Companies
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Huawei
iFlyTek
MiniMax
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Newsfeed · Live
Sep 27, 2026
Compare
2022
2027
DeepSeek
$7.4B
Moonshot AI
$8.2B
Zhipu AI (Z.ai)
$10.8B
CUMULATIVE RAISED · FEATURED
Products
Doubao (豆包)
344.9M MAU
Xiaohongshu (小红书)
300M+ MAU
Qwen (千问)
165.6M MAU
DeepSeek
127.1M MAU
Tencent Yuanbao (元宝)
57.4M MAU
NEWSFEED · LIVE
SYNCED 02:57 AM
SEP 26, 2026
4 stories
Amid many thorny issues with China, Trump pushes to rename AI as superintelligence
China’s AI-led transformation is taking shape. Why are some economists urging caution?
Chinese AI models surge in global popularity — and Washington is worried
Xi-Trump summit: China and US find common ground on AI, tariffs and fentanyl
SEP 25, 2026
8 stories
China's Economy Unbalanced, AI Deal Hard to Envision, Stephen Roach Says
China overtakes US as top workplace for elite AI researchers, study finds
China and the US are racing ahead on AI. Can they manage risks together?
From Suzhou to AI: Singapore, China eye new playbook for economic ties
FutureX Capital founder sees China AI opportunities, warns of robotics bubble
China's Xi urges U.S. to cooperate on AI
China fuels rush to turn AI video into an industry
Why US-China AI Talks Are About Risk Management
SEP 24, 2026
8 stories
US-China Rivalry Fuels Fierce AI Race: Live Q&A
B-2 Spirit, AI cooperation, no US-China conflict: key Xi-Trump takeaways so far
Decision Tree Research CEO Gregory Allen on U.S.-China AI talks
Trump, Xi Thrust Fierce US-China AI Rivalry Into Spotlight
Xi says China, US must keep AI under human control at Trump’s White House welcome
Reps. Liccardo and Kiley on U.S.-China AI safety proposal: We need to give authority to private sector scientists
Trump Says No Moves Toward US, China AI Guardrails in Xi Summit
Trump and Xi Jinping Hold Talks in Washington on Trade, AI and More
Trump and Xi discussed AI during their Washington summit. Trump rebranded 'artificial intelligence' as 'Super Intelligence' and directed U.S. diplomats to use the term, the U.S. proposed a bilateral notification mechanism for national-security-related AI incidents, and China's commerce ministry confirmed the two countries held their first formal AI dialogue.
This Week
Items103
Companies10
Rounds9
Last sync02:57 AM
Most Active · This Week
Alibaba
10
DeepSeek
9
CXMT
3
ByteDance
3
MiniMax
MiniMax is a Shanghai-based AI startup building frontier models across agents, video generation, and social AI. Its products include Hailuo AI (video generation), Talkie (a global AI companionship app), and the M2 agent model series. MiniMax listed on HKEX in January 2026.
0100.HK Price
HK$275.20
Market Cap
~$11.1B USD
MiniMax-Music3
Multimodal
Open
Open-weight text-to-music model; generates full songs with sung vocals (up to 5 min) from lyrics + structured caption
Context
Input
$0.15 per track
Output
View Docs ↗
H3 (Hailuo H3)
Video Gen
Closed
Omni-modal video generator (text/image/video/audio input), up to 15s native 2K video with native stereo audio; open weights planned within days
Design Arena Video1315/100
Context
Input
Output
View Docs ↗
MiniMax-M3
Multimodal
Open
428B params (23B active); 1-million-token context window; novel attention mechanism called MSA; native multimodality
AA Intelligence Index29/100
SWE-Bench Pro59/100
SVG-Bench63.7/100
Context1M
Input
$0.30/1M tokens
Output
$1.20/1M tokens
View Docs ↗
MiniMax-M2.7
Agent
Open
229B MoE; self-evolving agent — 30% perf gain over 100+ rounds; agent teams, complex skills, 24/7 background agents
SWE Multilingual76.5/100
SWE-Bench Pro56.2/100
MLE Bench Lite66.6/100
Context1M tokens
Input
$0.28/1M tokens
Output
$1.20/1M tokens
View Docs ↗
MiniMax-M2.5
Agent
Open
229B; SOTA SWE-Bench (80.2); 80% of MiniMax's own code generated by this model; M2.5-Lightning at 100 tok/s
SWE-Bench80.2/100
BrowseComp76.3/100
GPQA-D85.2/100
Context1M tokens
Input
$0.30–$1.00/hr
Output
$0.30–$1.00/hr
View Docs ↗
MiniMax-M2
Agent
Open
230B MoE (10B active); interleaved thinking; open-source under Modified MIT; free API available
SWE-Bench69.4/100
AIME 202578/100
GPQA-Diamond78/100
Context1M tokens
Input
Output
View Docs ↗
MiniMax-M1
Text
Open
First open-weight large-scale hybrid-attention reasoning model; test-time compute scaling
AIME 202576/100
MATH-50095/100
LiveCodeBench62/100
Context1M tokens
Input
$0.80/1M tokens
Output
$2.20/1M tokens
View Docs ↗
Hailuo-02
Video Gen
Open
Physics-aware video generation; top-3 globally on VBench
VBench Score87/100
Motion Quality90/100
Text Alignment86/100
ContextN/A
Input
$0.06/video (5s)
Output
View Docs ↗
0100.HK Price
HK$275.20
HKEX · 2026-09-25
Market Cap
~$11.1B USD
HKEX · 2026-09-25
Total Raised
$2.17B
VC rounds + IPO proceeds (Jan 2026)
AI ARR
$800M
as of 2026-08
Funding History
2021-12
Angel$31Mval $200M
miHoYoHillhouseIDG CapitalYunqi Capital
2022-03
Pre-A$50Mval $500M
Mingshi InvestmentmiHoYoHillhouseIDG CapitalYunqi Capital
2023-05
Series A$257Mval $1.16B
TencentShunwei CapitalXiaomiXiaohongshumiHoYoHillhouseIDG CapitalYunqi Capital
2023-07
Series A+$50Mval $1.6B
HongShan Capital
2024-03
Series Pre-B$654Mval $2.55B
AlibabaMatrix Partners ChinaChina Life InsuranceBairui CapitalHongShan Capital
2024-12
Series Pre-B+$123.5Mval $3.12B
CICC CapitalCoStone Capital
2025-8
Series Pre-B++$390.4Mval $4.24B
Aspex Master FundJanchor Funds
2026-01
IPOHK$4.818B (~$618M)val $6.5B
Abu Dhabi Investment AuthorityAspex Master FundJanchor FundsAlibaba
↗ Source: HKEX Prospectus — MiniMax (Hailuo Artificial Intelligence)Investor information from third-party press reports
MiniMax's globally popular AI companionship app where users create, customize, and chat with AI personas. Consistently top-grossing on the US App Store in entertainment. Powered by MiniMax's voice and character models.
MiniMax's consumer AI video generation platform. Supports text-to-video and image-to-video with industry-leading motion realism, physics simulation, and 1080p output. Powered by the MiniMax Video model family.
MiniMax's general-purpose AI chat assistant for the Chinese market. Features a 1-million token context window for deep document and long-text analysis, multimodal input, and reasoning capabilities powered by M2 and M2.5.
MiniMax moves on to another story?
Liang Wenfeng CFO in place! Voted Smart Spectrum MiniMax
As CFO, Liang Wenfeng has invested in AI and MiniMax
Zhifu, MiniMax, big cut sales expenses
Blast open source! RunningHub makes the MiniMax H3 12 times faster with full blood, and the local deployment takes off as it is
Smart Spectrum and MiniMax, entering the era of "low price growth"
Smart Spectrum is selling tokens, MiniMax is looking for an identity
What does MiniMax do to achieve AGI?
SkyProduction Exemption Phase 2: MiniMax H3 members get free unlimited access for a limited time!
Are Chinese AI stars Z.ai and MiniMax stuck in losses through 2030?
The smart spectrum is similar to the MiniMax performance but the market value is four times different, and the difference between the technical route and the commercial path is the key
MiniMax M3 "naturalized" Saudi Arabia, China's open source model won the "national customer"
Rumor is that the iPhone 18 Pro will only increase by $100; Kimi, MiniMax will open a store in Tmall; OpenAI responds to Agent attack on German websites
Smart Spectrum and MiniMax Expert Bulletin: ARR Explosive Growth, Domestic Hash Power Commercialization Acceleration
Saudi Firm Humain Unveils Arabic Language Model Developed With China’s MiniMax
Saudi Arabia’s Humain Unveils AI Model Based on China’s MiniMax
Do Z.ai and MiniMax face different financial fates months after Hong Kong IPOs?
MiniMax, Ali layout video Agent at the same time, spell the model to start spelling workflow?
Smart Spectrum and MiniMax, turning big models into two kinds of business
Spectrum MiniMax, crazy selling tokens
The 3-second release is faster than the playback, and MiniMax opens up the real-time commercialization path of AI video
Give the AI a picture of the pot fragment, can it restore the rupture process? Minimax H3 vs Seedance 2.0 Fast Test
MiniMax Eyes AGI Milestone Tied to 1% of Global GDP Output
Minimax Emerges as Mainland China Investors’ New Favorite Stock
Chinese AI Lab MiniMax on Business Strategy
After MINIMAX announced the new model, the cumulative increase exceeded 20%. Institutions said that in the second half of the year or push 3 trillion parametric large models
Dismantle the MiniMax semi-annual report: To B and multimodal, can you fill the "loss black hole"?
The two giants of the big model have exchanged documents: the smart spectrum open platform and API have increased by 27 times, and the net loss of MiniMax is about 2.1 billion
GPT Weekly Report | OpenAI Expands Brazilian Market; MiniMax Exceeds $800m ARR in August; Smart Spectrum Claims Mystery Model “Niulai”
Before the AGI military warrant, the last interim report of MiniMax and Zhibu
MiniMax announces interim results: ARR of $800 million, 80% of B-side, 20x increase in token consumption
MiniMax expands Alibaba cloud pact as compute needs surge for training and inference
MiniMax boosts Alibaba cloud budget 220% to fuel next-gen AI models
MiniMax Wrote Its Own Equation
Minimax: Beginning to merge M3 and H3 into one single multimodal model
The MiniMax ARR skyrocketed by 500% and the token skyrocketed by 2000%! This is the Agent bonus, right?
