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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
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Zhipu AI (Z.ai)
Zhipu AI is a Beijing-based AI lab spun out of Tsinghua University in 2019, and the world's first large language model company to list on a public exchange, debuting on the Hong Kong Stock Exchange in January 2026. Its GLM model family ranks among the top open-weight models globally on reasoning, coding, and agentic benchmarks.
2513.HK Price
HK$633.50
Market Cap
~$36.2B USD
GLM-5.3-Flash
Multimodal
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
AA Intelligence Index42/100
HLE (with tools)55.3/100
Terminal-Bench 2.184.3/100
Context1M
Input
$0.075/1M tokens
Output
$0.25/1M tokens
View Docs ↗
GLM-5.3
Text
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
AA Intelligence Index34/100
DeepSWE v1.166.9/100
Terminal-Bench 3.028.3/100
Context1M
Input
$1.40/1M tokens
Output
$4.40/1M tokens
View Docs ↗
GLM-5.2
Text
Open
753B params; Rolled out to all GLM Coding Plan tiers (Lite/Pro/Max/Team); standalone API + MIT open weights
AA Intelligence Index51/100
FrontierSWE74.4/100
FrontierSWE74.4/100
Context1M
Input
$1.40/1M tokens
Output
$4.40/1M tokens
View Docs ↗
GLM-5.1
Text
Open
754B flagship — top scores on AIME 2026 (95.3) and GPQA-Diamond (86.2); strong agentic and coding ability
AIME 202695.3/100
GPQA-Diamond86.2/100
SWE-Bench Pro58.4/100
Context200K
Input
$0.98/1M tokens
Output
$3.08/1M tokens
View Docs ↗
GLM-5
Text
Open
754B MoE (40B active); 28.5T token pre-training; top-tier SWE-bench score of 77.8
SWE-bench77.8/100
GPQA-Diamond86/100
AIME 202692.7/100
Context200K
Input
$1.40/1M tokens
Output
$4.40/1M tokens
View Docs ↗
2513.HK Price
HK$633.50
HKEX · 2026-09-25
Market Cap
~$36.2B USD
HKEX · 2026-09-25
Total Raised
$10.79B
VC rounds + IPO proceeds (Jan 2026)
AI ARR
$1.6B
as of 2026-08
Funding History
2022-01
Angel¥20.37M (~$3M)
Innovation Zhiyuan
2022-05
Series A¥152M (~$22M)val $125M
Tongzhi InvestmentsFortune CapitalHuakong CapitalRongpin InvestmentsJiangmen Venture CapitalLuster LightTechTuring VenturesCaizhi Chuangying
2023-02
Series B1¥208M (~$31M)
Legend CapitalQiming Venture Partners
2023-08
Series B2¥410.11M (~$60M)val $500M
MeituanLegend CapitalHuakong CapitalQiming Venture PartnersFortune Capital
2024-01
Series B3¥608.97M (~$90M)
Capital TodayAnt GroupLegend CapitalHuakong Capital
2024-08
Series B4¥1,228.81M (~$181M)val $1B
TencentTAL EducationLei JunAnt GroupHuakong CapitalQiming Venture PartnersSocial Security Zhongguancun Innovation Fund
2024-11
Series B5¥1,358.93M (~$200M)val $1.96B
Prosperity7 (Aramco)Ant GroupBeijing AI Industry FundLegend CapitalChina Mobile 5G FundLianrong Capital
2024-12
Series B6¥4,377M (~$644M)val $2.94B
Zhongguancun Science CityDaxing Industrial FundHangzhou ChengtouChengdu High-techBeijing AI Industry FundZhuhai Huafa GroupLenovoLegend CapitalSocial Security Zhongguancun Innovation Fund
2026-01
IPOHK$4.35B (~$558M)val $3.58B
2026-07-08
Share Sale$4B
2026-09-11
Share Sale and Convertible Bond Sales$5B
Free desktop Agentic Development Environment built around Z.ai's GLM-5.2 model, launched for macOS/Windows/Linux to challenge Cursor, Claude Code, and GitHub Copilot; supports bring-your-own-key configs and includes launch promos (50% quota boost, 5M free tokens).
Zhipu AI's flagship consumer assistant powered by GLM-5. Supports multimodal input (text, image, file), AI drawing via CogView, video generation via CogVideo, web search, and plugin extensions. Available on web and mobile.
Agentic AI system that autonomously operates Android device UIs to complete real-world tasks — booking, browsing, form-filling — without human intervention. Built on GLM and phone-use reinforcement learning.
Zhipu's open-source image and video generation model family. CogView handles text-to-image; CogVideoX handles high-quality text-to-video and image-to-video. Both released under Apache 2.0.
