![[Titanium Morning News] Li Qiang signed a State Council order and announced the revised "Foundation Management Regulations"; Alibaba plans to spin off Pingtou Ge and independently list in Hong Kong; Anthropic's IPO pricing range has been determined, and the target market value is about US$1 trillion, lower than expected](/api/image?url=https%3A%2F%2Fimages.tmtpost.com%2Fuploads%2Fimages%2Fzhaopian%2Fnuxtpic%2Fchange_logo3%2Fog_image.png)
(The author of this article is the official account of Titanium Media, and Titanium Media is authorized to publish it)
[Titanium Media Comprehensive] According to a report by Xinhua News Agency on November 10, Premier Li Qiang of the State Council recently signed an order of the State Council to announce the revised "Foundation Management Regulations", which will come into effect on January 1, 2027. The "Regulations" aim to strengthen the credibility of foundations and promote the healthy and orderly development of foundations. There are 8 chapters and 79 articles in the Regulations. The main contents of the revision are as follows:
The first is to improve the overall principle requirements. It is clarified that the work of the foundation adheres to the leadership of the Communist Party of China, strengthens the requirements for party building work, and stipulates that the foundation should follow the principles of legality, voluntariness, integrity, openness, transparency, and non-profit when engaging in public welfare activities.
The second is to improve the registration management system. Clarify the registration management level and registered capital, steadily promote direct registration, clarify the requirements for change registration procedures, and refine the liquidation procedures before cancellation.
The third is to improve the internal governance mechanism. Strengthen the responsibilities of sponsors and persons in charge, improve the powers of the organization and rules of procedure, and prohibit persons in charge, directors, supervisors, etc. from using related relationships to harm the interests of the foundation, beneficiaries and the public interests of society.
The fourth is to standardize activity management. Improve the requirements for fundraising, donations, funding and other activities, and regulate Internet public fundraising and cooperative public fundraising. Strengthen property management and make it clear that all proceeds should be used for public welfare purposes. Strict project management requires tracking and management of project implementation.
The fifth is to strengthen information disclosure and industry self-discipline. Clarify the foundation's information disclosure obligations, unblock social supervision channels, and establish and improve industry norms.
Sixth, strengthen comprehensive supervision. Clarify the responsibilities of registration management agencies, business supervisory units, industry management departments, etc., consolidate the responsibilities of all parties, and form a joint regulatory force.
Excerpt from Titanium Media:
Although companies' interest in adopting humanoid robots continues to rise, due to factors such as falling prices and limited product maturity, commercialization is expected to be delayed by about a year, and the industry's move toward large-scale development will still be gradual. This round of rebound in the humanoid robot sector is mainly driven by three major factors: first, the short-term deployment since the market sentiment was weak in mid-2026; second, breakthroughs in cutting-edge large language models (LLM) are expected to accelerate the development of embodied intelligence; third, Wang Xingxing, founder, chairman and technical director of Yushu Technology, released more optimistic remarks, predicting that the inflection point of intelligent technology will occur in advance from 2027 to 2028.
——Morgan Stanley
The adjustment in 2026H2 has not yet broken through the historical pattern, and the next round of large-band increases will most likely still be dominated by the trend of the AI industry. Before March and April 2027, there may be an oversold rebound, and A-shares in general will no longer have a window to hit new lows. After March-April 2027, this round of market adjustment may reach the bottom area, followed by increased structural opportunities and active themes, and a new consensus may be condensed in the process. In 2027H2, we look forward to the construction of the "second stage of rise", and there may be a clear turning point from the resonance headwinds of the asset allocation environment, industry trends, and capital supply and demand to the resonance tailwinds.
——Fu Jingtao, chief analyst of Shenwan Hongyuan Research Strategy
Domestic companies:
On November 10, Alibaba announced that it planned to spin off its wholly-owned subsidiary Pingtouge (Shanghai) Technology Co., Ltd. to be independently listed on the main board of the Hong Kong Stock Exchange. The Hong Kong Stock Exchange has confirmed that Alibaba can carry out this spin-off, and Pingtou Ge has submitted a listing application (Form A1) to the Hong Kong Stock Exchange in a confidential form on September 11, 2026. The spin-off is planned to be conducted through a global offering of H shares, including a public offering in Hong Kong and a placement to institutional and professional investors. Alibaba said that Pingtouge is currently China's leading full-stack data center chip supplier, and related chips can provide system-level computing solutions. After the spin-off is completed, Pingtouge is expected to remain a subsidiary of Alibaba. At present, the scale, structure and adjustment of Alibaba's shareholding ratio of the global offering have not yet been determined. The spin-off still requires approval from the Hong Kong Stock Exchange Listing Committee and completion of China Securities Regulatory Commission filing and other procedures.