Unlike the super app, MiniMax resells tokens
MiniMax market value evaporated by 76% in 5 months: revenue increased by 283% in the first half of the year but adjusted net loss increased by 111.2%
MiniMax violated the "ancestral motto", and the company's revenue soared by 700%, secretly becoming a "shovel seller".
B-side revenue increased 7 times over C-side, MiniMax changed a living method | Look at the financial report
T Morning Post | Zhi Spectrum Claims Mystery Model "Niulai"; Brazilian Government Fines TikTok Nearly 200 Million Yuan; MiniMax First Half Revenue Exceeds 2025 Full Year
MiniMax First Half Revenue $117 Million Over 2025 Full Year August ARR $800 Million
Southbound Fund Tracking | Net Purchase Nearly HK $3.2 Billion Inflow into Minimax and Xiaomi Reduced Holding Smart Spectrum
First Half Revenue Exceeds Full Year Last Year, MiniMax Founder: The Next Stage of Speed and Decision Making
MINIMAX: Revision of the annual cap on continuing connected transactions under the Alibaba Cloud Computing Service Agreement
22:36:48, Aug. 26, 2019/PRNewswire/-- MiniMax revises the annual cap on its API and cloud services agreement with Alibaba.
Chinese AI Firm MiniMax’s ARR Jumps to $800 Million
MiniMax revenue more than triples but remains behind pace to meet forecast
China's MiniMax sees revenue nearly quadruple in first half as AI demand surges
MiniMax Sales Nearly Quadruple in Crowded Race for China AI Lead
MiniMax starts earning money from others
Direct results meeting | MiniMax Semi-Annual Results Conference Call for 2026
July Token consumption soars to 20 times the beginning of the year MiniMax CEO Yan Junjie: There will be a large-scale domestic computing power cluster online
MiniMax, the ambition of Claude Code in the video field can no longer be hidden
接连冲高累涨超11%！MiniMax发布AI创作工具Design 获机构看多与“入通”利好共振
MiniMax Design is here, and the video model also has its own Codex
Yan Junjie, founder of MiniMax: At present, artificial intelligence and industry are still combined with universality, but in the future they will be deeply integrated.
MiniMax core engineering leader Ajima resigns
After the release of M3, MiniMax lost one of its generals
Obtained strategic participation from Minimax! Jinjing New Energy raises more than HK$1 billion to advance computing power acquisition
Don’t just sneak up on Seedance 2.5 with a low price, MiniMax H3 has to think a little longer.
MiniMax开源一周，视频模型正在重演DeepSeek的故事
MiniMax, a turnaround
MiniMax will be included in the Hong Kong Stock Connect from now on, with an intraday increase of up to 22.77%
According to actual measurement, MiniMax was priced at 0.1 yuan per second by OiiOii. Small and medium-sized teams were ecstatic, and the theme became the key to profit and loss.
"Access + Overseas Domination" dual catalyst MiniMax once rose nearly 20% during the session
DeepSeek plans to raise prices significantly to raise industry bottom line MiniMax surges 14% the next day
T Morning Post｜MiniMax will be included in the Hong Kong Stock Connect from today; Yushu Technology starts inquiry; Google AI personnel reorganization
Wait, didn’t MiniMax H3 just released? How come the price is only a few cents...
Southbound Fund Tracking｜Net sales exceed HK$1.4 billion, massive inflows into MiniMax sell off Tencent and Alibaba
MiniMax H3 video model ranks first in the open source community, defining the "killing line" in the field of video models
China’s MiniMax curbs overseas access to new AI video model over copyright disputes
MiniMax H3 is going to be Deepseek in the multi-modal field
Meitu's RoboNeo is connected to MiniMax H3 and supports local editing and multi-modal understanding.
This late-stage MiniMax H3 is actually open source?
Moore Thread completes MiniMax H3 multi-modal generation model adaptation
Video AI: MiniMax challenges ByteDance with low price, open weights for new H3 model
China’s MiniMax and ByteDance Release Dueling AI Video Models
Later in the video, danger! MiniMax H3 hand-painted special effects, the multi-modal "Coding moment" is here
GPT Weekly Report｜ByteDance and MiniMax released new models on the same day; NVIDIA, Meta, Microsoft and Dell jointly support open source models
China’s MiniMax Launches New Open-Source AI Video Model
MiniMax H3 is released and will be open source. AI video finally has its own post-processing king.
Seedance-level full-modal control, MiniMax H3’s new solution for commercial video production
MiniMax H3 officially released
China's MiniMax releases H3 video model
Goldman Sachs: MiniMax-W reiterates "buy" rating with target price of HK$860
Wisdom goes to the left, MiniMax goes to the right: differentiation and dilemmas of two large model commercialization paths
Minimax, the big model head player: The "evolution" of the model still requires heavy investment, and it has the ability to make healthy blood ︱Future・♾️
The chip storm between Zhipu and MiniMax has come to fruition. The agency said that the pricing logic has shifted to "fundamental verification"
MiniMax M3’s world premiere computing power is a few cents a day! AI stock trading may be stronger than ordinary people The next generation interactive video model is here! ︱Future・♾️
WAIC2026 conference boosted large model concept stocks MINIMAX and Zhipu both rose by more than 8%
MiniMax Shares Slump After JPMorgan Cuts Target Price Further
Zhipu is panicking! Afraid of becoming the next MiniMax? The truth behind the life and death situation of the AI large model track is revealed
Zhipu, afraid of becoming the next MiniMax
GPT Weekly Report｜MiniMax completed HK$16 billion in financing; the number of calls for Tencent’s new model Hy3 surged; U.S. lawmakers considered restricting U.S. companies from using Chinese models; the Ministry of Industry and Information Technology reminded Claude Code of security backdoor risks
MiniMax takes a beating for the entire AI industry
Investment Industry AI Weekly | Zhipu MiniMax Unban Storm
MiniMax completes HK$16 billion in financing, founder says he will no longer receive salary until AGI is achieved
MiniMax CEO gives up salary as stock plunges 80% from peak
MiniMax CEO Vows to Forgo Salary Until Achieving AGI
MiniMax Shares Drop on $2 Billion Fundraising Plan
After raising 16 billion yuan, the founder announced "zero salary". What will MiniMax do after the ban is lifted?
The 18% plunge on the first day after the ban was lifted. Did MiniMax’s bubble burst first?
MiniMax Yan Junjie: No longer receiving salary, personally using 5% of the company's shares for team incentives and open source support
MiniMax completes HK$16 billion in equity financing
MiniMax raises another HK$16 billion, domestically produced large models set off a financing boom
I Witnessed MiniMax’s “Darkest Hour”
The ban is both lifted, but the two worlds are "ice and fire": What is the difference behind the 11% surge in Zhipu and the 17% plunge in MiniMax?
MiniMax plunged 20% on the first day after the ban was lifted, and its market value fell below 100 billion Hong Kong dollars
China's MiniMax seeks to raise total $2.05 billion via share sale, bond issue
MiniMax Seeks $1.9 Billion From Share Sale, Convertible Bond
Another function of Doubao is offline, and "application generation" has stopped serving; Kimi's first AI-native credit card has finalized American Express and Agricultural Bank of China; MiniMax completed HK$16 billion in equity financing丨AI Weekly Report
On the eve of the lifting of the ban on MiniMax, more than 80% of Pre IPO and cornerstone shareholders expressed long-term holding positions
On the first day after MINIMAX was lifted, the AI duo in Hong Kong stocks continued to be strong, with Zhipu once rising by more than 20%.
MiniMax is about to be lifted from the ban and has received a “buy” rating from three major international financial institutions
14:28:35 [Large model Hong Kong stocks expanded their gains, MINIMAX and Zhipu rose more than 16%]
Zhipu AI, MiniMax shares to test Hong Kong market as lock-ups end
MiniMax M3: Why is an AI company starting to redefine its own value?
Preview of Hong Kong stock news this week | The first batch of restricted shares of Zhipu and MiniMax were lifted, and a number of new stocks such as Luxshare Precision were listed one after another.
Claude Sonnet 5 received negative reviews within one day of its launch: it cannot beat Qianwen and Minimax, and its price/performance ratio is completely overturned.
Coding myth is loosened, MiniMax does not take pressure
Domestic Coding Competition: MiniMax reaches the top spot unexpectedly, DeepSeek dominates the price/performance ratio
MiniMax M3 actual test: first-class model, already working on the execution layer
Will Zhipu be the next MiniMax?
Zhipu Trillion, it’s time to re-evaluate MiniMax
Backstabbing old users, MiniMax swallows a bitter pill
The fifth set of standards for the Science and Technology Innovation Board has been expanded to include large model companies, and Zhipu and MiniMax are expected to speed up their return to A
Intelligent spectrum reaches a new high, MiniMax is under pressure, and the fate of the "big model duo" is different
Alipay’s new product Token Pay is the first to receive the latest domestic large model MiniMax M3
Zhipu Soars 33%, Minimax Stumbles as China's AI Stocks Diverge
Zhipu's Hong Kong shares surged 33% as investors rewarded state-backed AI labs with recurring revenue over consumer-facing peers; Bank of America initiated coverage with buy ratings, targeting Zhipu at HK$1,250 and MiniMax at HK$500.
Can Open-Source Beat OpenAI? Inside China's AI Cost Advantage
Former Hugging Face Asia-Pacific head Tiezhen Wang argues China's open-source labs — DeepSeek, Kimi, MiniMax, Zhipu — hold a structural cost and monetization advantage over closed US models, and are pulling enterprise customers at scale as US model access tightens.
Zhipu soars and Minimax stumbles as China's AI stocks diverge
👐🏻As Anthropic Tightens Access, Chinese AI Labs Open Their Models
How MiniMax, Zhipu, and Moonshot capitalized on the sudden U.S. ban on Anthropic's Mythos & Fable models by releasing M3, GLM-5.2, and K2.7-Code.
MiniMax stands at a crossroads: lifting the ban, raising prices and the triple stranglehold of global giants
Moore Thread: Completed MiniMax M3 large model adaptation
Tencent Cloud: Lowers the prices of MiniMax-M3 and Hy-MT2-Pro models
Zhipu and MiniMax are included in Hengke and will be lifted soon. Can their high valuations withstand the test?
Zhipu vs MiniMax: what’s driving the widening valuation gap in Hong Kong
US stock super IPO changes the valuation anchor of MiniMax and Zhipu
Hong Kong tech gauge welcomes MiniMax, Zhipu in AI milestone amid slump
Dialogue with MiniMax Reasons for Selection: Agents will eventually surpass humans, where will we go from here?