Z.ai open-sources ZCode after coding tool silently uploaded user data
Chinese AI firm Z.ai (formerly Zhipu) apologized after its ZCode coding tool was found silently uploading full developer workspaces, including Git commit histories, to Alibaba Cloud servers without user consent or an opt-out option. Only Z.ai held the decryption keys. After third-party audits from CAICT and NSFOCUS confirmed the data was deleted, the company open-sourced the ZCode project, though the removed commit history limited independent verification.
Chinese AI firm Z.ai faces reputation hit after unauthorised uploads
GPT Weekly Report | OpenAI says AI lets employees “work across borders”; Smart Spectrum launches new model GLM-5.3-FlashX; Huang Renxun says Nvidia chip sales are expected to double in 2027
China’s Z.ai raises revenue target 25% after US$5 billion cash injection
Z.AI’s Cash Burn Drives Alibaba-Like HK Fundraising Spree
Spectrum Advance Spoiler GLM-6.0: Fully Self-Training Method Disclosed
Seeking cash for AI, China’s Z.ai eyes new US$5b fundraising push after July share sale
Z.ai’s fresh US$5b fundraising push comes hot on the heels of July capital raise
China AI developer Z.AI launches $5 billion Hong Kong share, convertible bond sales, term sheet shows
DeepSeek’s New Low-Cost Model Deals a Fresh Blow to OpenAI, Z.ai
Are Chinese AI stars Z.ai and MiniMax stuck in losses through 2030?
DeepSeek, QianQian, ZhiPu appeared in turn, and PC manufacturers finally waited for their ammunition
China’s Moonshot and Z.ai bring AI model subscription race to Tmall’s retail shelves
Chinese shoppers can now buy AI subscriptions from DeepSeek and Z.ai on Tmall
Zhipu Tmall flagship store closed on the first day, and Token retailization experiment was cold
Zhipu Added Time to Its Equation
Do Z.ai and MiniMax face different financial fates months after Hong Kong IPOs?
Chinese AI Model Firm Z.ai’s API Sales Surge in First Half
Chinese AI firm Z.ai posts 400% revenue jump as total losses narrow
Zhipu AI first-half revenue grows 400%
Z.AI Sales Miss Estimates After China’s AI Price War Weighs
🗞️Z.ai Claims the Mystery Model, DeepSeek’s $74B Valuation, and Beijing’s Robot Olympics
Tencent Touts New AI Model It Claims Outperforms Z.AI, Moonshot
Smart spectrum GLM-5.3-Flash launched, Shangtang large device to provide domestic computing power support
The Shangtang large device supports the smart spectrum GLM-5.3-Flash on the line, and the domestic heterogeneous power frontier intelligence enters the era of Pratt & Whitney
Zhipu AI shares jump as viral Ox Alpha model revealed as GLM-5.3-Flash on Chinese chips
Zhipu’s viral Ox Alpha AI model runs entirely on Chinese chips
Z.ai shares surge 8% after releasing new AI model running only on Chinese chips
100,000 Domestic Hash Cards Carrying the Cow: Smart Spectrum Open Source GLM-5.3-Flash
China’s Z.AI Made Ox Alpha Stealth Model That Rivals DeepSeek
更强的GLM-5.3，为什么没有刷屏？
神秘“牛来”模型Ox Alpha刷屏，抢了DeepSeek头条，实测推理能力接近GLM-5
The Mistral paradox: Europe’s push for tech sovereignty relies on China’s Z.ai
The new version of Zhipu AI is too powerful and will not be open source for the time being.
Alibaba’s lightweight Qwen model takes on larger AI systems from OpenAI, DeepSeek, Zhipu
Taking GLM-5 as an example, explore how Jiuzhang Intelligent Cloud Reinforcement Learning System implements “training and pushing consistency”
Zhipu AI’s answer to Project Glasswing marks shift for Chinese cyber safety: researcher
The Powerful Chinese AI Model Experts Warned About—and Waited for—Is Here
Chinese AI company Z.ai (Zhipu AI) released GLM-5.3, an open-weight model it says nears or exceeds Anthropic's and OpenAI's top models on cybersecurity and coding benchmarks; the company is staging a limited rollout over concerns the model could be used for hacking.
Southbound Fund Tracking｜Net purchases of nearly HK$3.1 billion, increased positions in SMIC and Zhipu, and outflows of many AI hardware stocks
News | Paradigm PhanRouter launches GLM-5.3, open for calls today
Zhipu releases GLM-5.3, with stronger programming capabilities; Apple is rumored to be training a domestic dedicated AI model; WeChat: Moments will not have a secondary editing function now, in the past, or in the future | Geeks would have known
China's Z.ai launches model it says rivals Anthropic's Mythos
Chinese AI startup Zhipu (Z.ai) released its flagship GLM-5.3 model with enhanced coding and security capabilities, saying it beat Anthropic's frontier Mythos 5 model on a key cybersecurity benchmark.