On November 10, the iMoutai platform stated that it will optimize the sales mechanism of Kweichow Moutai based on consumer demand for liquor, and gradually transform from the current "scheduled rush purchase" model to a "daily sales" model. It will use data-driven delivery to promote the adaptation of supply and demand and further enhance consumers' liquor purchase experience. Starting from November 11, 16 Kweichow Moutai products will adopt the all-day dynamic replenishment model, and other Kweichow Moutai products will continue to be released using the original model.
TSMC approves US$40.9 billion capital budget for long-term capacity expansion
On November 10, TSMC announced that in order to respond to long-term production capacity planning based on market demand forecasts and technology development blueprints, the board of directors approved a capital budget of approximately US$40.927 billion, which mainly includes: building and upgrading advanced process production capacity; building and upgrading advanced packaging, mature and/or special process production capacity; factory construction and factory facilities engineering; 2027 R&D capital budget, recurring capital budget and capitalized lease asset budget.
Dong Mingzhu responded to Gree Electric’s performance decline this year
On November 10, Dong Mingzhu, chairman of Gree Electric Appliances, talked about this year’s performance decline in the Tmall Double 11 “Life Proposal Bureau” program. Dong Mingzhu said that because the price of copper is rising, and the price of copper is 5 to 6 times that of aluminum, if you want to maintain the brand, you must give up some profits, so Gree Electric insists on using copper to ensure quality. "Aluminum can definitely be made, but the stability, reliability, and sustainability are all question marks, and consumers will become victims." She said that Gree Electric would rather lose billions in profits this year than reduce the quality of its products.
On November 10, Li Auto’s Legal Department issued a document stating that regarding the online community’s recruitment of people to place orders under the name “Ideal i6 Group Purchase Rebate”, the company stated that this activity has nothing to do with Li Auto and that Li Auto has not organized or authorized any organization or individual to carry out this activity. Li Auto has reported the relevant situation to the police and will actively cooperate with the investigation.
Huawei's new storage system is about to launch commercial trials
It was learned on November 10 that Huawei's new storage system is about to launch commercial trials, which marks the technology's transition from laboratory verification to joint verification in real customer scenarios. Two weeks ago, Fujifilm just announced that it will continue to invest in and expand the production capacity of its data storage tape business from fiscal year 2026 to 2028. This is also the first large-scale expansion of tape production capacity by Fujifilm in the past 20 years. Behind the frequent increase in investment by technology giants is the change in storage demand brought about by the construction of AI infrastructure. As large model training, inference, and enterprise applications continue to generate new data, the storage requirements of data centers are extending from meeting high-speed reading and writing in the computing process to long-term storage and management of data.
Jia Guolong pledged Xibei's equity, with the equity amount exceeding 26.6 million
On November 10, it was reported that Jia Guolong pledged all the equity he directly held in Inner Mongolia Xibei Catering Group Co., Ltd. to the Shanghai Pudong Development Bank Beijing Branch. The pledged equity amount was 26.604027 million yuan. The equity pledge is currently valid. It is worth noting that in September this year, Jia Guolong’s wife Zhang Liping pledged all the Xibei equity directly held to the bank, with the amount of pledged equity being 5.400005 yuan.
Soochow Securities announced that the Shanghai Stock Exchange's Merger, Acquisition and Reorganization Review Committee is scheduled to hold its 23rd review meeting in 2026 on November 17 to review the company's application for issuance of shares and payment of cash to purchase assets and related transactions. The company received the letter of implementation of the opinions from the Shanghai Stock Exchange Audit Center on November 9, and submitted the restructuring report (draft for the meeting) and other documents on November 10. After the transaction is completed, Donghai Securities will become a holding subsidiary of Soochow Securities. Calculated based on data at the end of June 2026, Soochow Securities' total assets are expected to reach 314 billion yuan, and its net assets attributable to the parent company are 54.5 billion yuan, an increase of 31% and 26% respectively. This transaction is the first merger and acquisition case of securities firms in different prefecture-level cities in the same province in the securities industry. The transaction needs to obtain corresponding approval, approval or registration before it can be implemented.
The founder of Zulijian becomes the person subject to execution for breach of trust
Tianyan Check shows that recently, the founders of Zulijian Shoes for the Elderly, Zhang Jingkang, Zhang Shaokang, Xin Junlan, and Suixian Zulijian Shoes Co., Ltd. were listed as dishonest persons (laolai) by the Feixi County People's Court because they had the ability to perform but refused to perform their obligations specified in effective legal documents. The amount involved was more than 1.9542 million yuan. Suixian Zulijian Shoes Co., Ltd. was established in December 2017. The legal representative is Zhang Jingkang, with a registered capital of approximately 100 million yuan. Its business scope includes the production and sales of shoes and shoe materials, fitness equipment, pedicure machines, massage equipment sales, etc., and is jointly held by Zhang Jingkang and Zhang Shaokang. It is worth mentioning that many companies under Zhang Jingkang’s name have become dishonest persons (lao Lai) and have been restricted from high consumption.