Are "part-time jobs" also given options? Following overseas standards, MiniMax recruits top experts in economics, finance, etc.
Preview of Hong Kong stock market news this week｜The inclusion of Zhipu and Minimax in the Hang Seng Index takes effect, and important macro data at home and abroad are announced
MiniMax’s first report card after its listing: losses and revenue increased at the same time, with overseas share exceeding 70%
Why does everyone think MiniMax and Zhipu are "too expensive"?
AI Agent tickets, MiniMax wants to buy them first
Zhipu, MiniMax prep Shanghai listings: Why China's AI firms are moving back to the mainland
MiniMax M3 first-hand test: 74 logos on Lao Huang’s PPT, I thought I could stump it
Minimax and Zhipu aim to further tap China's AI fever with dual listings
Soared 51% in two days! MiniMax's market value exceeds that of Baidu, with a revenue difference of more than 200 times
MiniMax debuts AI model built for long and complex coding tasks
MiniMax M3 debuts, eclipsing GPT-5.5 and Gemini 3.1 Pro on key benchmark performance for just 5-10% of the cost
8:01 Krypton丨After three years of service suspension, Tianya community has officially resumed access; Guangdong refutes rumors that AI will be used to correct college entrance examination papers; MiniMax plans to be listed on the Science and Technology Innovation Board
Vast AI 3D Startup Raises ~$200M, Becomes China's Latest Unicorn
Beijing-based Vast, an AI-powered 3D content generation startup founded by ex-MiniMax co-founder Simon Song Yachen, raised nearly $200M led by Ince Capital and a China Life-backed fund, reaching a $1 billion valuation; the company's Tripo 3.0 model was released the same week.
MiniMax拟于科创板上市，H股总市值2635亿港元
AI独角兽MiniMax要上科创板了
MiniMax对在科创板上市进行评估
MiniMax：评估于科创板上市，已签订辅导协议
MiniMax拟发行人民币股份并评估科创板上市_滚动新闻_财经
【#MiniMax拟于科创板上市#，#MiniMaxH股总市值2635亿港元#】5月31日晚间，MiniMax Group Inc.在港交所公告，董事会宣布已决议探究拟发行人民币股份的初步建议，可能涉及与专业顾问订立协议及与相关证券或其他监管机构进行咨询及磋商。公司已聘请专业顾
“大模型双雄”MiniMax、智谱竞逐，谁将笑到最后？
【#MiniMax对在科创板上市进行评估#】MiniMax Group Inc.在港交所公告，董事会宣布已决议探究拟发行人民币股份的初步建议。公司在香港联交所成功上市后，公司持续评估资本市场，包括对在科创板上市进行评估。截至本公告日期，本公司已聘请专业顾问就本公司
MiniMax(00100)初步建议拟发行人民币股份财经新闻Financial News
MiniMax：拟于科创板上市
MiniMax拟科创板上市_新浪新闻
AI firm MiniMax prepares for mainland China listing after Hong Kong shares surge
China's AI startup MiniMax explores Shanghai STAR Market listing
19:15:33【MiniMax Group Inc.：对在科创板上市进行评估】
From unlimited tokens to all-staff agents: MiniMax’s AI Native organizational evolution practice
资本市场双布局，MiniMax有何考量？
Xiao K Broadcast Morning Post | Nvidia GTC Taipei 2026 conference opens today MiniMax evaluates the listing on the Science and Technology Innovation Board
MiniMax's global enterprise developer customers exceed one million ARR, and revenue doubles again in 60 days
Hong Kong Stock Morning Post｜MiniMax evaluates listing on the Science and Technology Innovation Board, and various funds accelerate the deployment of Hong Kong stock technology assets
Watch Minimax President on Business Strategy and AI
China’s MiniMax records 1-million client base, fivefold growth in half a year
China AI Upstart MiniMax Doubles Sales Ahead of New Model Launch
徐汇企业MiniMax发布2025财报，全年营收增158.9%！今年2月ARR超1.5亿美元_上观新闻
MiniMax ARR doubles to $300M+, 1M enterprise users ahead of new flagship model
Chinese AI upstart MiniMax's annualised revenue surpassed $300M — more than doubling in two months — while enterprise users hit 1 million, up 5× in six months; next flagship model imminent
MiniMax teases M3 model with new sparse attention mechanism, 15.6X long-context response speed boost
China's MiniMax loses bid to end Disney copyright lawsuit over AI system
China AI firms Zhipu, MiniMax to join Hong Kong’s Hang Seng Tech Index
Chinese AI firms MiniMax Group and Knowledge Atlas Technology – better known as Zhipu AI – will join the Hang Seng Tech Index next month.
Zhipu, Minimax Seen Joining HK Tech Gauge, Luring More AI Bets
What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups
China’s MiniMax Wants AI to Be Your New Work ‘Bestie’
Anthropic指控抄袭背后：中国AI模型约束中何以求发展？|DeepSeek|Minimax|Claude|深度求索|月之暗面_手机新浪网
Actual test of MiniMax M2.7: AI becomes so ruthless that it even hurts itself
New MiniMax M2.7 proprietary AI model is 'self-evolving' and can perform 30-50% of reinforcement learning research workflow
Chinese AI Firm MiniMax More Than Doubles Revenue in First Post-IPO Results
China's Minimax reports strong revenue growth, charts broader AI ambitions
China AI Pioneer MiniMax More Than Doubles Sales In Hot Market
Hong Kong-listed AI firm MiniMax’s revenue jumps 159% on strong demand
After MiniMax became the number one token caller, the next battleground for model manufacturers emerged.
China’s MiniMax, Moonshot top AI token use ranking, ending year of US dominance
Anthropic Says DeepSeek, MiniMax Distilled AI Models for Gains
新一代文本模型MiniMax M2.5上线
MiniMax's new open M2.5 and M2.5 Lightning near state-of-the-art while costing 1/20th of Claude Opus 4.6
中国AI大战：“百模大战”已结束，最大的利润池归属大厂，智谱和MiniMax如何突围？
AI applications are accelerating! MiniMax and Yunzhisheng have been rising day by day, but their commercialization capabilities are still a test
After the launch of Zhipu and MiniMax, the paths of the "Six Little Tigers" diverged
After the successful launch of Zhipu and MiniMax, the paths of the "Six Little Tigers" have diverged. AGI is still the "crown jewel" that is fully competing for it.
Zhipu AI and MiniMax Just Went Public, But They're Not China's OpenAI
Despite research pedigrees and frontier AI ambitions, the public disclosures of both companies reveal uncomfortable truths about the commercial challenges of operating AI startups in China.
After the launch of Zhipu and MiniMax, the domestic large model war comes to an end
MiniMax doubles in Hong Kong debut, marking yet another Chinese AI listing
Watch Chinese AI Firm MiniMax Soars in Hong Kong Trading Debut
AI Firm MiniMax Set for Hong Kong Debut After $619 million IPO
Devoted Gamer’s Fortune Soars to $3.5 Billion on MiniMax IPO
Chinese AI start-up MiniMax shines on Hong Kong IPO debut
MiniMax, China's second 'AI tiger' to go public, doubles in value in Hong Kong debut
China's AI startup MiniMax Group raises $619 million in Hong Kong IPO
MiniMax Founder Was Once Dismissed as a Fraud by Big Tech: Q&A
MiniMax香港公开发售超购1848倍 国际配售提早结束
Large model differentiation: Zhipu and MiniMax go to the left, Kimi goes to the right!
China AI start-up MiniMax kicks off US$538 million Hong Kong IPO
Chinese AI firm MiniMax, others launch Hong Kong IPOs in year-end rush
China’s Zhipu and MiniMax release latest AI models ahead of Hong Kong listing
China’s generative AI tiger MiniMax pursues Hong Kong IPO to expand global reach
Zhipu, MiniMax, and Dark Side of the Moon compete for "the first large model stock"
Chinese AI Unicorns MiniMax and Zhipu Said to Target Hong Kong IPOs Soon
Disney, Universal, Warner Bros Discovery sue China's MiniMax for copyright infringement
MiniMax’s Moment
Alibaba-Backed Chinese AI Startup MiniMax Files for IPO in Hong Kong
Chinese AI firm MiniMax targets $4 billion-plus valuation in Hong Kong IPO, sources say
杨植麟和闫俊杰首次“撞车”，MiniMax视频模型价格一年超万元
Why More Users Don't Necessarily Lead to Better AI Models
MiniMax CEO Yan Junjie explains why applying mobile internet growth logic to AI is misguided — user scale doesn't directly improve model quality, requiring a fundamentally different strategy.
