24-hour news update Page 97

In the two trading days after the Spring Festival, a number of robot-themed funds gained funding. Wind information data shows that from February 24 to 25, the total net inflow of 13 robot-themed funds exceeded 630 million yuan. Among them, ChinaAMC CSI Robot ETF and Tianhong CSI Robot ETF received net inflows of 303 million yuan and 181 million yuan respectively, ranking among the top products in this category.

As of February 25, the total scale of the above 13 robot-themed funds has exceeded 70 billion yuan, and three of them have product scales of more than 10 billion yuan, namely ChinaAMC CSI Robot ETF, E Fund National Securities Robot Industry ETF and Tianhong CSI Robot ETF; at the same time, there are The scale of 6 products ranges from 1 billion yuan to 10 billion yuan, namely Harvest CSI Robot ETF, Southern CSI Robot ETF, Fuguo National Securities Robot Industry ETF, Invesco Great Wall National Securities Robot ETF, China Merchants CSI Robot ETF and Penghua National Securities Robot Industry ETF.

The scale of robot-themed funds continues to grow, reflecting the increasing attention of investors and the continued inflow of funds. Huang Dong, fund manager of the Galaxy CSI Robot Index Initiated Fund, told a reporter from Securities Daily that the 2026 Year of the Horse Spring Festival Gala has become a stage for domestic humanoid robot companies to show their strength, revealing the leap of artificial intelligence products from "preset actions" to "autonomous intelligence". Its technological breakthrough lies in the leap in hardware rigidity and stability, realizing the leap from reliance on landmarks to fully autonomous fusion perception. "The growth prospects of the robot sector are promising. From an industrial perspective, the logic of capital has reversed, from 'casting a wide net' to focusing on leading companies with clear implementation scenarios and mass production capabilities. The cost of core robot components is declining rapidly, allowing mass production of robots to pass the cost barrier. From the demand side, benefiting from the popularity of industrial, household and medical scenarios, the demand for robot products will increase in the future." Huang Dong said.

"During the Spring Festival holiday, robot performances have become a highly recognizable technological highlight. Many domestic robot companies appeared on the same stage, demonstrating the technological accumulation and implementation capabilities of the domestic robot industry, further boosting the market's expectations for the development prospects of the domestic robot industry." A person from a public fund in Shanghai told reporters that from the perspective of industry trends, robot performances are not simply showing off skills, but an intuitive reflection of the domestic robot industry accelerating into the industrialization stage. The industry is ushering in the triple resonance of policy, technology, and commercialization. At the same time, judging from the industrial chain companies covered by the China Securities Robot Index constituent stocks, most of them are concentrated in the fields of industry and information technology, which reflects the development trend of the upstream, midstream and downstream of the robot industry to a certain extent. These companies are mostly high-quality companies with core technologies, covering key links such as core components, ontology manufacturing, and system integration. It is expected that the market's attention to the robot track will continue to increase, and the industry will also have greater room for development.

"Scared to death!

My iPhone calls itself at two in the morning! ! "

This morning, netizen "Yiyi!" wrote about an experience he had in the early morning: "I was sleeping soundly when I suddenly heard a burst of background music and voice on the phone saying 'The user you dialed is currently unavailable.' I was awakened. When I got up, I saw that it was my phone making calls by itself! I was really shocked…I immediately checked on the social platform. There are many people with this problem!"

The netizen said that at that time, her phone was charging on the desk by the window, the screen was locked, the Internet was turned off, and the sleep mode was turned on. The automatically dialed number was the number of the courier boy she had dialed during the day. "My system is iOS 26.1, and I don't have any other operations. I was really frightened in the middle of the night, and my back felt cold! I even woke up from my drowsiness."

On social platforms, there are many netizens who have had similar experiences.

Some netizens said: "The Apple phone suddenly called someone on its own in the middle of the night. The call lasted for 47 minutes. It woke me up! I turned on the sleep mode and put the phone on the bedside table without touching it. The number started with 400 was dialed by me around 1:30 noon, but I also made several other calls later. The 400 robot talked for 47 minutes. I woke up when I heard a sound and found that the phone was making a call. It was so scary!"

Some people also contacted Apple customer service at that time, and the solution given was to force restart and update to the latest system.

The reporter's inquiry found that in November last year, many users reported on social platforms that after updating their iPhones to iOS 26.0.1, the phones automatically made calls to strangers in the middle of the night while the screen was locked. The people being called included couriers, merchant customer service, etc. Some older iPhones that have not been updated to the latest system also have similar problems.

Netizen "Yiyi!" consulted Apple experts. Apple experts said that it is recommended to upgrade the system to iOS26.3. "The latest system can repair abnormalities." Netizens expressed their concerns about account security, and Apple experts said it had nothing to do with the account.

Apple experts also recommend going to the "Settings – Face ID and Password" interface and turning off the following options. If the problem is still abnormal, you can contact the engineering department for investigation:

Voice dialing

Today view and search

Return a missed call

Have you ever been in a similar situation?

