Hainan Launches Island-Wide Customs Closure, Marking a Major Step for China’s Largest Free Trade Port
海南全岛封关启动，中国最大自由贸易港迈出关键一步
On December 18, Hainan Free Trade Port officially launched island-wide customs closure operations, marking a new phase in China’s high-level opening-up.
12 月 18 日，海南自由贸易港正式启动全岛封关运作，标志着中国高水平对外开放进入新阶段。
The “customs closure” does not mean isolating the island, but rather designating Hainan as a special customs supervision zone.
所谓“封关”，并非封岛，而是将海南整体划为海关监管特殊区域。
Under the policy of “opening the first line, controlling the second line, and free circulation within the island,” cross-border flows will become more convenient.
在“‘一线’放开、‘二线’管住、岛内自由”的政策框架下，跨境往来将更加便利。
Goods outside restricted lists may flow freely, while items not listed in the taxable catalog will be exempt from tariffs.
清单外货物可自由进出，目录外货物将免征关税。
With the gradual implementation of “zero tariffs, low tax rates, and a simplified tax system,” costs for businesses and consumers are expected to fall further.
随着“零关税、低税率、简税制”逐步落地，企业和消费者的成本有望进一步降低。
“China’s OpenAI” Nears IPO as Zhipu AI Eyes Global Leadership in Large Models
“中国版 OpenAI”即将上市，智谱 AI 冲刺全球大模型第一股
Zhipu AI, often dubbed “China’s OpenAI,” has passed its Hong Kong listing hearing and is set to go public soon.
被称为“中国版 OpenAI”的智谱 AI 已通过港交所聆讯，即将登陆资本市场。
Founded six years ago, the company has completed eight funding rounds, raising over 8.3 billion yuan with a valuation of 24.38 billion yuan.
公司成立仅六年，已完成八轮融资，累计融资超 83 亿元，最新估值达 243.8 亿元。
Its technology centers on the GLM model family, forming a comprehensive ecosystem from base models to applications.
其技术以 GLM 系列大模型为核心，构建了从基础模型到应用的完整体系。
Since adopting a MaaS strategy in 2021, its open platform has attracted over 2.7 million developers, with nine of China’s top ten internet firms using its models.
自 2021 年布局 MaaS 模式以来，其开放平台已吸引 270 万以上开发者，中国前十互联网公司中有九家接入其模型。
Between 2022 and 2024, Zhipu AI achieved a compound annual revenue growth rate of 130 percent, leading the race to become the world’s first listed large-model company.
在 2022 至 2024 年间，智谱 AI 的营收复合年增长率达 130%，率先冲刺“全球大模型第一股”。
Pinduoduo Revamps Governance as Temu Aims to “Rebuild Another Pinduoduo”
拼多多升级治理架构，Temu 或将“再造一个拼多多”
On December 19, Pinduoduo Group announced a major governance overhaul at its annual shareholders’ meeting.
12 月 19 日，拼多多集团在年度股东大会上宣布升级公司治理架构。
The company adopted a co-chairman system, appointing Zhao Jiazhen alongside Chen Lei as co-chairman and co-CEO.
集团正式实行联席董事长制度，由赵佳臻与陈磊共同担任联席董事长兼联席 CEO。
New senior executives in engineering and finance were also appointed to support rapid business expansion.
公司同时任命了新的工程高级副总裁和财务总监，以支撑业务快速扩张。
Chen Lei noted that Temu achieved in three years what took Pinduoduo nearly a decade to accomplish.
陈磊表示，Temu 用三年时间走完了拼多多近十年的发展历程。
Zhao emphasized an all-in strategy on China’s supply chain, predicting Temu could recreate another Pinduoduo within three years.
赵佳臻强调将全面押注中国供应链，并认为 Temu 有望在未来三年再造一个拼多多。
Elon Musk’s $56 Billion Pay Package Reinstated in Landmark Court Ruling
马斯克 560 亿美元薪酬案反转，天价激励方案重获生效
The Delaware Supreme Court has reinstated Elon Musk’s 2018 compensation package from Tesla, reversing a lower court ruling.
美国特拉华州最高法院近日裁定，恢复马斯克 2018 年从特斯拉获得的薪酬方案。
Two years earlier, a lower court had rejected the deal and later ordered it voided in 2024.
此前两年，下级法院曾驳回该协议，并在 2024 年下令撤销相关安排。
The latest decision allows Musk to be compensated for his work at Tesla since 2018.
最新裁决意味着马斯克可以为其自 2018 年以来在特斯拉的工作获得报酬。
The package grants stock options enabling Musk to purchase approximately 304 million shares at a discounted price upon meeting milestones.
该方案以期权形式激励，允许马斯克在达成业绩目标后低价购买约 3.04 亿股特斯拉股票。
As Tesla met those milestones, the value of the package surged to nearly $120 billion, making it one of the most controversial pay deals in corporate history.
随着特斯拉完成业绩目标，该方案价值一度膨胀至约 1200 亿美元，成为公司治理史上最具争议的薪酬案例之一。