Chinese AI unicorn MiniMax scores big in US with Talkie chatbot app
MiniMax's Hailuo AI adds img2video feature
Investors from Dark Side of the Moon and MiniMax teamed up to invest in the largest funding round in the AI imaging track
Alibaba said to lead new financing round for Chinese AI start-up MiniMax
China AI startup MiniMax raising over $250 million from Tencent-backed entity, others
Yan Junjie
闫俊杰
Founder & CEO
Reference Table
All Models
Compare models across all 43 Chinese AI companies
Company ↕
Model ↕
Type ↕
AA Score ↕
Released ▼
Context ↕
Input ↕
Output ↕
Alibaba
Ovis-VL-Embedding-2B
Open
Compact embedding model init. from Qwen3.5-2B for constrained serving; Apache 2.0
Multimodal
—
2026-09-26
—
—
—
Meituan
LongCat-2.5-Preview
Closed
1.6T/48B-active MoE; adds native image understanding to LongCat's coding/agent strengths; API preview only, no open weights yet, free via OpenCode
Multimodal
—
2026-09-25
1M
$0.30/1M tokens
$1.20/1M tokens
AlibabaUniversal text/image/doc/video/audio embedding model (Alibaba ATH MaaS), init. from Qwen2.5-Omni-3B; Apache 2.0, weights open-sourcing soon
Multimodal
—
2026-09-23
—
—
—
Ant Group6B text-rich design image model, native RGBA output, #1 open-weight model on Artificial Analysis UI/UX leaderboard; MIT license. Flagged by @AdinaYakup — not on tracked company list
Image Gen
2026-09-22
—
—
—
Tencent
Hy Image 3.5 Preview
Closed
Professional image-gen preview, 30% higher human-eval win rate vs Hy Image 3.0; on par with Seedream 5.0 Pro; API-only, $0.024/image
Image Gen
2026-09-22
—
—
—
Xiaomi
MiMo-V2.6-Flash
Open
309B/15B MoE high-throughput omnimodal variant; MIT license
Multimodal
—
2026-09-22
1M
$0.14/1M tokens
$0.28/1M tokens
Xiaomi
MiMo-V2.6-Pro
Open
102B/42B MoE omnimodal flagship; ties Grok 4.7 on Artificial Analysis Intelligence Index, beats Claude Opus 5 on key benchmarks; MIT license
Multimodal
46/100
2026-09-22
1M
$0.435/1M tokens
$0.87/1M tokens
Alibaba
Qwen-Image-2.1
Open
7B open-weights unified text-to-image + editing model; native transparent (RGBA) output; up to 10 reference images
Image Gen
2026-09-20
—
—
—
StepFun
Step 5 Preview
Closed
600B MoE (27B active) flagship agent model for coding, finance, knowledge work; weights scheduled to open Oct 15
reasoning
2026-09-20
1M
$1.0/1M tokens
$2.7/1M tokens
Shengshu Technology
Vidu S2
Closed
Real-time interactive digital-character model (resolution up to 720p from 540p in S1) plus real-time video-editing model; also previewing VR spatial video generation; credit-based API pricing (~$0.05/credit)
Video Gen
2026-09-15
—
—
—
DeepSeek
DeepSeek-V4.1-Flash
Open
New Causal Encoder-Decoder architecture (552B MoE, 8B/16B active); claimed to beat flagship V4-Pro on performance/cost/speed; replaces V4-Pro in routing from Sept 14
Multimodal
39/100
2026-09-10
1M
$0.15/1M tokens
$0.6/1M tokens
Ant Group
Ling-3.0-flash-VL
Open
124B total/5.5B active MoE native image+video multimodal model (understand→reason→act→verify); MIT licensed; flagged by Adina Yakup, org not in the original company list
Multimodal
25/100
2026-09-09
1M
—
—
ModelBest
MiniCPM5-2B
Open
2.5B-param on-device/edge model for agentic use (PCs, phones, robotics, IoT); trained with RL+OPD merging 16 expert models; beats larger Qwen3.5-4B on average score; Apache 2.0
Text
—
2026-09-09
128K
—
—
XiaomiEmbodied world model with sequence variants for modeling continuous interactions; Apache 2.0; caught via Adina Yakup/HF tracking
Embodied
2026-09-08
—
—
—
Xiaomi
MiMo-X-Flash-Preview
Closed
Smaller/faster sibling of MiMo-X-Pro-Preview in Xiaomi's new agentic MiMo-X series; invite-only preview
Text
—
2026-09-08
1M
—
—
Xiaomi
MiMo-X-Pro-Preview
Closed
Next-gen agentic foundation model (~1T total/42B active MoE) for long-horizon task execution and tool use; invite-only preview via MiMo Desktop app; company claims performance near Claude Opus 4.6 in agent scenarios
Text
—
2026-09-08
1M
—
—
iFlyTek
Spark X2.5 (293B)
Closed
293B-param (293B-A30B MoE) flagship base model trained entirely on domestic compute; upgraded coding/agent capability; API-only via Xingchen platform, not open-weighted
Text
—
2026-09-07
1M
—
—
Ant GroupInteractive image/video-to-video world model small enough to run on a single consumer GPU; caught via Adina Yakup/HF tracking, not the per-company search
Embodied
2026-09-05
—
—
—
Alibaba
Qwen-Drive-1.0-4B
Open
First open-weight VLM foundation model for autonomous driving; unifies 3D perception, driving VQA, and motion planning on a Qwen3.5-4B backbone; Apache 2.0
Embodied
2026-09-04
—
—
—
Ant Group
Ling-3.0-flash-Fin
Open
Finance-tuned build of Ling-3.0-flash for investment/agent workflows; 124B total/5.1B active, MIT license; already being quantized for llama.cpp
Text
23/100
2026-08-27
256K
—
—
Tencent
Hy4-preview
Open
770B total/49B active MoE flagship with Gated DeepSeek Sparse Attention; beat GLM-5.3 and Kimi K3 in Tencent's internal blind eval; pitched as open-source coding/agent frontier
Text
—
2026-08-27
1M
$0.83/1M tokens
$2.5/1M tokens
Alibaba
Qwen-3.8-Next
Open
180B-parameter/ 6B parameters activated, A GDN + QSA hybrid architecture, muon optimizer adopted, early preview of the architecture used in Qwen4
Multimodal
—
2026-08-26
262K
$0.16/1M tokens
$0.47/1M tokens
Zhipu AI (Z.ai)
GLM-5.3-Flash
Open
Zhipu's first natively multimodal GLM-5 model, 320B total/18B active, KDA+MLA hybrid attention, mHC adopted, tested anonymously as ox-alpha on OpenCode and OpenRouter
Multimodal
42/100
2026-08-26
1M
$0.075/1M tokens
$0.25/1M tokens
DeepSeek
DeepSeek-V4-Flash-Vision-Exp
Closed
Experimental multimodal (vision) variant of V4-Flash; positioned near Claude Opus 4.8 on agent benchmarks; API-only
Multimodal
—
2026-08-21
1M
$0.44/1M tokens
$1.32/1M tokens
SenseTimeOpen-sourced 8B unified any-to-any model with native 4K image generation and improved editing
Multimodal
—
2026-08-21
32K
—
—
Alibaba
Qwen3.8-27B
Open
27.78B dense model, Apache 2.0, text/image/video input, agent/coding gains over Qwen3.6-27B
Multimodal
34/100
2026-08-14
262K
$0.40/1M tokens
$3/1M tokens
Zhipu AI (Z.ai)
GLM-5.3
Open
Post-trained on the same 744B GLM-5.2 base; built for agentic coding & cyber defense; open weights/API pricing to follow after safety review
Text
34/100
2026-08-14
1M
$1.40/1M tokens
$4.40/1M tokens
MiniMax
MiniMax-Music3
Open
Open-weight text-to-music model; generates full songs with sung vocals (up to 5 min) from lyrics + structured caption
Multimodal
—
2026-08-14
—
$0.15 per track
—
DeepSeek
DeepSeek-V4-Pro-0813
Open
GA release of flagship (was in preview since April); 1.6T total/49B active MoE, agentic gains
Text
36/100
2026-08-13
1M
$0.435/1M tokens
$0.87/1M tokens
Alibaba
Wan2.2-Animate-2-14B
Open
Faster/distilled 14B character-animation & replacement model from Tongyi Lab, Apache 2.0
Video Gen
2026-08-07
—
—
—
Alibaba
Wan 3.0
Closed
Public beta all-in-one video gen/edit model; single continuous shot up to 30s, director-level camera moves, character/scene consistency, and doc/xls/ppt/pdf/md-to-video capability; no open weights (unlike Wan 2.2)
Video Gen
2026-08-06
—
—
—
Ant Group
Ling-3.0-Tiny
Open
Lightweight hybrid-reasoning MoE, 7.9B total/1.3B active, runs on Apple Silicon & NVIDIA DGX Spark
Text
15/100
2026-08-06
262K
—
—
ByteDance
SeedRealtime
Closed
Native audio-visual full-duplex LLM fusing audio/video/text streams for real-time watch, listen, speak interaction; replaces separate ASR/vision/TTS pipeline; live in Doubao app
Multimodal
—
2026-08-05
—
—
—
Alibaba
Qwen-Image-3.0-Pro
Closed
Third-gen image model with ~4.5K-token ultra-long prompts, ~10px fine text rendering, native rendering in 12 languages, dense infographic/document layouts, reference-preserving edits; $0.04/image, API-only
Image Gen
2026-08-05
—
$0.003/image
$0.04/image
XiaomiVLA robot foundation model, Qwen3-VL backbone + Diffusion-Transformer (Mixture-of-Transformers); trained on 100,000+ hrs UMI data plus 7,200+ hrs real-robot data; demoed autonomous laundry folding, washer loading, suitcase packing
Embodied
2026-08-05
—
—
—
Alibaba
Qwen3.8-Max
Open
2.4T MoE, ~95B active/token; text+image+video input; explicit reasoning (low/high/xhigh, xhigh default); flat pricing across full 1M ctx, max output 131K; open weights promised ~mid-Aug 2026 (HF/ModelScope)
Multimodal
45/100
2026-08-03
1M
$2.00/1M tokens
$6.0/1M tokens
RedNote (Xiaohongshu)
dots3-Note Preview
Open
Lightest model in RedNote HiLab's dots3 series — 280B total / 16B active params (MoE), 512K context, natively understands text, images, and audio. An internal harness built on the model scored a certified perfect 42/42 (IMO gold) at IMO 2026.