Since 2026, the Hong Kong stock IPO market has continued to be hot, with the pace of new stock listings accelerating and the scale of fundraising rising simultaneously. In terms of the number of new shares, as of February 25, the Hong Kong stock market has welcomed 24 new shares. There are no new listing arrangements for the Hong Kong stock market from February 26 to 28. The number of new shares has increased significantly by 166.67% compared with 9 in the first two months of 2025. According to the arrangement, the next new stock to attract much attention is Lantu Automobile, which will be officially listed on the Hong Kong Stock Exchange on March 19. The performance of the new stock fundraising side is even more impressive. According to statistics from Flush iFinD, the total raised funds of the 24 new stocks that have been listed exceeds HK$89 billion, a 10-fold increase from the first two months of 2025. It is worth mentioning that the capital boom set off by the AI ​​​​track is still continuing, and AI companies such as Biren Technology, Zhipu, and MINIMAX have all completed listings on the Hong Kong stock market.

Lantu Automobile will appear on the scene

According to iFinD statistics, as of February 25, 24 companies have completed Hong Kong stock IPOs. According to the latest arrangements, there are no new stock issuance and listing arrangements in the Hong Kong stock market from February 26 to 28. This also means that in the first two months of the new year, Hong Kong stocks will usher in 24 new stocks, which is an increase of 166.67% compared with the 9 new stocks listed in the same period last year.

In terms of fundraising performance, it has been calculated that the total amount of funds raised by the 24 new stocks listed on Hong Kong stocks in 2026 will reach HK$89.226 billion. Among them, the amount of funds raised by Muyuan Holdings and Dongpeng Beverage exceeded 10 billion Hong Kong dollars.

According to the latest arrangements, Lantu Automobile will land on the Hong Kong stock market on March 19. However, Lantu Automobile has not yet disclosed specific fundraising data.

In terms of fund-raising scale, among the 24 stocks that have been listed, Muyuan shares ranked first in terms of total funds raised, reaching HK$10.684 billion; Dongpeng Beverage ranked second with a fund-raising amount of HK$10.141 billion; Montage Technology ranked third and fourth respectively in fund-raising amount. , Biren Technology, approximately HK$8.099 billion and HK$6.42 billion respectively; listed companies with fundraising amounts between HK$5 billion and HK$6 billion include MINIMAX, GigaDevice, OmniVision Group, and Wisdom; the remaining stocks have raised funds below HK$5 billion.

On the other hand, there are 9 new stocks listed in the first two months of 2025, and there are no stocks that have raised more than 10 billion Hong Kong dollars. Specifically, Guming has the highest amount of funds raised, with a total amount of HK$2.03 billion raised; the remaining 8 new stocks have raised amounts of less than HK$2 billion.

After calculation, the total amount of funds raised by 24 new stocks on the Hong Kong Stock Exchange reached HK$89.226 billion, an increase of 1013.65% from the total amount of HK$8.012 billion raised in the first two months of last year.

In addition, in the new year's craze for Hong Kong stock IPOs, A-share listed companies are particularly prominent. As of February 25, there were a total of 10 "A+H" new stocks in Hong Kong stocks this year, accounting for more than 40%.

Eye-catching performance on the AI ​​track

Since the beginning of the year, new technology stocks represented by AI have been quite prominent. Among them, AI companies such as Biren Technology, Zhipu, and MINIMAX have successively been listed on the Hong Kong stock market, and each raised more than HK$5 billion in a single transaction, becoming the most eye-catching force in the IPO camp at the beginning of the year.

Judging from the listing time, Biren Technology, one of the "Four Little Dragons of Domestic GPUs", was listed on the Hong Kong Stock Exchange on January 2, becoming the "first domestic GPU stock" in the Hong Kong market and the first stock to be listed on the Hong Kong stock market in 2026. On the first day of listing, Biren Technology closed up 75.82%.

It is reported that Biren Technology has raised a total of HK$6.42 billion. The company develops general graphics processing unit (GPGPU) chips and GPGPU-based intelligent computing solutions to provide the basic computing power required for artificial intelligence. By integrating self-developed GPGPU-based hardware and proprietary BIRENSUPA software platform, the company's solutions support a wide range of AI model training and inference applications from the cloud to the edge.

After Biren Technology, Zhipu listed on the Hong Kong stock market on January 8, raising a total of HK$5 billion. As an artificial intelligence company, Zhipu is committed to developing advanced general-purpose large models. According to Frost & Sullivan, the company ranks first among independent general model developers in China and second among all general model developers in terms of revenue in 2024, with a market share of 6.6%. In the secondary market, as of the close of trading on February 25, Zhipu closed at HK$560.5 per share, and its latest total market value was approximately HK$249.9 billion.

Following Zhipu, MINIMAX, a large AI model company, was listed on the Hong Kong stock market on January 9. On the first day of listing, the company's stock price closed up sharply by 109.09%. The increase on the first day of listing was second only to Haizhi Technology Group, ranking second among new stocks in Hong Kong stocks.

Lawyer Sun Yuhao, senior partner of Shanghai Haihuayongtai Law Firm, pointed out that the Hong Kong Stock Exchange has customized differentiated listing standards for qualified companies including AI by adding Chapter 18C (Listing Mechanism for Specialized Technology Companies) to the Listing Rules, which to a certain extent solves the obstacle of mismatch between traditional financial indicators and the development stage of the company.

In addition, according to iFinD statistics, among the new stocks that can show the S&W industry to which they belong, Hong Kong-listed companies whose S&W industry is semiconductor include Montage Technology, GigaDevice, and OmniVision Group. All three stocks are "A+H" dual-listed. Judging from the total amount of funds raised, Montage Technology, GigaDevice, and OmniVision Group raised approximately HK$8.099 billion, HK$5.387 billion, and HK$5.318 billion respectively.