Foreign enterprises:
On November 10, artificial intelligence company Anthropic updated its prospectus. The company plans to issue and sell a total of 825 million shares at a price of US$70 to US$78 per share, with an IPO financing scale of up to approximately US$64.35 billion. Among them, Anthropic will issue 801.4 million new shares and existing shareholders will sell 23.6 million shares. In addition, Anthropic also plans to raise US$26 billion through a separate private placement transaction. Technology companies participating in the investment include Google, Microsoft, Nvidia, AMD, Broadcom, Micron Technology and TSMC. After including private placements, the total size of Anthropic's stock issuance and related transactions will reach a maximum of US$90.4 billion, higher than the US$86.2 billion financing record set by SpaceX's IPO in June this year. Based on the upper limit of the issue price range of US$78 per share, Anthropic's basic market value after the completion of the IPO and private placement is approximately US$1.02 trillion. Including stock options, restricted stock units and other potential shares, its fully diluted valuation tops out at about $1.4 trillion.
Nvidia, Jensen Huang hit by shareholder class action lawsuit
NVIDIA's board of directors announced on November 8 that it would launch an independent investigation into allegations regarding personal matters related to CEO Jensen Huang. On the 9th local time, Nvidia’s stock price fell, eventually closing down 4.27% to US$178.67 per share, with its market value shrinking by approximately US$193 billion (approximately RMB 1,288.2 billion). Five minutes after the U.S. stock market closed, Nvidia and Huang Jensen were slapped with a shareholder class action lawsuit, accusing them of defrauding shareholders. Before the impact of this scandal, Nvidia's stock price was already under pressure. Market concerns about the valuation of companies in the AI track continue to heat up, and the AI sector has generally suffered sell-offs. Nvidia's stock price has fallen by nearly 20% in the past month.
SoftBank Group's net loss in first half of fiscal year was 768 billion yen
On November 10, SoftBank Group announced its results for the first half of fiscal year 2026 ending on September 30, 2026. During the reporting period, the company's net sales were 4.24 trillion yen, a year-on-year increase of 13.3%; pre-tax losses were 438.7 billion yen, compared with pre-tax profits of 3.69 trillion yen in the same period last year; net losses attributable to owners of the parent company were 768 billion yen, compared with net profits of 2.92 trillion yen in the same period last year. The sharp decline in investment income is an important factor in the change in performance. During the reporting period, the group’s investment income was 1.73 trillion yen, a year-on-year decrease of 56%. Among them, the investment business of the holding company recorded investment income of 1.08 trillion yen, mainly from the 1.06 trillion yen income brought by Intel stocks; the investment income of the Vision Fund fell to 705.6 billion yen from 3.42 trillion yen in the same period last year.
Policy direction:
On November 10, Huang Weiru, deputy director of the Social Development Department of the National Development and Reform Commission, said that during the "15th Five-Year Plan" period, the contradiction between supply and demand for high school and higher education degrees became prominent. In the next step, we will continue to support the construction of ordinary high school teaching buildings, dormitories, canteens, playgrounds and other facilities, improve children's schooling conditions, and increase the degree supply capacity. The anxiety of not being able to go to ordinary high schools because of insufficient degrees is expected to be further alleviated. In addition, we will support the establishment of several new research universities in places where conditions permit, build a number of high-level vocational undergraduate schools with distinctive educational characteristics, expand the supply of high-quality higher education resources through multiple channels, and give children more choices.
The Ministry of Industry and Information Technology recently approved ten companies to launch a pilot number protection service business, and allocated 700 special number resources to relevant companies. The number protection service business refers to a business entrusted by Internet platform companies such as food delivery and online ride-hailing companies to allocate temporary phone numbers to individual users to replace real mobile phone numbers to reduce the risk of user number leakage. If the user checks the number protection service when placing an order, the communication with the delivery person or online ride-hailing driver will be completed with a 15-digit dedicated number starting with 700, and the real mobile phone numbers of the communicating parties will not be displayed to each other. According to the requirements of the "Notice on Launching the Pilot Number Protection Service Business" issued by the Ministry of Industry and Information Technology, the first 10 companies have obtained application platform provider qualifications and have been approved to use 700 special number resources as compliance intermediate numbers. They will conduct pilot exploration of the number protection service business in take-out, online ride-hailing and other scenarios. On the basis of pilot exploration, the Ministry of Industry and Information Technology will gradually promote the number protection service business to cover more scenarios and more enterprises.