Text
—
2026-08
512K
—
—
ByteDance
Seedance 2.5
Closed
Native single-shot 30s video generation up to 4K, accepts up to 50 multimodal references; launched head-to-head vs MiniMax H3
Video Gen
2026-07-31
—
—
—
MiniMax
H3 (Hailuo H3)
Closed
Omni-modal video generator (text/image/video/audio input), up to 15s native 2K video with native stereo audio; open weights planned within days
Video Gen
2026-07-31
—
—
—
DeepSeekPublic-beta API release; retrained V4-Flash beats DeepSeek's own larger V4-Pro-Preview on all 9 published agent/coding benchmarks
Text
34/100
2026-07-31
1M
$0.14/1M tokens
$0.28/1M tokens
SenseTimeLightweight 8B-MoT open unified multimodal model (NEO-Unify architecture); adds native 4K image generation and stronger instruction-following edits vs prior U1
Image Gen
2026-07-31
—
—
—
Huawei
openPangu-2.0-Pro
Open
505B-param MoE (18B active), open-sourced with weights, inference code & technical report; trained 100% on Huawei Ascend 910B NPUs
Text
—
2026-07-31
512K
—
—
Alibaba
Qwen3.7-Flash
Closed
Native vision-language Flash upgrade with stronger object recognition, spatial intelligence, and multimodal agent execution
Multimodal
—
2026-07-25
1M
$0.03/1M tokens
$0.13/1M tokens
Ant Group
Ling-3.0-Flash
Open
124B-param MoE, only 5.1B active/token; hybrid-reasoning combines Ling speed + Ring reasoning; outperforms Ant's own 1T Ling-2.6 on 11/12 benchmarks; API-only (no open weights at launch), free on OpenRouter through 2026-08-03
Text
25/100
2026-07-23
256K
$0.021/1M tokens
$0.063/1M tokens
Alibaba
ABot suite
Closed
Amap's full-stack embodied AI upgrade: five models for navigation, manipulation, reasoning, memory, and motion control; claims SOTA on 17 benchmarks
Embodied
2026-07-22
—
—
—
Tencent
Hy-Embodied-VLA-0.5
Open
Vision-language-action model trained on 10,000+ hours of data, deployable across different robot platforms
Embodied
2026-07-19
—
—
—
Tencent
Hy-Embodied-VLM-1.0
Open
Perception model for robots; best-in-class on 19 of 38 benchmarks at 1/10th the compute of Tencent's prior flagship
Embodied
2026-07-19
—
—
—
TencentReasoning engine for embodied cognition: joint language-visual reasoning, world-state prediction, subgoal planning; ships with open RxBrain-Bench
Embodied
2026-07-19
—
—
—
SenseTime
SenseNova-U1 Pro
Closed
Unifies seeing, generating, acting via NEO-unify architecture; native 8K output; debuted at WAIC 2026
Multimodal
—
2026-07-19
—
—
—
Kunlun Tech
Mureka v9.5
Closed
AI music model with O3 reflective-reasoning + MuCo creation agent; pitched as least AI-sounding music generator, unveiled at WAIC
Multimodal
—
2026-07-19
—
—
—
Kunlun Tech
Matrix-Game 3.5
Closed
Interactive world-model upgrade shown at WAIC; 5B model, real-time 720p-class generation at 20FPS with 1-minute memory
Video Gen
2026-07-19
—
—
—
ModelBest
MiniCPM-RobotTrack
Open
0.9B on-device VLA model for person-tracking, unveiled at WAIC 2026; SOTA on 3 tracking benchmarks, runs 5+ FPS on Unitree Go2 onboard compute
Embodied
2026-07-17
—
—
—
ModelBest
MiniCPM-RobotManip
Open
1.5B on-device VLA model for robot manipulation, unveiled at WAIC 2026; outperforms larger models like π0.5 and Qwen-VLA per ModelBest
Embodied
2026-07-17
—
—
—
WeRide
WITT
Closed
Physical AI foundation model built on Atomic Physical Facts; claims 98% lower token cost and 200x data efficiency vs general models (self-reported, unverified)
Embodied
2026-07-17
—
—
—
Unisound
U2-Med
Closed
First tri-medical LLM spanning healthcare, insurance and pharma; built on U2 foundation model
Multimodal
—
2026-07-17
—
—
—
Moonshot AI
Kimi K3
Open
Flagship model, 2.8T total parameters, strong coding and agent capabilities, open weights by July 27
Multimodal
44/100
2026-07-16
1M
$3.00/1M tokens
$15.00/1M tokens
Ant Group
LingBot-VA 2.0
Open
Industry-first embodied-native causal video-action model; dual-stream mixture-of-transformers architecture, unifies frame prediction and policy execution from scratch
Embodied
2026-07-11
—
—
—
Ant Group
LingBot-World 2.0
Open
Open-source world model generating hour-long, no-decay 720p/60fps interactive experiences with built-in dynamic agents; up from minutes-level in v1.0
Embodied
2026-07-09
—
—
—
Alibaba
RynnWorld-4D
Open
DAMO Academy release; generates robot's predicted future as joint RGB + depth + optical-flow stream for manipulation planning, not just 2D video
Embodied
2026-07-08
—
—
—
Ant Group
LingBot-VLA 2.0
Open
6B open-source cross-embodiment model; trained on 60K hrs real-world data across 20 robot morphologies from 17 manufacturers
Embodied
2026-07-08
—
—
—
Ant Group
LingBot-Vision
Open
1.1B-param ViT-g/16 self-supervised vision model using masked boundary modelling, trained on ~161M curated images; 4 sizes released under Apache-2.0
Embodied
2026-07-07
—
—
—
Ant Group
LingBot-Depth 2.0
Closed
Next-gen monocular depth model paired with LingBot-Vision; claims to roughly halve robotic depth-estimation error in challenging scenarios
Embodied
2026-07-07
—
—
—
Tencent
Hy3 (Hunyuan 3.0)
Open
295B total / 21B active + 3.8B MTP layer, 192 routed experts (top-8) + 1 shared; official release upgrades Apr 2026 preview, deployed across WeChat, Yuanbao, WorkBuddy
Text
25/100
2026-07-07
256K
$0.18/1M tokens
$0.60/1M tokens
Shengshu Technology
Vidu S1
Closed
Real-time interactive video model with voice-controlled avatars; 540p up to 42fps; runs on consumer-grade GPUs instead of server clusters
Video Gen
2026-07-03
—
—
—
Zhipu AI (Z.ai)
GLM-5.2
Open
753B params; Rolled out to all GLM Coding Plan tiers (Lite/Pro/Max/Team); standalone API + MIT open weights
Text
51/100
2026-06-01
1M
$1.40/1M tokens
$4.40/1M tokens
MiniMax
MiniMax-M3
Open
428B params (23B active); 1-million-token context window; novel attention mechanism called MSA; native multimodality
Multimodal
29/100
2026-06
1M
$0.30/1M tokens
$1.20/1M tokens
Moonshot AI
Kimi-K2.7-Code
Open
1T total params / 32B active, 384 experts, ~30% lower reasoning-token usage vs K2.6
Code
26/100
2026-06
256K
$0.95/1M tokens
$4.00/1M tokens
StepFun
Step 3.7 Flash
Open
198B total / 11B active params; 1.8B ViT vision encoder; 3 reasoning levels (low/med/high); ~400 TPS; Apache 2.0; supports NVIDIA NIM on-prem deployment
Multimodal
—
2026-06
256K
$0.2/1M tokens
$1.15/1M tokens
Meituan
LongCat-2.0
Open
1.6T para + MoE; trained on 50,000 domestic Chinese chips; next-gen flagship
Text
19/100
2026-06
1M
$0.75/1M tokens
$2.95/1M tokens
XPeng
VLA 2.0
Closed
Second-generation vision-language-action world model — deliberative reasoning, controllable generation, and long-horizon forecasting. Runs on 4 self-developed Turing AI chips (~3,000 TOPS effective) in the Robotaxi platform.
Embodied
2026-06
—
—
—
Alibaba
Qwen3.7-Max
Closed
Flagship closed-source reasoning model. Ranked #1 on Artificial Analysis Intelligence Index (29/100) out of 218 models at release. 1M token context window. Text-only (no multimodal). Architecture reportedly dual-72B. Extended thinking / chain-of-thought mode. Released May 19, 2026.
Text
29/100
2026-05
1M
$2.50/1M tokens
$7.50/1M tokens
Baidu
ERNIE 5.1
Closed
MoE successor to ERNIE 5.0. ~⅓ total params, ~½ active params, 6% of pre-training cost. AIME 2026: 99.6% with tool use (#2 globally). Arena Search: 1,223 (#4 global, #1 China). Released May 9, 2026.
Text
—
2026-05
128K
$0.59/1M tokens
$2.65/1M tokens
Baichuan AI
Baichuan-M4
Closed
Medical AI flagship (May 2026). World #1 on HealthBench, HealthBench Hard & HealthBench Professional. Hallucination rate 3.3% — industry low via factuality-aware RL. Surpasses GPT-5.5, Opus 4.7, DeepSeek-V4-Pro. Powers 百小医 AI family doctor.
Text
—
2026-05
—
—
—
ModelBest
MiniCPM-V 4.6
Open
1.3B multimodal model (SigLip2 + Qwen3.5-0.8B). 260K token context. Runs on consumer phones (iOS/Android/HarmonyOS). Launched May 2026.
Multimodal
—
2026-05
260K
—
—
ModelBest
MiniCPM5-1B
Open
1B language model with 128K token context. SOTA on-device LLM at its size class. Apache 2.0.
Text
—
2026-05
128K
—
—
Zhipu AI (Z.ai)
GLM-5.1
Open
754B flagship — top scores on AIME 2026 (95.3) and GPQA-Diamond (86.2); strong agentic and coding ability
Text
—
2026-04
200K
$0.98/1M tokens
$3.08/1M tokens
MiniMax
MiniMax-M2.7
Open
229B MoE; self-evolving agent — 30% perf gain over 100+ rounds; agent teams, complex skills, 24/7 background agents
Agent
2026-04
1M tokens
$0.28/1M tokens
$1.20/1M tokens
Moonshot AI
Kimi K2.6
Open
1T MoE (32B active), 256K ctx; native multimodal agentic — top SWE-Bench (80.2) and AIME 2026 (96.4)
Multimodal
—
2026-04
256K
$0.60/1M tokens
$2.50/1M tokens
DeepSeek
DeepSeek-V4-Pro
Open
Flagship MoE: 1.6T total / 49B active params, 1M context, FP4+FP8 precision, built-in Think/Non-Think reasoning modes. Codeforces rating 3206.
Text
—
2026-04
1M
$0.435/1M tokens
$0.87/1M tokens
DeepSeek
DeepSeek-V4-Flash
Open
Efficient MoE: 284B total / 13B active params, 1M context. Same architecture as V4-Pro at far lower compute cost. Codeforces 2816.
Text
—
2026-04
1M
$0.14/1M tokens
$0.28/1M tokens
Baidu
ERNIE-Image
Open
8B single-stream Diffusion Transformer (DiT). Best text rendering in open source (LongTextBench: 0.9733). Up to 4K output. Apache 2.0. Released Apr 15, 2026.
Image Gen
2026-04
—
$0.03/image
—
Ant Group
Ring-2.6-1T
Open
1T total params, ~63B active per token; adaptive reasoning via high / xhigh modes; up to 66K output tokens; open weights (MIT); released May 8 2026; free tier available on OpenRouter
Text
—
2026-04
262K
$0.075/1M tokens
$0.625/1M tokens
Ant Group
Ling-2.6-1T
Open
1T total params, ~63B active per token; fast thinking approach cuts token cost to ~1/4 of comparable models; open weights (MIT); released Apr 23 2026; free tier available on OpenRouter via Novita AI
Text
17/100
2026-04
262K
$0.075/1M tokens
$0.625/1M tokens
Ant Group
Ling-2.6-flash
Open
Efficient sparse MoE: 104B total / 7.4B active, hybrid linear attention. 340 tokens/s on 4× H20. Strong agent and tool-use performance.