Hong Kong Stock Exchange responds to market rumors

Recently, there are rumors that Hong Kong is considering expanding the scope of confidential IPO applications to allow a wider range of companies to submit confidential initial public offering (IPO) applications in order to consolidate Hong Kong's position as the world's leading listing destination. On February 25, the Hong Kong Stock Exchange responded.

A spokesman for the Hong Kong Stock Exchange said that the Hong Kong Stock Exchange is committed to optimizing market infrastructure and listing mechanisms to ensure that it keeps pace with the times. In the past few years, the Hong Kong Stock Exchange has launched a number of important reforms, including the launch of new rules in 2018 that allow companies with different voting rights to be listed, allowing biotech companies with no operating income to be listed, and the launch of a listing mechanism for specialized technology companies in 2023. HKEX will continue to work closely with the Securities and Futures Commission of Hong Kong to further enhance the competitiveness of the exchange in various aspects, and HKEx will announce relevant progress to the market in a timely manner.

Yuan Shuai, deputy secretary-general of the Zhongguancun Internet of Things Industry Alliance, said that the reason why the adjustment of the IPO confidentiality system has become the current focus is essentially the result of the dual effects of the increasing popularity of the Hong Kong IPO market and the intensifying competition among global listing destinations. The adjustment in the scope of confidentiality applications can adapt to more diversified corporate needs and further attract high-quality global companies to choose Hong Kong as a listing destination. It echoes the direction of the listing mechanism reform that the Hong Kong Stock Exchange has continued to promote in recent years, and also reflects the market's expectations for the Hong Kong stock listing system to keep pace with the times.

In addition, from the perspective of the "reserve army" of the Hong Kong Stock Exchange, according to statistics, as of now, there are nearly 400 companies in the queue of the Hong Kong Stock Exchange that are "pending listing", "passed the hearing" and "processing", of which more than 100 are A-share listed companies.

However, while market enthusiasm continues to rise, hidden concerns in the sponsorship of Hong Kong stock IPOs have also begun to slowly emerge, and are now attracting regulatory attention. On January 30, the Hong Kong Securities and Futures Commission issued a circular. In response to the improper performance of sponsors and poor quality of listing documents that were exposed during the surge in new listing applications for Hong Kong stocks in 2025, the Hong Kong Securities Regulatory Commission clearly required relevant sponsors to quickly carry out comprehensive internal reviews and strengthen resource management and compliance control. It also announced that as of December 31, 2025, the review process of 16 listing applications had been suspended.

Beijing Business Daily reporter Ma Huan changed Li Jiaxue

Xinhua News Agency, Geneva, February 25th: Summary｜The think tank report "Adhering to International Morality and Joining Hands to Cope with World Chaos – Focusing on China's Plan for Global Governance" has triggered heated discussions

Xinhua News Agency reporter

On the 24th, Xinhua News Agency, a national high-end think tank, released the think tank report "Adhering to International Morality and Joining Hands to Cope with World Chaos – Focusing on China's Plan for Global Governance" to the world at the Palais des Nations in Geneva, Switzerland. The think tank report triggered heated discussions among people from all walks of life and experts and scholars in related fields.

The report believes that the current changes in the world over the past century are accelerating and the international situation is intertwined with chaos. The United Nations and multilateralism are under attack, the global governance deficit continues to expand, and the current international mechanisms have exposed multiple shortcomings. The global governance system is in urgent need of reform and improvement. China has proposed global governance initiatives, emphasizing the pursuit of sovereign equality, abiding by international rule of law, practicing multilateralism, advocating people-centeredness, and focusing on action orientation. It has proposed Chinese solutions to promote the construction of a more just and reasonable global governance system, and injected Chinese impetus into revitalizing the core status and leading role of the United Nations.

Zhai Dongsheng, director of the Institute of Regional and Country Studies at Renmin University of China, said that reforming and improving the global governance system has become a major topic of great concern to the international community. "This report provides ideas for a turbulent and chaotic world and answers a series of major questions such as what, why and how to achieve the future global governance system."

Xiao Yongping, dean of the Institute of International Rule of Law at Wuhan University, believes that the report systematically explains China’s position on global governance and advocates the construction of a global governance concept that is different from hegemonic logic and embraces consultation, collaboration and sharing. The concepts of multilateralism and win-win cooperation advocated by the Global Governance Initiative are in line with the common expectations of most countries and provide constructive new ideas for solving the dilemma of global governance.

2026 marks the 55th anniversary of the restoration of the People's Republic of China's lawful seat in the United Nations. As a permanent member of the United Nations Security Council, an important member of the Global South, and the largest developing country, China has always been a builder of world peace, a contributor to global development, a defender of the international order, and a provider of public goods.

"The report systematically sorts out the historical context, practical dilemmas and future trends of global governance, reveals structural problems such as hegemonism's destruction of the international rule of law and insufficient representation of the global South, and details China's sense of direction, roadmap and action in reforming and improving global governance," said Zhai Kun, deputy dean of the Institute of Regional and Country Studies at Peking University.

