index fell 6.34%, the Shenzhen Component Index fell 8.01%, the ChiNext Index fell 9.74%, and the Beijing Stock Exchange 50 Index fell 10.04%. The market's half-day turnover was 1,089.2 billion yuan, an increase of 342.9 billion yuan from the previous day. More than 5,211 stocks fell in the market, and more than 1,400 stocks in the two markets hit the limit. In terms of sector themes, the agriculture and breeding sectors rose against the trend; the consumer electronics and copper cable high-speed connection sectors fell sharply. On the market, all kinds of mainstream A-share indexes fell collectively, with the Shanghai Composite 50 Index falling more than 5%, the CSI 300 Index falling more than 6%, the CSI 1000 Index falling nearly 9%, the micro-cap index falling more than 9%, and the CSI 2000 Index falling more than 10%; the agriculture, GMO, and breeding sectors rose against the market trend, with Shennong Seed, Dunhuang Seed, Beidahuang, Wanxiang Denong, Fucheng Shares, Xiangjia Shares, Jinhe Bio and many other stocks hitting the daily limit, and Xiaoming Shares and Kangnong Seed were among the top gainers; the consumer electronics sector continued to fall, with more than 20 stocks such as Goertek, Luxshare Precision, Fu Ri Electronics, Lianchuang Optoelectronics, Edifier, and Foxconn Industrial Internet hitting the daily limit. As for hot stocks, Kaimet Gas staged a ground-to-sky board in the early trading, recording 6 boards in 7 days.
                        
20:47

                            Guojin Securities: The "valuation expansion elasticity and space" of innovative drugs in Hong Kong stocks may be stronger than that of A-shares
                        
                            Guotai Junan Securities Research Report believes that with the empowerment of AI, the shortened R&D cycle, reduced costs, and improved efficiency will all boost the IRR level of innovative pharmaceutical companies from a medium-term perspective, and the sector may be expected to usher in a new growth logic. The recovery of investment and financing activities in the global pharmaceutical industry is conducive to the improvement of financing cash flow of innovative pharmaceutical companies. In the significant upward stage of the industry's investment and financing cycle, the innovative drug sector tends to perform better in the capital market. For example, referring to the previous round from 2019 to 2021. At the same time, the central axis of US Treasury bond interest rates is likely to move downward in 2025, which may further benefit the continuation of the recovery trend in financing activities of innovative pharmaceutical companies and boost the sector's valuation. Waiting for fiscal support, there is room for innovative drug companies to repair their gross profit margins. On the one hand, the imminent release of industry policies represented by the "Class C Catalogue" may be an important catalyst for the recovery of sector valuations and sentiment. On the other hand, "social security injection" may be one of the options for fiscal support, thereby alleviating the pressure on medical insurance payments and driving the continued recovery in the growth rate of basic medical insurance expenditures. The revenue growth rate of the innovative drug sector is expected to usher in an upward inflection point, and the gross profit margin is also expected to be repaired. The "valuation expansion elasticity and space" of innovative drugs listed on the Hong Kong stock market may be stronger than that of A-shares.
                        
17:41

                            Luxshare Precision is reportedly considering listing in Hong Kong? Officials refuse to comment
                        
                            Recently, according to Reuters, an insider said Luxshare Precision is considering listing in Hong Kong this year and is currently discussing listing in Hong Kong with investment banks. The initial financing scale is expected to be US$2 billion to US$3 billion. However, the insider also reminded that the scale of Luxshare Precision's listing in Hong Kong has not yet been finalized and will depend on market conditions. On April 2, the reporter asked Luxshare Precision to confirm this matter, and it declined to comment on the listing in Hong Kong.
                        
15:52

                            Unitree founder denies reports of Ant Group, China Mobile planning capital injection
                        
                            Wang Xingxing, founder of Chinese robotics unicorn company Unitree, denies reports that Ant Group and China Mobile plan to inject capital.
                        
10:29

                            Evergrande Auto adds two new persons subject to execution, with a total execution amount of more than 280 million yuan
                        
                            Tianyancha legal litigation information shows that on March 31, Evergrande New Energy Vehicle Investment Holding Group Co., Ltd. added 2 new information on the persons subject to execution, with the total execution target of more than 280 million yuan, involving a financial leasing contract dispute case. The persons subject to execution also include Evergrande Group Co., Ltd., Evergrande Hengchi New Energy Vehicle (Shanghai) Co., Ltd., etc. The executing court is the Guangzhou Intermediate People's Court of Guangdong Province.
                        