Text
—
2026-04
262K
$0.10/1M tokens
$0.30/1M tokens
Tencent
Hy3-preview
Closed
295B MoE (21B active); reasoning, coding, and agentic workloads. Via Tencent Cloud TokenHub. Released Apr 23, 2026.
Text
—
2026-04
256K
¥1.2/1M tokens
¥4.0/1M tokens
Xiaomi
MiMo-V2.5-Pro
Open
1.02T MoE, 42B active; KV-cache reduced ~7×; latest generation
Text
26/100
2026-04
1M
$0.0036/1M tokens
$0.087/1M tokens
AGIBot
Genie Operator-2 (GO-2)
Closed
AGIBot's new-generation embodied foundation model, powering autonomous manipulation and locomotion across its AGIBOT A2 and X2 robot lines.
Embodied
2026-04
—
—
—
Xiaomi
MiMo-V2-Pro
Closed
1T+ MoE, 42B active; hybrid attention; 1M token context
Text
—
2026-03
1M
$0.0036/1M tokens
$0.087/1M tokens
Unitree Robotics
UnifoLM-VLA-0
Open
Vision-Language-Action model enabling the G1 humanoid to autonomously perform household tasks from natural language commands. Runs onboard the robot. Open-sourced March 2026 — Unitree's first AI model release.
Embodied
2026-03
N/A
—
—
Kunlun Tech
SkyReels V4
Closed
Audio-visual creation model (Mar 2026). Dual-stream architecture; #1 globally on Text-to-Video (With Audio) and Image-to-Video (With Audio) tracks at release. Generates clips up to 3 minutes.
Video Gen
2026-03
—
—
—
Kunlun Tech
Mureka V9
Closed
Music generation model (Mar 2026). Paragraph-level text control; enhanced mixing quality, vocal expression, and style richness.
Audio
2026-03
—
—
—
Kunlun Tech
Matrix-Game 3.0
Closed
Physics-simulation interactive world model (Mar 2026). 5B params; 720P @ 40FPS; covers 1,000+ scenarios with Unreal Engine data. Industrial-grade real-time interactivity.
Text
—
2026-03
—
—
—
ByteDance
Seed2.0 Pro
Closed
ByteDance's flagship multimodal model. Understands text, image, and video. Ranks #3 globally on LMSYS Vision Arena and #6 on overall text arena. AIME 2025: 98.3, SWE-bench: 76.5%.
Multimodal
—
2026-02
272K
$0.47/1M tokens
$2.37/1M tokens
ByteDance
Seedream 5.0 Lite
Closed
Unified multimodal image generation with chain-of-thought visual reasoning, real-time web search, and native editing. Supports up to 14 reference images. Up to 4K output at 2048×2048.
Image Gen
2026-02
—
$0.026/image
—
ByteDance
Seedance 2.0
Closed
Unified audio-video joint generation model. Accepts text, image, video, and audio inputs; outputs native 2K video (up to 15s) with synchronized audio. 30% faster than Seedance 1.5 Pro.
Video Gen
2026-02
—
—
—
Alibaba
Qwen3.5
Open
Unified vision-language MoE family. Flagship: 35B-A3B (35B total / 3B active) and 397B-A17B. Thinking mode on by default. Supports image, video, text input. 201 languages. Apache 2.0.
Multimodal
—
2026-02
262K (1M w/ YaRN)
—
—
Alibaba
Qwen3-Coder-Next
Open
80B total / 3B active MoE coding agent. Excels at long-horizon agentic tasks, tool use, and IDE integration (Claude Code, Cline, Qwen Code). No thinking mode.
Code
—
2026-02
256K
—
—
Zhipu AI (Z.ai)
GLM-5
Open
754B MoE (40B active); 28.5T token pre-training; top-tier SWE-bench score of 77.8
Text
—
2026-02
200K
$1.40/1M tokens
$4.40/1M tokens
MiniMax
MiniMax-M2.5
Open
229B; SOTA SWE-Bench (80.2); 80% of MiniMax's own code generated by this model; M2.5-Lightning at 100 tok/s
Agent
2026-02
1M tokens
$0.30–$1.00/hr
$0.30–$1.00/hr
Baidu
ERNIE 5.0
Closed
2.4 trillion parameter unified multimodal (text + image + video + audio) in a single autoregressive framework. LMArena Text: 1,460 (#1 China, #8 global); Vision: 1,226 (#1 China, #8 global). Released Feb 6, 2026.
Multimodal
—
2026-02
128K
—
—
Ant Group
LingBot-VLA
Open
Open-source VLA foundation model trained on ~20,000 hours of real-world dual-arm robot data across 9 embodiments
Embodied
2026-02
—
—
—
Ant Group
Ring-2.5-1T
Open
World's first open-source 1T-parameter thinking model. Gold medal level at IMO 2025 (35/42 pts) and CMO 2025 (105/126). 3× throughput for sequences >32K.
Text
—
2026-02
256K
—
—
Ant Group
Ming-flash-omni-2.0
Open
Any-to-any omni model: accepts image, text, video, and audio; outputs image, text, and audio. 100B total / 6B active MoE. Supports zero-shot voice cloning and image generation/editing.
Multimodal
—
2026-02
—
—
—
Ant Group
LLaDA-2.1-flash
Open
Novel diffusion-based language model — not autoregressive. 103B params. Generates text by iterative token editing rather than left-to-right decoding. 102K monthly downloads.
Multimodal
—
2026-02
—
—
—
Baichuan AI
Baichuan-M3
Open
235B medical model (Feb 2026) built on Qwen3 architecture. Former world #1 on HealthBench. Hallucination rate 3.5%. Outperforms human doctors in diagnostic accuracy. 48GB VRAM with W4 quantization.
Text
—
2026-02
—
—
—
JD.com
JoyAI-LLM-Flash
Open
Open-sourced lightweight model — 4.8B total / 3B active params, pretrained on 20T text tokens. Released on HuggingFace as part of JD's open-source push.
Text
—
2026-02
—
—
—
Moonshot AI
Kimi K2.5
Open
1T MoE (32B active); trained on 15T vision+text tokens; thinking & instant modes; agent swarm support
Multimodal
—
2026-01
256K
$0.40/1M tokens
$1.90/1M tokens
DeepSeek
DeepSeek-OCR-2
Open
3B visual OCR model with document-to-markdown conversion, layout-aware grounding, and dynamic resolution. 1.66M monthly downloads.
Multimodal
—
2026-01
—
—
—
Tencent
HunyuanImage 3.0
Open
80B MoE (13B active); text-to-image and image-to-image with reasoning. Open weight on HuggingFace. Released Jan 26, 2026.
Image Gen
2026-01
—
—
—
Meituan
LongCat-Flash-Lite
Open
68.5B MoE, 2.9–4.5B active; fast and efficient
Text
—
2026-01
256K
—
—
AIsphere
PixVerse R1
Closed
Real-time world model; 1080p, <15s latency, physics-aware, infinite temporal continuity
Video Gen
2026-01
N/A
—
—
SenseTime
SenseNova V6.5 Omni
Closed
Real-time multimodal streaming model. Powers SenseChat's live audio/video interaction. Successor to V6 Pro.
Multimodal
—
2026-01
—
—
—
LimX Dynamics
FluxVLA Engine
Closed
LimX's Vision-Language-Action embodied-AI engine powering autonomous manipulation and locomotion on its humanoid and legged robots.
Embodied
2026
—
—
—
DeepSeek
DeepSeek-V3.2
Open
685B MoE with DeepSeek Sparse Attention (DSA). V3.2-Speciale variant won gold at 2025 IMO and IOI. 4.16M monthly downloads on HuggingFace.
Text
—
2025-12
128K
$0.252/1M tokens
$0.378/1M tokens
Kuaishou
Kling I2V 2.0
Closed
Image-to-video with industry-leading subject preservation
Multimodal
—
2025-12
N/A
$0.16/video (5s)
—
Xiaomi
MiMo-V2-Flash
Open
309B MoE, 15B active; trained on 27T tokens; open-source release
Text
22/100
2025-12
N/A
$0.01/1M tokens
$0.30/1M tokens
AIsphere
PixVerse V5.5
Closed
Text/image-to-video; HD output, multiple aspect ratios, character consistency
Video Gen
2025-12
N/A
—
—
Tencent
Hunyuan3D 3.0
Closed
3D asset generation from text, image, or sketch input
3D Gen
2025-11
—
—
—
iFlyTek
Spark X1.5
Closed
MoE reasoning model (29.3B total / 3B active parameters). Supports 130+ languages. Runs on a single Huawei Ascend server. Launched Nov 2025.
Text
—
2025-11
—
—
—
MiniMax
MiniMax-M2
Open
230B MoE (10B active); interleaved thinking; open-source under Modified MIT; free API available
Agent
2025-10
1M tokens
—
—
Infinigence AI
Megrez2-3x7B-A3B
Open
MoE edge model: 3×7B experts, 3B active parameters. Open-weight, Apache 2.0.
Text
—
2025-09
—
—
—
Alibaba
Qwen-Image
Open
Image generation and editing foundation model. Exceptional Chinese + English text rendering. Supports style transfer, object insertion/removal, layered editing, and depth/edge estimation. Released Aug 2025.
Image Gen
2025-08
—
—
—
ModelBest
MiniCPM-V 4.5
Open
8B multimodal model (Qwen3-8B + SigLIP2). Apache 2.0.
Multimodal
—
2025-08
—
—
—
Moonshot AI
Kimi k2
Open
Agentic model with tool use, web browsing, and code execution
Text
—
2025-07
128K
$0.57/1M tokens
$2.30/1M tokens
MiniMax
MiniMax-M1
Open
First open-weight large-scale hybrid-attention reasoning model; test-time compute scaling
Text
—
2025-06
1M tokens
$0.80/1M tokens
$2.20/1M tokens
MiniMax
Hailuo-02
Open
Physics-aware video generation; top-3 globally on VBench
Video Gen
2025-06
N/A
$0.06/video (5s)
—
Shengshu Technology
Vidu Q3
Closed
World's first storytelling-focused video model. Up to 16 sec, 1080p 24fps, native audio sync. Multilingual. Pro and Turbo variants. MCP integration.
Video Gen
2025-06
—
~$0.07/sec
—
Huawei
Pangu Ultra MoE (5.5)
Closed
718B-parameter MoE model (256 experts), trained on the full-stack hardware and software of Huawei Cloud's AI Cloud Service (CloudMatrix 384 supernodes). Part of the Pangu Models 5.5 family, which per Huawei Cloud's own release delivers upgrades across five capabilities: natural language processing, computer vision, multimodal, prediction, and scientific computing.