Catrougalos, the independent expert on democratic and equitable international order at the United Nations Human Rights Council, said that China plays a pivotal role in the multilateral system. China's initiative on global governance is of great significance, which shows that China actually takes action rather than making verbal statements.

The report points out that as a responsible major country, China stands at the forefront of the times and is committed to promoting the transformation of initiatives from ideas to actions. It relies on the multilateral platform with the United Nations as the core, and builds a policy system for global governance initiatives with institutional participation, public goods supply and risk management and control as the main body, and effectively promotes the initiatives to take root within the multilateral framework.

Correa, executive director of the South Center, said that equality, rule of law, coordination, tolerance and action are crucial to maintaining and improving the multilateral system. China has proposed a series of initiatives such as the Global Governance Initiative, which has effectively promoted the continuous development of South-South cooperation. Strengthening collaboration around global governance initiatives will help countries in the Global South play a greater role in global governance.

Zhang Jie, a researcher at the Institute of Asia-Pacific and Global Strategy, Chinese Academy of Social Sciences, believes that the report takes the "four major deficits" of global governance as a starting point, discusses the urgency, necessity and feasibility of global governance initiatives, and comprehensively explains the internal logic of the four major global initiatives. This is a comprehensive management plan proposed by China in the face of the contemporary issues of "what's going on with the world" and "where is humanity going?"

The report calls on the more difficult the moment, the more important it is to uphold the original intention of peaceful coexistence, strengthen confidence in win-win cooperation, persist in moving forward within the logic of historical progress, and develop in line with the development trend of the times. China will work with other countries to continue to promote global governance in a more just, more reasonable, and more sustainable direction.

Ouyang Kang, dean of the Institute of National Governance at Huazhong University of Science and Technology, said that as a responsible major country, China is not only a staunch inheritor and defender of traditional globalization and the international system with the United Nations at its core, but also a staunch curber and opponent of anti-globalization, and an advocate and leader of new globalization. China adheres to true inclusive multilateralism, firmly defends international justice, and promotes the construction of a more fair and reasonable global governance system. (over)

Recently, in response to the media report that "12306 tickets successfully waiting for 1,700 yuan in the middle of the night are invalid", the Railway 12306 Technology Center quickly organized forces to conduct verification.

The background of the 12306 system shows that the 12306 account registered as Chen placed an order at 11:09 on February 19 for 3 second-class seats from Xiamen (Xiamen North) to Yixing on February 23. The selected train number was G1654, the number of passengers was 3, and the prepaid fare was 1674 yuan. The deadline for confirmation was 1 hour before driving. The notification method was WeChat notification for 1 person and SMS notification for 2 people. At 18:44 on February 22, the account placed an order to purchase three second-class tickets for the G1656 train on February 23 with the same passengers. The ticket purchase section was from Xiamen North to Nanjing South. Xiamen North departed at 15:43 and Nanjing South arrived at 22:36. The ticket price was 1,755 yuan. After the ticket purchase was successful, the account did not cancel the previously submitted waitlist order.

At 2:53 on February 23, the 12306 system confirmed that the waiting order submitted by the account was successfully redeemed. The redemption number was G1654, which departed from Xiamen at 8:50 on February 23 and arrived in Yixing at 15:04. The system immediately sent notifications of successful redemption to the three passengers in accordance with the notification method selected by the account. The notification content included the train number, driving time, etc.

At 15:43 on February 23, Chen and three others took G1656 from Xiamen North Railway Station and got off at Yixing Station at 21:55.

According to the ticket purchase rules of the 12306 system, the same passenger cannot purchase two itineraries at the same time. The ride time slots for which the account successfully purchased tickets are Xiamen North at 15:43 and Nanjing South at 22:36. The ride time slots for successful redemption are Xiamen at 8:50 and Yixing at 15:04. The times do not overlap and do not belong to "two itineraries purchased by the same passenger at the same time". The system does not determine it as a itinerary conflict.

According to the 12306 system waitlist ticket purchase rules, when passengers submit a waitlist order, the system will prompt that "the system continues to cash in 24 hours a day" and "when the cash is successful or automatically terminated, you will be notified through the notification method you choose. Please pay attention to the message and pay attention to the waitlist order cashing status." When the account submitted a waiting order, the system promptly prompted it. After the redemption was successful at 2:53 on February 23, the system simultaneously sent a notification message to Chen and two other passengers. This time was 4 hours and 57 minutes earlier than the deadline for redemption selected when submitting the waiting order.

According to the ticket change rules of the 12306 system, tickets cannot be refunded after driving. Tickets can be changed once before 24:00 on the day without charge, or once within the pre-sale period, but a handling fee of up to 40% will be charged. Tickets after change cannot be refunded. After the waiting order was successfully redeemed, the account applied twice in the 12306 system to change the three second-class tickets G1654 on the waiting list. The first time it was planned to be changed to the G1654 Xiamen to Yixing section on March 5, and the second time it was planned to be changed to the D3296 Xiamen North to Yixing section on March 8, but in the end, the above two changed orders were canceled during the change payment process, and the change steps were not completed.

In addition, after verification, the passenger ticket purchase screen shown in the report is not the Railway 12306 website or App page.