GLM-5.3 is here: the base has not been changed, the programming has increased by 50%, and a world-class vulnerability that has been dormant for 40 years has been discovered.
Zhipu launches GLM-5.3 model as China seeks Mythos-level edge in cyber defence
Actual test GLM-5.3: In the week when the gods fight, the top model returned to China and pressed the reset button
Zhipu releases new model GLM-5.3, emphasizing model programming and network security capabilities
Not counting trillions of parameters, GLM-5.3 focuses on programming capabilities and network security
Just now, GLM-5.3 was released: Coding is closer to Fable 5! Bugs that have been dormant for 40 years have been discovered
GPT Weekly Report | Zhipu releases the GLM-5.3 model; DeepSeek releases the official version of V4 Pro and Harness tools; Manus resumes operations as an independent company; Tencent previews the release of the larger parameter model Hy4;
From CXMT to Zhipu AI, Alibaba’s strategic investments are paying off
Just now, Zhipu built a data center using only domestic chips.
China’s Zhipu AI model contains hack after OpenAI models go rogue
China’s Zhipu AI Builds Data Center Using Only Domestic Chips
Zhipu’s computing power ambitions have surfaced. It has built its own 1GW computer room, acquired a Chinese science and technology company Infra for hundreds of millions, deployed self-developed chips, and accelerated the de-"Nvidiaization"
Zhipu rose more than 30% in the afternoon
Investment World 24h | Jack Ma appeared in the stands of the World Cup finals; Zhipu’s market value has dropped back to 400 billion; Shenzhen’s 10 billion state-owned fund was established
Z.AI to Use Only Chinese AI Chips at New Giant Data Center
Zhipu completed a giant data center built and trained entirely on domestic Chinese AI chips, part of the company's push toward chip self-reliance.
The chip storm between Zhipu and MiniMax has come to fruition. The agency said that the pricing logic has shifted to "fundamental verification"
Exclusive | Zhipu ARR reaches US$1 billion, growing 15 times in half a year
Z.AI on Track for $1 Billion Annual Sales in China's Competitive AI Market
Zhipu's Z.AI is on pace to be the first Chinese AI lab to reach $1 billion in annualized sales, extrapolated from its July revenue run rate.
Alibaba Cloud: Lowers the price of GLM-5.2 Fast mode
Zhipu: English name changed to Z.AI Co., Ltd.
Krypton Evening News | Zhipu: Completed the placement of new H shares to raise approximately HK$31.4 billion; Honor and Alibaba will cooperate on AI intelligent terminals; Xiaomi robots realize long-term operation of flexible workpieces in automobile factories for the first time
Zhipu received a net purchase of HK$2.989 billion from southbound funds
WAIC2026 conference boosted large model concept stocks MINIMAX and Zhipu both rose by more than 8%
Zhipu: Completed placement of new H shares to raise approximately HK$31.4 billion
China’s Zhipu AI defies market slump with pursuit of AGI over quick profits
China's Zhipu AI, developer of GLM-5.2, defies slump as it pursues AGI over quick profits
Zhipu is prioritizing a long-term pursuit of artificial general intelligence over near-term profitability, even as parts of China's AI stock rally cooled.
Southbound funds made substantial net purchases last week, and Zhipu received over 10 billion Hong Kong dollars in funds to increase its position.
Exclusive | Zhipu CEO Tang Jie issued an internal letter: After the "GLM moment" and the trillion-dollar club, what is more important?
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
Ling Yunguang: Plans to sell no more than 334,800 Zhipu shares at an appropriate time
Investment Industry AI Weekly | Zhipu MiniMax Unban Storm
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?
Zhipu AI and Iluvatar CoreX soar after launching Hong Kong share sales
Why Chinese AI labs like DeepSeek and Zhipu are looking beyond models to chips
China’s Zhipu AI Shares Surge on $4 Billion Fundraising
When DeepSeek and Zhipu start to develop their own chips, the end result of AI is no longer just a model
Zhipu: The total proceeds from the placement of new H shares are expected to be approximately HK$31.41 billion
Zhipu issued 19.8 million H shares through placement
Zhipu received a net purchase of HK$4.33 billion from southbound funds
China's Zhipu AI raises $4 billion in Hong Kong share sale, source says
Zhipu Cornerstone rose 13% on the first day of lifting the ban and will place and issue 19.8 million H shares
Zhipu AI Hong Kong stocks fluctuate by more than 15% daily, and the valuation of 700 billion is controversial
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%.
AI Firm Zhipu to Raise $4 Billion With Hong Kong Share Offering
Zhipu moved to raise about $4 billion in a Hong Kong secondary share offering, pricing shares at HK$1,588 to HK$1,698 each after its stock's roughly 1,500% rally.