Text
—
2025-06
—
—
—
RedNote (Xiaohongshu)
dots.llm1
Open
RedNote's first open-source LLM — 142B total / 14B active params (MoE), pretrained on 11.2T high-quality tokens with no synthetic data. Performance comparable to Alibaba's Qwen2.5-72B.
Text
—
2025-06
32K
—
—
DeepSeek
DeepSeek-R1-0528
Open
Latest R1 update: 685B, adds system prompt support, deeper reasoning (23K avg tokens on AIME vs 12K prior). Distilled 8B version achieves 86% on AIME 2024.
Text
—
2025-05
128K
$0.50/1M tokens
$2.15/1M tokens
Kuaishou
Kling 2.0
Closed
4K-capable video generation; advanced camera controls and scene coherence
Video Gen
2025-04
N/A
$0.16/video (5s)
—
Kuaishou
Kolors 2.0
Open
Upgraded photorealistic image model; open-source available
Image Gen
2025-04
N/A
$0.004/image
—
SenseTime
SenseNova V6 Pro
Closed
620B MoE hybrid. Real-time audio/video streaming. Ranked #1 in China in multimodal reasoning at launch. Lowest reasoning cost in industry at launch (Apr 2025).
Multimodal
—
2025-04
256K
¥2.8/1M tokens
¥8.4/1M tokens
Kunlun Tech
Skywork-OR1-32B
Open
Open-source math and coding reasoning model (Apr 2025). 32B params; rivals DeepSeek-R1 on competitive programming benchmarks. 7B variant also available.
Text
—
2025-04
—
—
—
Qihoo 360
360Zhinao3-7B
Open
Latest open-weight 360Zhinao generation (Base / Instruct / O1.5 long chain-of-thought reasoning variant). Free for commercial use.
Text
—
2025-04
32K
—
—
Baidu
ERNIE X1
Closed
Baidu's first dedicated reasoning model with extended chain-of-thought
Text
—
2025-03
128K
$0.28/1M tokens
$1.10/1M tokens
Baidu
ERNIE 4.5
Closed
Improved multimodal and reasoning; best ERNIE for Chinese enterprise tasks. The flagship ERNIE 4.5 model is closed-source, though several variants in the ERNIE 4.5 family are openly available on HuggingFace.
Multimodal
—
2025-03
128K
$0.55/1M tokens
$2.20/1M tokens
StepFun
Step-3
Closed
StepFun's 2025 flagship; 1M token context and native reasoning mode
Text
—
2025-01
1M
$0.57/1M tokens
$1.42/1M tokens
Baichuan AI
Baichuan-M2
Open
32B medical reasoning model (2025) built on Qwen2.5-32B with innovative Large Verifier System for real-world clinical reasoning.
Text
—
2025-01
—
—
—
ModelBest
MiniCPM-o 2.6
Open
8B any-to-any model (text + vision + speech). Surpasses GPT-4o and Gemini 1.5 Pro on single-image understanding benchmarks. Launched Jan 2025.
Multimodal
—
2025-01
—
—
—
Kuaishou
Kling 1.6 Pro
Closed
Previous flagship; supports 1080p, 5-10s clips, camera controls
Video Gen
2024-12
N/A
$0.14/video (5s)
—
Infinigence AI
Megrez-3B-Omni
Open
3B omni model processing text, vision, and audio. Outperforms LLaVA-NeXT-Yi-34B on vision benchmarks. Optimised for on-device and edge deployment.
Multimodal
—
2024-12
—
—
—
Kunlun Tech
Skywork-o1
Open
Reasoning model (Nov 2024) — among China's first o1-style models with chain-of-thought Chinese logical reasoning. Open-source 8B variant (Llama 3.1 base) plus proprietary advanced version.
Text
—
2024-11
—
—
—
Qihoo 360
360Zhinao2-7B
Open
Second-generation 360Zhinao with Base and Chat variants at 4K / 32K / 360K context lengths.
Text
—
2024-11
360K
—
—
Baichuan AI
Baichuan4-Turbo
Closed
Enterprise flagship general LLM (late 2024). 10%+ usability gain vs prior generation; priced at ~80% of GPT-4o. Supports multimodal input.
Text
—
2024-10
192K
—
—
Baichuan AI
Baichuan4-Air
Closed
MoE variant (PRI architecture) of Baichuan4. High performance at low cost for API deployments.
Text
—
2024-10
192K
—
—
01.AI
Yi-Lightning
Closed
MoE flagship API model (Oct 2024). Ranked #6 on Chatbot Arena at launch — joint 3rd among LLM companies. 40% faster inference than prior Yi models. Final model before 01.AI halted pre-training in early 2025.
Text
—
2024-10
16K
$0.14/1M tokens
$0.14/1M tokens
01.AI
Yi-Coder
Open
Code model (Sep 2024); 1.5B and 9B variants; supports 52 programming languages; 128K context window.
Code
—
2024-09
128K
—
—
iFlyTek
Spark 4.0
Closed
Flagship LLM (Aug 2024). Claims comparable performance to GPT-4 Turbo on Chinese language benchmarks.
Text
—
2024-08
—
—
—
StepFun
Step-2
Closed
Very long context window; strong document understanding
Text
—
2024-07
256K
¥0.038/1K tokens
¥0.12/1K tokens
StepFun
Step-1X-Image
Closed
High-resolution image generation model
Image Gen
2024-07
N/A
¥0.04/image
—
01.AI
Yi-1.5
Open
Open-source series (May 2024); 6B–34B variants. Improved coding, math, reasoning, and instruction-following over original Yi.
Text
—
2024-05
—
—
—
Qihoo 360
360Zhinao-Search
Open
Retrieval + 1.8B reranking models that ranked #1 in the Retrieval and Reranking tasks of the C-MTEB leaderboard.
Embedding
2024-05
—
—
—
01.AI
Yi-VL-34B
Open
34B vision-language model (early 2024). Open-weight multimodal extension of Yi-34B.
Multimodal
—
2024-01
—
—
—
01.AI
Yi-34B
Open
Founding open-source model (Nov 2023). Topped HuggingFace Open LLM Leaderboard and C-Eval at launch. 200K-token context variant (Yi-34B-200K) also available.
Text
—
2023-11
200K
—
—
Kunlun Tech
Skywork-13B
Open
Founding open-source bilingual LLM (Oct 2023). 13B params; pretrained on 3.2T tokens. Led same-scale models on CEVAL, CMMLU, and MMLU at launch.
Text
—
2023-10
—
—
—
Baichuan AI
Baichuan2
Open
Open-source bilingual LLM series (Sep 2023); 7B and 13B variants; trained on 2.6T tokens. Available on Hugging Face under permissive license.
Text
—
2023-09
4K
—
—
JD.com
ChatRhino (言犀)
Closed
JD's 100B-parameter industry-focused LLM, blending 70% general data with 30% native supply-chain intelligence data for retail, logistics, finance, healthcare, and city-services applications.
Text
—
2023-07
32K
—
—
Meituan
LongCat-Image
Open
Image generation model, ~6B params; data-quality focused; released Dec 2025
Image Gen
—
N/A
—
—
MeituanChain-of-thought reasoning variant of LongCat-Flash
Text
—
—
256K
—
—
Meituan
LongCat-Flash-Chat
Open
560B MoE, 27B active; open-source; 500K free tokens/day
Text
—
—
128K
—
—
WeRide
WeRide GENESIS
Closed
Generative Engineered Neural Environment for Simulated Intelligence in Self-driving. WeRide's proprietary general-purpose simulation platform combining physical AI with generative AI. Rapidly builds photorealistic simulated cities in minutes, generates diverse edge-case scenarios from billions of km of real-world data, and models realistic pedestrian and driver behavior — all at centimeter-level fidelity. Supports L2++ through L4 AV development and validation via four modules: AI Scenarios, AI Agents, AI Metrics, and AI Diagnosis.
Embodied
—
—
—
—
Pony.ai
PonyWorld 2.0
Closed
Second-generation world model underpinning the Virtual Driver L4 autonomous driving platform. Introduces an Intention layer — a structured representation of decision-making that enables the system to evaluate its own driving decisions, identify accuracy gaps across scenarios, and direct targeted data collection rather than broad undirected improvement. Direct sensor-to-action architecture with no language models in the inference pipeline; runs on 1016 TOPS across three NVIDIA DRIVE Orin-X SoCs with redundant failover.
Embodied
—
—
—
—
Unisound
UniGPT (Shanhai 山海)
Closed
60B+ parameter general large model (v5.0); underpins all Unisound vertical products. Medical, enterprise, and consumer deployments.
Text
—
—
—
—
—
Unisound
U2-ASR 2.5
Closed
First LLM-based semantic ASR model for Chinese. Covers 100+ dialects across 7 dialect systems. >90% accuracy. Available via Token Hub API.
Audio
—
—
—
—
Unisound
U2-TTS / U2-TTS-Clone
Closed
Text-to-speech and voice cloning with full-duplex millisecond response. Available via Token Hub API.
Audio
—
—
—
—
Unisound
U1-OCR
Closed
Industrial-grade document intelligence model for OCR and document understanding. Launched February 2026.