The Railway 12306 Technology Center recommends that passengers must purchase tickets through 12306, the only official platform. When submitting a waitlist ticket purchase order, they must carefully check the waitlist ticket purchase rules published on the 12306 website (including the App). Before the self-selected waitlist redemption deadline, follow the method of receiving notifications you choose and determine, and pay attention to the system notification information in a timely manner; if you purchase tickets for other trains, you must cancel the waitlist ticket purchase order in time. At the same time, the Railway 12306 Technical Center will continue to optimize and improve the waitlist ticket purchase strategy, waitlist redemption rules and notification methods, and strive to provide better services to the majority of passengers.

China News Service, Beijing, January 29 (Hu Shujuan) An announcement letter forced Lin Xiao (pseudonym) to move urgently.

Previously, Lin Xiao lived in the Shanghai Jinyu Road Community of Rubik's Cube Apartment. An announcement letter posted by the property owner of the community stated that the lessee, Rubik's Cube Apartment, had been in serious breach of contract for a long time. The company had terminated the lease contract with it in accordance with the law and officially took back the property.

"The property owner has not forced the tenant to move out, but the deposit we paid before is likely to be wasted." Lin Xiao said that the previously signed lease contract would not expire until around the end of February. Considering the subsequent risks, she decided to change the house directly.

China News Network’s investigation revealed that many stores of Rubik’s Apartment in Shanghai, Hangzhou, Shenzhen and other places have stopped operating. Some tenants’ deposit and rent refunds applied for after the incident have not been received, and the property owners are also owed rent. At the same time, the Rubik's Cube Apartment mini program is promoting the "2026 Bargain House Hunting Season" event, sending limited flash sale coupons to offset 3,000 yuan in rent.

However, as concerns about whether the Rubik's Cube apartment can still be rented continue to spread, this offer has been greatly discounted in the minds of tenants.

Rubik's Cube Apartment. Photo provided by interviewee

The tenant’s deposit and the owner’s rent for several months are in arrears.

In February last year, Lin Xiao signed an "Apartment Use Contract" with Shanghai Shengmu Asset Management Co., Ltd. (one of the affiliated companies of the "Magic Cube Apartment" brand). The rent is about 2,400 yuan/month, the service fee is 340 yuan/month, and a deposit of one and three is required. "I rented it because I was looking for the 'Rubik's Cube Apartment', and chain brands are more secure," she added.

According to public information, Rubik's Cube Apartment is one of the brands under Rubik's Life Service Group (hereinafter referred to as "Magic's Life"). It was established in 2009 and focuses on providing centralized long-term rental apartment services for urban white-collar workers. Based on this positioning, the tenants of this apartment are mostly young people.

The stability guarantee that Lin Xiao believed in "collapsed" in an instant on January 13.

At around 11 a.m. that day, the WeChat group of tenants in Shanghai Jinyu Road Community of Rubik’s Apartment was suddenly disbanded. It was only after get off work that most of the tenants in the community discovered that the property owner, Shanghai Qirun Industrial Co., Ltd., had posted a special announcement letter.

Announcement letter posted by the property owner. Photo provided by interviewee

The announcement letter stated that the lease rights and operation and management rights of Mo Cube Apartment had been taken back due to long-term serious breach of contract. If the tenant is still willing to live in the apartment, he can re-sign a lease contract with the property owner. Lin Xiao told China News Service: "On the evening of January 13, the property owner negotiated with us to sign a creditor's rights transfer statement and a house rental agreement. It was stipulated that the house deposit previously paid must be refunded by the tenant himself to Rubik's Cube Apartment."

In fact, the operating problems of the Rubik's Cube Apartment store attracted attention last year.

Wang Li (pseudonym), another tenant of Shanghai Rubik's Cube Apartment, had seen posts on the topic "The Rubik's Cube Apartment exploded" around November last year. Unexpectedly, she received a notice from the staff the next month, who said, "The Rubik's Cube is no longer operating and a sublease contract needs to be signed." In mid-December last year, Wang Li applied to Rubik's Cube Apartment for a refund of more than 7,000 yuan in deposit, accommodation service fees, water and electricity bills, etc., but as of the time of publication, she had not received it yet.

There may have been signs of the operating crisis of Rubik's Cube Apartments even earlier than last year. Shanghai Nuoyi Industrial Co., Ltd. (hereinafter referred to as "Noyi Industrial") signed a long-term lease agreement with a company affiliated with Rubik's Cube Life a few years ago.

"According to the original contract, the company and Rubik's Cube agreed to pay rent once every three months. Later, at the beginning of last year, the two parties negotiated and paid once a month." On January 22, a staff member of Nuoyi Industrial revealed to China News Service that Rubik's Cube Apartment began not to pay on time around March 2025, and directly defaulted on rent in July of that year. "The other party said at the time that there was no money, and now there are almost three months of rent, water and electricity bills, and garbage removal fees that have not been settled."

In addition to Shanghai Nuoyi Industrial, staff from many property owner companies in Hangzhou, Shenzhen and other places have confirmed to China News Service that the Rubik's Cube Apartment has defaulted on rent and has been in arrears for several months, and the company has terminated its cooperation with them. There are also media reports that the rent arrears to some owners of Rubik's Cube Apartments in Guangzhou ranges from hundreds of thousands to one million yuan.

Optimize and adjust while expanding new projects?

"The occupancy rate of the apartment I live in is okay, and there are many cars in the parking lot. I didn't expect Rubik's Cube to be in arrears with rent for a long time." Many tenants have such doubts like Lin Xiao.