09:56

                            CaaStle, a fashion startup who raised over $534 million from VCs, just declared itself broke in "one of the biggest startup frauds ever"
                        
13:43

                            Chinese AI startup closes $72.8 million Pre-A round led by Prosperity7
                        
                            Chinese AI startup Spirit AI announced on Monday the completion of a 528 million yuan ($72.8 million) Pre-A round of financing.The round was led by Prosperity7 Ventures, a subsidiary of Aramco Ventures, with deep participation from China Merchants Venture Capital, GF Xinde, Eminence Ventures, Oriental Fortune Capital, TH Capital and many other capitals.After this round of financing, Spirit AI will continue to accelerate the iteration of large model agents, the evolution of the robot ontology and the construction of the talent team.Founded in February 2024, Spirit AI is China's leading embodied intelligence company with AI+robotics full-stack productivity-grade technology capabilities.The company is committed to building world-class universal humanoid robots and next-generation embodied large models and learning algorithms to bring universal robotics partners into millions of homes.
                        
09:26

                            When A-shares opened, the Shanghai Composite Index fell 0.24%, the Shenzhen Component Index fell 0.45%, and the ChiNext Index fell 0.49%. Photoresist, oil and gas mining, and Zhipu AI sectors led the decline.
                        
04:47

                            OPENAI must restructure as a for-profit company by the end of the year to receive full funding from SoftBank
                        
                            OPENAI must restructure as a for-profit company by the end of the year to receive full funding from SoftBank.
                        
11:40

                            Jiangsu Bank launches "Computing Power Loan" with SenseTime, Shanghai AtHub, UCloud and others as the first batch of credit customers
                        
                            At the "Smart Computing Shanghai" Summit Forum held today, Jiangsu Bank's "Computing Power Loan" product was officially released. It is reported that the "Computing Power Loan" is a customized financing plan provided by Jiangsu Bank for enterprises based on the characteristics of the computing power industry, such as large hardware investment, high R&D threshold, and wide application scenarios, through a special approval model, to meet the funding needs of computing power enterprises in daily production and operation, project construction, and order financing. SenseTime, Shanghai Dataport, UCloud, Yueke Data, Zengqing Digital Technology, etc. are the first batch of credit customers of "Computing Power Loan". It is reported that the total credit amount of the first batch of customers of "Computing Power Loan" is 1 billion yuan.
                        
11:22

                            More accurate support for Hubei's industrial upgrading: local institutions operate the 10 billion-level AIC equity investment fund for the first time
                        
                            On March 24, Hubei's first AIC equity investment fund actively managed by a local institution, Hubei Changjiang Qianfan Qihang Equity Investment Fund Partnership (hereinafter referred to as Changjiang Qianfan Qihang Fund), completed its industrial and commercial registration, with a total fund size of 10 billion yuan. This is the first batch of funds to be implemented after the comprehensive expansion of the AIC equity investment pilot, marking that Hubei has seized the opportunity for innovation in the new round of financial reform. AIC (Asset Investment Company) is a financial asset investment company, which is a non-bank financial institution mainly engaged in bank debt-to-equity conversion and supporting business.
                        
11:18

                            China Merchants Bank President Wang Liang responded to the establishment of AIC: It is in the process of research and demonstration
                        
                            Wang Liang, President of China Merchants Bank, stated at the bank's 2024 annual performance briefing that based on the AICs (Financial Asset Investment Companies) of the original five large commercial banks, the State Financial Regulatory Administration issued a notice to support qualified commercial banks to initiate the establishment of AICs. China Merchants Bank is in the process of research and demonstration and it still needs to go through the board of directors' process for approval.
                        
09:47

                            Itshizhihang completes $120 million angel round of financing
                        
                            TARS, a startup company that provides embodied intelligence technology, announced today that it has completed an angel round of financing of US$120 million, led by BlueRun Ventures and Qiming Venture Partners, and followed by Linear Capital and Hillhouse Capital. It is reported that this round of financing will be mainly used for the company's product and technology research and development, model training, scenario expansion and other directions.
                        
06:53

                            Quantum computing startup Psiquantum seeks at least $750 million in funding
                        
                            Quantum computing startup Psiquantum is seeking to raise at least $750 million at a valuation of $6 billion, sources said.
                        
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