Multimodal
—
—
—
—
—
Disclosed, 2026 YTD
Funding & Markets
Private funding rounds and public market data for China's leading AI companies
43
Companies tracked
23 public · 20 private
23 public · 20 private
~$34.9B
AI startup funding
12 AI-native cos
12 AI-native cos
Compare companies →
Valuation, total funding & AI ARR, side-by-side
Most Active Investors
1
Tencent
16
2
HongShan Capital
12
3
Alibaba
12
4
IDG Capital
9
5
Shunwei Capital
7
Derived live from 170 rounds
ByteDance
PRIVATE
Valuation$600B
Total Raised~$42.21B+
AI ARR$4B
Alibaba
BABA / 9988.HK
Market Cap—
Cloud Revenue (FY25)¥158B
AI ARR¥10B
Zhipu AI (Z.ai)
2513.HK
Market Cap—
Total Raised$10.79B
AI ARR$1.6B
MiniMax
0100.HK
Market Cap—
Total Raised$2.17B
AI ARR$800M
Moonshot AI
PRIVATE
Valuation$35B
Total Raised~$8.2B+
AI ARR$1B
DeepSeek
PRIVATE
Valuation$50B
Total Raised$7.35B
AI ARR$1B
StepFun
PRIVATE
Valuation$10B
Total Raised$3.23B+
Last Round2026
Baidu
BIDU / 9888.HK
Market Cap—
ExchangeNASDAQ: BIDU · HKEX: 9888
Founded2000
Ant Group
PRIVATE
Valuation$79B
Total Raised$20.53B+
Last Round2020
Tencent
0700.HK
Market Cap—
Revenue (FY25)¥751.8B
Founded1998
Kuaishou
1024.HK
Market Cap—
ExchangeHKEX: 1024
Kling ARR$500M
Xiaomi
1810.HK
Market Cap—
Revenue (FY25)¥457.3B
Founded2010
Meituan
3690.HK
Market Cap—
Revenue (FY25)¥364.9B
Founded2010
AIsphere
PRIVATE
Valuation$2B
Total Raised~$669M+
Last Round2026
Unitree Robotics
688836.SS
Market Cap—
FY2025 Revenue¥1.71B
Founded2016
SenseTime
0020.HK
Market Cap—
Revenue (FY25)¥5.01B
Founded2014
Baichuan AI
PRIVATE
Valuation$2.7B
Total Raised$1.04B
Last Round2024
01.AI
PRIVATE
Valuation$1B
Total Raised$300M+
Last Round2024
Kunlun Tech
300418.SZ
Market Cap—
Revenue (FY25)¥8.2B
Founded2008
Evoken
PRIVATE
Valuation$2B
Total Raised$430M+
Last Round2026
iFlyTek
002230.SZ
Market Cap~¥190B
FY2025 Revenue¥27.1B
Founded1999
Infinigence AI
PRIVATE
ValuationUndisclosed
Total Raised~$251M+
Last Round2026
Enflame Technology
688801.SS
Market Cap—
FY2025 Revenue¥990.2M
Founded2018
SiliconFlow
PRIVATE
Valuation¥7.7B
Total Raised$419M
Revenue¥55.3M
Cambricon
688256.SS
Market Cap—
FY2025 Revenue¥6.5B
Founded2016
ModelBest
PRIVATE
Valuation¥20B
Total RaisedUndisclosed
Last Round2026
Moore Threads
— (SSE)
Market Cap—
FY2025 Revenue¥1.505B
Founded2020
WeRide
WRD / 0800.HK
Market Cap—
FY2025 Revenue~$93.6M
Founded2017
Pony.ai
PONY / 2026.HK
Market Cap—
FY2025 Revenue$90.0M
Founded2016
Shengshu Technology
PRIVATE
ValuationUndisclosed
Total Raised~$440M
Last Round2026
DiDi Autonomous Driving
PRIVATE
ValuationUndisclosed
Total Raised$1.39B+
Last Round2025
Unisound
9678.HK
Market Cap—
FY2025 Revenue¥1.21B
Founded2012
Momenta
06880.HK
Market Cap—
FY2025 Revenue¥2.4B
Founded2016
Qihoo 360
601360.SS
Market Cap~$10.1B
Market Cap~$10.1B
Founded2005
CXMT
688825.SS
Market Cap—
IPO Proceeds~$8.6B
Founded2016
Manus (Butterfly Effect)
PRIVATE
Valuation~$500M
Total Raised$75M
Last Round2025
LimX Dynamics
PRIVATE
Valuation¥15B
Total Raised~$400M+
Last Round2026
XPeng
XPEV / 9868.HK
Market Cap—
ExchangeNYSE: XPEV · HKEX: 9868
Founded2014
AGIBot
PRIVATE
Valuation~$1.5B+
Total Raised$84M+
Last Round2025
Huawei
PRIVATE
FY2025 Revenue¥880.9B
R&D Investment¥192.3B
Founded1987
Pragmatik Labs
PRIVATE
Valuation$2B
Total Raised$220M
Last Round2026
RedNote (Xiaohongshu)
PRIVATE
Valuation~$70B
Total Raised~$917M+
Last Round2026
JD.com
JD / 9618.HK
Market Cap—
FY2025 Revenue¥1,309.1B
Founded2004
Data methodology: Funding data on this page is compiled from publicly available sources — company press releases, regulatory filings, and media reports — and fact-checked by Tony Peng with the assistance of AI. Where a round appears in both a company disclosure and press report, company disclosure takes precedence. All figures may be approximate.
Shipped Products
Applications
AI products from China's leading companies, by category
Est. 2026
The essential tracker for China's AI ecosystem
One place to follow every major model release, funding round, product launch, and breakthrough from China's AI ecosystem.
Tony Peng
AI observer · Journalist · Communications professional
China AI Index is a research project built and maintained by Tony Peng — a long-time observer of the AI industry with a background in journalism and communications — with the assistance of AI (Claude Code, Qoder, and Z Code). Tony is also the writer behind Recode China AI, a newsletter tracking the latest advances and news stories in intelligent technologies.
It exists to give English-speaking researchers, investors, journalists, and developers a structured reference for China's AI ecosystem — most authoritative information is published in Chinese, and this site translates and synthesizes it.
What we track
Models
Every major LLM, reasoning model, vision model, and generative AI model from Chinese labs — with benchmark scores, context windows, and live API pricing so you can compare apples to apples.
Financing
Full funding histories for private companies (ByteDance, DeepSeek, MiniMax, Moonshot…) and market data for public ones (Alibaba, Baidu, Tencent, Kuaishou). Valuations, investors, round sizes.
Newsfeed
News covering model launches, research breakthroughs, product announcements, and strategic moves — presented in a clean timeline with company tags and category filters.
People
Key founders, CEOs, CTOs, and researchers behind China's AI labs — with titles, Chinese names, and links to their social profiles so you know the faces shaping the industry.
Members
Regulation
A timeline of China's AI rules — generative AI measures, algorithm filing requirements, model approval lists, data law touchpoints, and provincial subsidy programs. Click any entry for the original text.
Members
Chips
Domestic AI accelerators, training clusters, and memory chips — specs, interconnect bandwidth, process nodes, and deployment status for China's emerging chip ecosystem.
Data Disclaimer
All pricing, benchmark scores, funding amounts, and valuations are sourced from public company announcements, tech media reporting, and developer documentation. They are provided for informational purposes only and may be approximate or subject to change.
Stock prices shown are approximate historical ranges — not real-time quotes. Always verify with a live financial data source before making investment decisions. Benchmark scores reflect results at the time of model release and may not account for subsequent updates.
This database is independently maintained and has no affiliation with any of the companies listed. Information is updated manually on a best-effort basis.
China AI Regulation
A timeline of generative AI rules, algorithm filing requirements, model approval lists, and data law touchpoints — with links to original texts
2026
Sep
Extends the August deployment-side guide upstream to agent system development. Together the two documents suggest TC260 is building a build-and-run pair for agents ahead of any binding rule.
View Official Text ↗
2026
Sep
Four documents released together, the start of a general-plus-sector series. The General Principles apply across all industries; the other three give sector-specific security practice guidance for education, health, and broadcasting/online audiovisual. Drafting units include CESI, the NRTA research academy, NHC and MOE information centers.
View Official Text ↗🔒 14 more regulations — Paid Subscribers Only
You're viewing the first 2 entries free. The full regulation timeline — 16 laws, measures, and strategy documents back to 2017 — is included with a paid Recode China AI subscription.
China's Chip Ecosystem
Domestic AI accelerators, large-scale training clusters, and memory chips — tracking the hardware layer behind China's AI buildout.
AI Accelerators
Clusters & Supernodes
Memory & HBM
Role
Precision
| Company | Chip | Role | Peak Compute | Memory Tech | Capacity | Bandwidth | Interconnect Bandwidth |
TDP | Process | Status | Highlights |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Huawei ↗ | Ascend 910B |
Training |
256 TFLOPS
BF16
|
HBM2e | 64 GB | 2.0 TB/s |
392 GB/s
HCCS 3.0
|
400 W | SMIC N+2 | Production | Most-deployed domestic training chip. Used at Alibaba, ByteDance, Baidu, and Tencent. |
| Huawei ↗ | Ascend 910C |
Training |
800 TFLOPS
FP16
|
HBM2e | 96 GB | 4.0 TB/s |
800 GB/s
HCCS
|
900 W | SMIC N+2 | Production | Dual-die upgrade to 910B. Powers the Atlas 900 A3 SuperPoD (300 PFLOPS). |
| 🔒 18 more accelerators — paid subscribers only | |||||||||||
Specs marked ~ are estimates from third-party analysis. Click any column header to sort. Interconnect Bandwidth = chip-to-chip fabric bandwidth per chip (bidirectional).
| Cluster / Supernode | Operator | Chip | Chip Count | Total Compute | Interconnect Fabric | Notes |
|---|---|---|---|---|---|---|
Atlas 900 A3 SuperPoD (CloudMatrix 384) |
Huawei Cloud | Ascend 910C | 384 |
300 PFLOPS
FP16
|
All-optical (OXC) | Huawei's current-generation supernode. Uses optical circuit switching (OXC) for low-latency inter-chip communication. Announced April 2025 as a full-stack domestic alternative to Nvidia GB200 NVL72. |
Atlas 950 SuperPoD |
Huawei Cloud | Ascend 950 | 8,192 |
8 EFLOPS
FP8
|
16.3 PB/s aggregate | Next-generation supernode targeting 2026 delivery. 1,152 TB total memory. Full liquid cooling. Footprint larger than two basketball courts. Would represent a major leap in domestic training capacity if delivered at spec. |
| 🔒 3 more clusters — paid subscribers only | ||||||
Cluster sizes and compute figures are from official announcements or credible press reports.
| Company | Product | Type | Capacity | Bandwidth | Process | Status | Notes |
|---|---|---|---|---|---|---|---|
| CXMT ↗ | DDR5 |
DDR | 16–32 Gb dies | ~6400 MT/s | ~16nm (G4) | Production | CXMT's latest-generation DDR5, unveiled Nov 2025 — its push into the high-end DRAM market against Samsung, SK Hynix, and Micron. |
| CXMT ↗ | LPDDR5X |
LPDDR | Mobile | ~8533 MT/s | ~16nm | Production | Low-power mobile DRAM for smartphones and edge/AI devices. |
| 🔒 2 more memory chips — paid subscribers only | |||||||
DRAM, HBM, and NAND from Chinese memory makers. Specs marked ~ are estimates from third-party analysis or press reports.