In early January this year, Rubik's Cube Life responded to the media that according to the company's overall housing structure strategic optimization strategy, Rubik's Cube is optimizing some stores, and a small number of stores will be closed or the main body of operations will be adjusted. At present, the operation of Rubik's Cube is normal and orderly, and it is still actively developing new projects.

Previously, China News Service sent an email to Rubik's Cube Apartment to inquire about the specific situation, but had not received a reply as of press time. On January 27, China News Network inquired about the relevant situation of two stores of Shanghai Rubik's Cube Apartment as tenants. Staff said that some stores stopped operations due to the expiration of contracts, and some due to losses. The current store is still operating normally.

An interviewed property owner company staff member in Shenzhen mentioned a detail in the interview. He took over the operation and management of the Rubik's Cube Apartment after its closure and found that half of the rooms in the rental apartment were basically idle.

It is worth noting that Rubik’s Cube Life sought to be listed in 2022 and submitted an application to the Hong Kong Stock Exchange in September of that year.

According to previous media reports, Rubik's Life's prospectus disclosed that its revenue increased from 946 million yuan in 2019 to 1.471 billion yuan in 2021, and its net profit increased from 63.6 million yuan in 2019 to 295 million yuan in 2021. In the first half of 2022, Rubik's Cube Life's net profit attributable to shareholders was 9.248 million yuan. As of the end of 2022, Rubik's Cube Life has a total of 76,200 apartments in operation, distributed in 25 cities across the country. However, the operating data has not been updated, and the official website data is still in 2022.

According to the official website of Mofang Apartment, Mofang Life is a market-leading and rapidly growing long-term rental apartment service platform. Its apartments have two development models. One is the direct operation model, that is, the company rents the entire building or a part of the entire building, and manages and operates these rental properties; the other is the franchise management and third-party custody model, that is, the company manages and operates the franchised apartments under its own brand or the brand of the relevant client.

From the previous plan to go public to the current "strategic optimization strategy", the long-term rental apartment model has once again been questioned whether it is reliable.

This is related to changes in the rental market. Statistics from relevant agencies show that the annual average listed rent in 40 key cities across the country in 2025 will be approximately 43.3 yuan/㎡/month, a year-on-year decrease of 6.4% from last year, and the decline has narrowed.

"The rental market is divided into the landlord market and the second landlord market. Rubik's Cube Apartment is equivalent to the second landlord." Zhang Dawei, chief analyst of Centaline Real Estate, said that the second landlord and the big landlord sign a lease to lock in the rent for a certain period, and then make profits through the increase in market rental prices. He pointed out that if rental prices do not rise or rise slowly, if management costs are still relatively high, it will increase the company's operating pressure.

Lawyer: Tenants have the right to demand the return of deposit and remaining rent

In the past few days, among the tenants of Rubik's Cube Apartment in Shanghai's Jinyu Road community, some tenants said that the house was still within the lease period but they received a "rent-out" text message, and some experienced that the door password was changed. They are hesitating whether to change the house directly or renew the contract with the property owner, and how to protect their rights and interests.

Li Hongzhi, founding partner and deputy director of Beijing Zeheng Law Firm, told China News that according to the Civil Code, if the purpose of the contract cannot be realized due to a breach of contract by one party, the other party has the right to terminate the contract and terminate the performance of the unperformed portion; if the contract has been performed, it can request restoration to the original status or take other remedial measures based on the performance and the nature of the contract, and has the right to request compensation for losses.

"During the performance of the lease contract signed between Mo Cube Apartment and the tenant, if the tenant is unable to continue to use the house due to a dispute between Mo Cube Apartment and the property owner, Mo Cube Apartment's behavior constitutes a breach of contract against the tenant." Li Hongzhi said that the tenant has the right to require Mo Cube Apartment to return the deposit and the rent corresponding to the remaining lease term.

Li Hongzhi specifically mentioned that if the current dispute between Rubik's Apartment and the property owner has not been recognized or agreed by Rubik's Apartment, or confirmed by the People's Court, there is uncertainty as to whether the property owner has the right to terminate the contract and whether the court will confirm the termination of the contract between them.

For the tenant, she recommends keeping all evidence such as the lease contract, payment vouchers, and communication records. In the event that MoFang Apartment refuses to refund the deposit fee, the tenants can jointly file a lawsuit in court and apply for property preservation. If the tenant decides to sign a lease agreement with the property owner, the core terms such as lease term and rent deduction must be clarified.

For the property owner, Li Hongzhi said that during the negotiation and communication process with the Rubik's Cube Apartment party, complete evidence of the other party's breach of contract (such as the lease contract, collection records, arrears vouchers, etc.) should be collected. At the same time, the corresponding properties of Rubik's Cube Apartment will be seized, frozen and seized through litigation and property preservation to ensure that Rubik's Cube Apartment has the ability to pay the corresponding expenses.

According to Qichacha, Rubik's Cube (Shanghai) Apartment Management Co., Ltd. has been listed as a "person subject to execution for breach of trust", with the amount involved in the case exceeding 15 million yuan, and it has also been involved in multiple house rental contract disputes. (over)

Stock code: 600188 Stock abbreviation: Yankuang Energy Number: Lin 2026-012

The company's board of directors and all directors guarantee that the contents of this announcement do not contain any false records, misleading statements or major omissions, and assume legal responsibility for the authenticity, accuracy and completeness of its contents.

