Tobias

Sichuan’s proposed 2.5-day workweek, promoting “Friday afternoon and weekend” models, has sparked national debate. Despite initial excitement, implementation faces challenges. Businesses, especially in high-tech hubs, cite operational pressures and existing labor laws as impediments. Current regulations, based on 8-hour workdays and 40-hour workweeks, don’t support the shift, potentially leading to overtime costs. Legal experts suggest widespread adoption is unrealistic, depending on individual company circumstances and operational needs.

Xiaomi will hold a “mega-event” on June 26th, showcasing new products like the YU7 SUV, MIX Flip2 foldable phone, and Pad 7S Pro tablet. The event, lasting approximately three hours, will also unveil REDMI K80 Supreme Edition and K Pad pricing. The YU7 aims to be a high-performance luxury SUV, challenging Tesla’s Model Y in the market, as emphasized by Xiaomi’s founder.

Fat Donglai refuted rumors of mass store closures, clarifying that founder Yu Donglai’s remarks about past closures were taken out of context. The retailer, which reported $1.56 billion in sales, highlighted strong financial performance and revealed generous employee perks, including an average monthly salary of $1240 and plans for a 36-hour work week with 40 days of annual leave.

Wolfspeed, a SiC semiconductor leader, filed for Chapter 11 bankruptcy to restructure and reduce its $6.5 billion debt. The company secured $275 million in financing and aims to exit bankruptcy by Q3. Facing headwinds including reduced EV demand, high cash burn, and delayed government funding, Wolfspeed is restructuring to focus on high-growth sectors while cutting costs and shedding operations. This move highlights the semiconductor industry’s volatility, particularly impacting EV and renewable energy.

Jeff Bezos is set to marry Lauren Sanchez in Venice, Italy next week. The lavish wedding, planned by George Clooney’s wedding planners, will host 200 guests, including celebrities, and is expected to boost the city’s economy. However, the event has sparked protests from locals due to concerns about overtourism and its impact on Venice’s resources and infrastructure.

In Shenzhen’s gold market, “gold Labubu” accessories are booming, driven by young consumers. Retailers are selling phone charms, jewelry, and pendants, despite lacking authorization from the Labubu IP owner. This has prompted warnings of potential copyright infringement and unfair competition. Local authorities have announced inspections and will take action against unauthorized sales, leading some vendors to sell the items discreetly.

Hillhouse Capital is reportedly leading a potential acquisition of Starbucks China, with a management roadshow recently completed. Goldman Sachs values the business at $5-6 billion. The deal follows prior reports of Starbucks seeking strategic investors. Starbucks China generated $3 billion in revenue in 2024, but profit and growth slowed. The acquisition is driven by competition from domestic brands like Luckin Coffee, prompting Starbucks to expand into lower-tier cities and rural markets.

Romoss and Anker are recalling power banks due to potential fire hazards, following reports of overheating and ignition issues. Beijing universities had previously banned specific Romoss models after explosion incidents. Romoss attributes the problem to component defects, while Anker cites a faulty component from a vendor. The recalls impact the companies’ reputations and pose logistical challenges as major delivery services, like SF Express, refuse to ship the potentially dangerous devices due to safety concerns.

A Chinese artist’s Ultraman-inspired grotto, carved into a cliffside, ignited both online buzz and scrutiny. Documented in a viral video, the ambitious project sparked debate over cultural appropriation. Authorities in Sichuan Province, a historical stone carving hub, highlighted the need for regulatory compliance. This artistic endeavor highlights the interplay between creative expression, cultural heritage, and government regulations in China.

Meituan is restructuring its instant retail operations, expanding offerings while withdrawing from unprofitable regions. The company assures no layoffs for full-time employees and honors job offers to new graduates. Meituan Select is undergoing strategic upgrades, including exploring new retail models. Employee compensation and benefits remain unaffected. Service shutdowns are underway in several provinces due to regional business adjustments.