On November 10, the Chinese Football Association released the "Implementation Rules for the Financial Health Review of Chinese Professional Football League Clubs (Trial)", which will be officially launched on a trial basis from January 1, 2027. In terms of expenditure and salary control, the new regulations continue the established financial red lines of domestic professional leagues and clarify the annual total expenditure limits for clubs at all levels. Among them, the total annual expenditure limit of Chinese Super League clubs is 600 million yuan, that of Chinese League One clubs is 200 million yuan, and that of Chinese League Two clubs is 50 million yuan. Player salary standards also maintain a clear gradient. The pre-tax annual salary limit for domestic players in the Chinese Super League is 5 million yuan, and the team's average annual salary is 3 million yuan. The individual and total annual salary of foreign players are set corresponding upper limits, and the salary calculation caliber of naturalized players is also clarified in the details. For regular violations such as overspending, excessive salary, and illegal bonus issuance, the new regulations set up gradient penalties such as penalty points, restrictions on transfer registration, and deadline rectification. The new regulations focus on severely cracking down on financial fraud, and clearly classify the signing of yin and yang contracts, forging audit materials, false reporting of financial data, and obstructing verification work as serious violations. Once verified, the club will be deprived of its results for the current season, and those found guilty of serious offenses will be demoted. The players and staff involved will also face long-term suspensions and other penalties, which will significantly increase the cost of financial violations.
Stock market quotes:
Wisdom: Plans to repurchase H shares with a cap of HK$4 billion
On November 10, Zhipu announced that after receiving a share repurchase proposal from Chairman Dr. Liu Debing, the company plans to repurchase the company's H shares in the open market from time to time in accordance with the general authorization to repurchase H shares granted by the company's shareholders at the annual shareholders' meeting on June 22, 2026. The repurchase authorization will remain effective until the earlier of the following: the end of the company's 2026 annual shareholders' meeting; or the date when shareholders pass a special resolution at the shareholders' meeting to revoke or amend the repurchase authorization. The expected total amount of the share repurchase plan is capped at HK$4 billion, and the total number of H shares to be repurchased under the share repurchase plan shall not exceed 1% of the total number of issued shares of the Company as at the date of this announcement.
On November 10, Huapei Power issued an announcement of abnormal stock trading fluctuations. The company was concerned that some media classified the company into concepts related to "humanoid robots." After self-examination, the company established a wholly-owned subsidiary, Shanghai Huapei Digital Embodied Intelligent Technology Co., Ltd. (referred to as "Huapei Embodied") in July 2025. Its main business is the research and development, production and sales of six-dimensional force sensors, integrated joint modules and other components. Related products can be applied in the field of robotics. Among them, the six-dimensional force sensor is an extension and expansion of the company's original automotive sensor products in new business scenarios. It does not involve major changes in core technology, and the related products have not yet generated business revenue. There is also great uncertainty in subsequent market expansion. It is not expected to have a significant impact on the company's performance in the short term.
Other important content:
On November 10, Foreign Ministry Spokesperson Guo Jiakun hosted a regular press conference. A reporter asked a question about the meeting between the heads of state of China and the United States. Guo Jiakun said that China and the United States have maintained communication on the arrangements for the interaction between the two heads of state during the year.
China's total computing power has reached 3.1 million PFLOPS, ranking second in the world
On November 10, the second "Standards Week" event of the National Data Standardization Technical Committee in 2026 was held in Xiamen, Fujian. According to the relevant person in charge, the National Data Standardization Technical Committee has formally established a drafting working group for embodied intelligent data standards and a drafting working group for application standards in four industries including meteorology, health, electricity, and commerce to accelerate the formulation of relevant standards in the data field during the "15th Five-Year Plan" period and empower the digital development of industries. The latest data shows that China’s total computing power has reached 3.1 million PFLOPS, ranking second in the world.
On November 10, according to customs statistics, in the first 10 months of this year, China's total import and export value of goods trade was 44.81 trillion yuan, a year-on-year increase of 20%, maintaining a strong growth trend. Among them, exports were 25.99 trillion yuan, an increase of 17.6%; imports were 18.82 trillion yuan, an increase of 23.6%. In October, import and export reached 4.87 trillion yuan, an increase of 31.2%. Among them, exports were 2.79 trillion yuan, an increase of 28.7%; imports were 2.08 trillion yuan, an increase of 34.7%. As of October, China's imports and exports have maintained double-digit growth for six consecutive months.
On November 10, Xiong Rongrong, head of Jinshuoli Computer, a wholesaler of computer parts in Huaqiangbei, Shenzhen, said, "The prices of high-end graphics cards have changed significantly this round. Taking the RTX 5080 as an example, the price on October 23 was about 18,000 yuan, and today's price is about 14,000 yuan. The gap is a bit big. The mainstream model RTX 5060 with the largest shipment volume has been fine-tuned by about 200 yuan compared to last month. Overall, the graphics card is fine-tuned."
(Comprehensive from Xinhua News Agency, CCTV, Yicai, Beiqing Daily, 21 Finance, etc.)
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