Yancoal Australia Limited ("Yancoal Australia", Australian Securities Exchange listing code "YAL", Hong Kong Stock Exchange Limited listing code "03668"), a holding subsidiary of Yankuang Energy Group Co., Ltd., released its 2025 annual performance report on February 25, 2026.

In 2025, Yancoal Australia achieved operating income of AU$5.949 billion, pre-tax profit of AU$623 million, and after-tax profit of AU$440 million. As of December 31, 2025, total assets were AU$12.205 billion and net assets were AU$9.033 billion (the above financial data are prepared in accordance with International Financial Reporting Standards and audited by accountants). At the same time, Yancoal Australia declared a final tax-free dividend of approximately A$161 million (A$0.122 per share) for 2025. Adding the interim tax-free dividend declared of approximately A$82 million (A$0.062 per share), the total declared tax-free dividend for 2025 was approximately A$243 million (A$0.184 per share).

If investors need to know more, please refer to the full text of the announcement published by Yancoal Australia on the website of the Australian Securities Exchange (http://www.asx.com.au) and the website of The Stock Exchange of Hong Kong Limited (http://www.hkexnews.hk).

Yankuang Energy Group Co., Ltd. Board of Directors

February 25, 2026

When trading stocks, look at Jin Qilin's analyst research reports, which are authoritative, professional, timely and comprehensive, helping you tap potential theme opportunities!

On February 25, the A-share market continued its strong performance since the beginning of the Year of the Horse. The major indexes collectively closed up and market trading continued to increase. It is worth mentioning that after the first trading day of the Year of the Horse on February 24, the market reached a daily limit of more than 100 stocks. On the 25th, the market once again ushered in a daily limit of more than 100 stocks. Volume energy and sentiment resonated upward, and the spring market enthusiasm continued to spread.

As of the close, the Shanghai Composite Index was at 4147.23 points, up 0.72%; the Shenzhen Component Index was at 14475.87 points, up 1.29%; the GEM Index was at 3354.82 points, up 1.41%; the Science and Technology Innovation Composite Index was up 1.20%, and the Beixin 50 Index was up 0.77%. The total turnover of the three cities of Shanghai, Shenzhen and North China exceeded 2.48 trillion yuan, with a volume of 262.7 billion yuan higher than the previous trading day. It has remained above 2.2 trillion yuan for two consecutive trading days, and the trend of capital entry is clear.

General rising characteristics are obvious

Specifically, on February 24, the turnover of the Shanghai, Shenzhen and North stock markets was 2.2 trillion yuan, 4,006 stocks in the market rose, and 109 stocks reached the daily limit, achieving a "good start" in the Year of the Horse. On February 25, the volume was further amplified. 3,748 stocks in the market rose, 101 stocks reached the daily limit, and only 4 stocks fell below the limit. The profit-making effect of individual stocks is high. The general market rise has obvious characteristics, and the upward trend of the index resonates with the strength of individual stocks, changing the previous structurally differentiated market pattern.

At the level of individual stock sentiment, the daily limit of more than 100 stocks for two consecutive days has become the core indicator of market sentiment, while the echelon of strong connected stocks is complete, highly open, and has a stable promotion rate, which has become an intuitive reflection of short-term capital sentiment. On February 25, the total number of stocks with consecutive boards was 18, which was significantly expanded from the 7 stocks on the previous trading day. Among them, 4 stocks with three consecutive boards or above with high bids reached 4. The height of the market's consecutive boards expanded from 3 consecutive boards before the holiday to 5 consecutive boards in one fell swoop. Short-term relay sentiment continued to recover. Yuneng Holdings, which has five consecutive board targets, is the highest space board in the market, with a single-day transaction volume of 3.359 billion yuan and a turnover rate of 21%.

From the perspective of the structure of daily limit stocks, cyclical stocks and technology growth stocks have become the main force. There are both low-level targets driven by resource price increases and hard technology targets supported by industrial prosperity. The closing rate remains high, the willingness of funds to close the market is strong, and short-term funds and mid-term institutional funds have formed a synergy to promote market sentiment to continue to rise.

Price increase themes lead the rise

In terms of sector operation, the market presents a pattern driven by the dual main lines of cyclical price increases and technological growth, providing support for the continued upward movement of the index. The theme of cyclical price increases has become the core leading force in the market in the past two days. Benefiting from the rise in international commodity prices, the strengthening of domestic strategic resource positioning and the expectation of product price increases, the rare earth, minor metals, non-ferrous metals, oil and gas exploration, phosphorus chemicals, steel and other sectors have exploded across the board.

Among them, the concept of rare earths surged, with Baotou Steel Co., Ltd. and Northern Rare Earth both hitting their daily limit. On the news, the quotations from the Baotou Rare Earth Products Exchange show that the prices of praseodymium and neodymium oxide, praseodymium and neodymium metal, metal neodymium, dysprosium oxide, and terbium oxide have generally risen after the holiday. The average prices on February 24 were 882,000 yuan/ton and 1.0367 million yuan/ton respectively. , 1.12 million yuan/ton, 1.6229 million yuan/ton and 6.438 million yuan/ton, respectively increased by 41,600 yuan/ton, 31,700 yuan/ton, 80,000 yuan/ton, 170,000 yuan/ton and 118,000 yuan/ton compared with before the holiday.

The port shipping sector was also affected by the logic of price increases. China Merchants Energy Shipping and COSCO Shipping Energy all went up by the daily limit at the beginning of the market. As of the close, the total market value had exceeded 110 billion yuan. In terms of news, the prosperity of the oil transportation industry has increased significantly recently and has become a hot spot in the market. The latest data on February 24 showed that the price of renting a very large crude carrier (VLCC) to transport Middle East crude oil to China has exceeded US$170,000 per day, setting a new high since April 2020.

Agency: The spring market is sustainable

Market institutions generally believe that the daily limit of 100 stocks has been exceeded for two consecutive days and the trading volume has gradually increased, confirming the logic of capital entry and the sustainability of the spring market.

A Galaxy Securities research report stated that after the Spring Festival holiday, catalyzed by policy expectations, liquidity support and industrial trends, the market is likely to fluctuate upward. At the same time, it is necessary to pay close attention to the short-term disturbance of market sentiment caused by overseas uncertainties. Around March, the A-share market may take policy catalysis as the core driving force, with funds competing around policy-oriented industry main lines and theme opportunities, showing the characteristics of "rotation of policy hot spots and rapid switching of styles". At the same time, in March, the market logic will gradually shift from "policy expectations" to "performance fulfillment." The disclosure of the 2025 annual report of listed companies and the subsequent disclosure of the first quarter report of 2026 will become the market anchor, and targets whose performance exceeds expectations may receive funding focus.

In terms of allocation opportunities, Galaxy Securities believes that we can focus on two main lines: on the one hand, the concept of "anti-involution" driven by the improvement of the supply and demand pattern and the restoration of industry profits, as well as the valuation of dividend assets with a margin of safety. The allocation logic is still clear. It is recommended to focus on non-ferrous metals, petroleum and petrochemical industries that benefit from rising prices, as well as basic chemicals, steel, cement, building materials, finance and other sectors. On the other hand, as the world's major changes unseen in a century accelerate, the underlying logic of the domestic economy shifts to new productive forces. Semiconductors, artificial intelligence, new energy, military industry, aerospace and other fields deserve attention.

At 16:00 on February 24, 2026, the Thai Tourism Police and Chonburi Immigration Bureau officials conducted a joint operation and arrested four transgender suspects on suspicion of robbing and beating a German tourist in Pattaya. There are still two suspects at large.

The arrest resulted from a report made by a 55-year-old German man to the Pattaya City Police Station. The man said that before 0:45 a.m. on February 24, in a hotel room on Pattaya Road 2, two suspects stole 35,000 baht in cash and 1,200 euros from the room safe.

The tourist said that he found one of the suspects near Pattaya Beach afterwards and tried to control him while calling the police. During the process, he was surrounded by the other suspect's accomplices and was injured.

Police revealed that the tourist had invited the two suspects to the hotel room before the incident. During this period, while he was in the bathroom with one of them, the other person found an envelope containing cash and took the cash. Due to an argument, the original sex deal was canceled and the two men left the room. Police said the suspect admitted to dividing the stolen goods afterwards.

Tourists went out to search for the two men after discovering their belongings were missing, and were confronted by one of them near the beach. Police said the suspect called his accomplices for backup, and others arrived and beat the tourists.

Three of the suspects were charged with joint injury causing injury; another two were also charged with "joint burglary at night". All arrested persons have been detained and will be dealt with according to law.

Police said two of the suspects had apologized and admitted to committing the crime out of greed after seeing the large amount of cash.

The victim expressed appreciation for the Pattaya police's quick action and said he planned to return to the resort city in December this year to thank the police in person for their assistance.

On the 24th, New York Governor Kathy Hochul publicly asked the Trump administration to refund approximately $13.5 billion in tariff payments to New York residents. This move followed the Supreme Court's 6-3 ruling last week that Trump's tariff policies were illegal. Hochul called these tariffs essentially "illegal taxes on consumers, small businesses and farmers," and cited data from the Yale Budget Laboratory, pointing out that the average New York household spent $1,751 more due to tariffs, with a total impact across the state of $13.5 billion.

“These unjustified and illegal tariffs are nothing more than a tax on New York consumers, small businesses and farmers – so I’m demanding a full refund,” Hochul said in a statement. “I will never stop fighting for New Yorkers, which means I will always work to put money in your pockets — not take money out of your pockets.”

The Supreme Court ruled that Trump did not have the authority to impose the tariffs under the emergency powers law, emphasizing that the power to impose taxes rests with Congress. The ruling reverses a broad range of tariffs imposed by Trump last year that were aimed at China and other countries but were criticized for burdening American consumers.

New York State Senator Michelle Hinchey supported the move: "Trump's tariffs unfairly raise taxes on New Yorkers, driving up costs for working people and increasing operating costs for businesses. Our residents and businesses deserve to get this money back."

Hochul is not alone in his efforts, as California Governor Gavin Newsom and Illinois Governor JB Pritzker have also issued similar requests.

In his State of the Union address on the 24th, Trump stated that tariffs would be restored through other means. Analysts said the refund request could trigger a wave of lawsuits across the country and test the federal government's response.