14:28:35 [Large model Hong Kong stocks expanded their gains, MINIMAX and Zhipu rose more than 16%]
China’s AI Lab Zhipu Weighs Custom Chip As Demand for its GLM Model Soars
Zhipu AI, MiniMax shares to test Hong Kong market as lock-ups end
Silicon-based liquidity with a valuation of 7.74 billion yuan hits the “first share of AI Token factory” Alibaba + Huawei + Meituan + Zhipu Betting
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.
Mainland investors buy more Hong Kong shares, favour SMIC, Zhipu AI
Zhipu AI’s new tool turns GLM-5.2 into agent amid Anthropic rivalry
Reaching the frontier of closed source, the strongest domestic products can no longer satisfy GLM-5.2
Will Zhipu be the next MiniMax?
🤖Zhipu AI Chief Scientist Tang Jie: Making Machines Think Like Humans
GLM-5.3 is up to you! Zhipu Tangjie collects opinions from all over the world, and the comment area is all: visual
Zhipu Tang Jie: Successful companies relied on management in the past, but this is no longer possible in the AI era.
Zhipu Trillion, it’s time to re-evaluate MiniMax
China’s Z.ai claims it can match Mythos on cybersecurity
China’s Zhipu AI sparks new ‘DeepSeek moment’ in Silicon Valley
China's Zhipu is closing in on top U.S. AI models with Anthropic and OpenAI held back
Zhipu's open-source GLM models are closing the performance gap with leading US labs, even as Anthropic and OpenAI face restrictions operating in China.
After Anthropic shutdown, China's Z.ai closes frontier gap as it plans dual listing
Baidu Intelligent Cloud releases Baidu Qianfan Token Plan Enterprise Edition, providing GLM-5.2 and other models
Zhipu reportedly considering multi-billion dollar stock offering in Hong Kong
Zhipu Considers Multibillion-Dollar Share Sale in Hong Kong After 2,000% Gain
Zhipu was considering a multibillion-dollar Hong Kong share sale after its stock price rose roughly 2,000% since its January listing.
Anthropic’s AI blackout gives Zhipu GLM-5.2 a chance to shine
Alibaba executives collectively went to the fields to plant rice seedlings. They had been busy all morning and only planted half an acre? Netizens: The real-life version of "Baba Farm" is real; Zhipu's market value exceeds HK$1 trillion; Ledao CEO: Selling a car is harder than me getting into Tsinghua University
Hang Seng Index closed down 0.65%, Zhipu rose more than 15%
Zhipu AI market cap tops HK$1 trillion after GLM-5.2 release
China to match Anthropic’s top AI model in 2026, Zhipu founder tells Musk
GLM’s market capitalization exceeded one trillion Hong Kong dollars for the first time, and GLM-5.2 became the first echelon of global AI programming. What do sellers think?
Zhipu’s market value exceeds one trillion. Is the valuation of “Chinese version of Anthropic” established?
Zhipu AI Valuation Controversy: Technological Revolution May Surge Economic Growth
Zhipu once soared by more than 40%. Is it just speculation or is the big model entering the cash-out period?
Zhipu's market value exceeds one trillion. Has the valuation anchor of large model companies switched?
Artificial intelligence in Hong Kong stocks tops the list, Zhipu rose more than 40% during the session and its market value exceeded one trillion Hong Kong dollars
When will China's big models such as Zhipu catch up to the level of Fable? Musk: Or in the first quarter of 2027
Zhipu Science and Technology Innovation Board IPO guidance and acceptance new model stimulates market value to exceed HK$930 billion
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
The IPO coaching status of Zhipu Science and Technology Innovation Board has been changed to "Coaching and Acceptance"
National Supercomputing Internet launches GLM-5.2 model service
Moore thread completes GLM-5.2 Day-0 adaptation
Actual measurement of GLM-5.2: After Claude 5 was shut down, it was able to steadily catch this wave of users.
Just now, under Fable-5, the open source GLM-5.2 of Zhipu won the first place in AI programming!
Muxi shares Xiyun C series GPU Day 0 adapted to Zhipu GLM-5.2 flagship model
Science and Technology Innovation Board Evening News | Zhipu IPO coaching status changed to "Coaching and Acceptance" Huicheng Shares plans to acquire 100% equity of Zhenglong Xinchuang
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.
Krypton Evening News | my country successfully launched 8 satellites including Jixing Gaofen 07C04; Xiaohongshu may be ready to submit an IPO application in Hong Kong this month; Zhipu: The company has launched the latest generation flagship model GLM-5.2
Zhipu AI’s stock rockets after Chinese firm launches GLM-5.2 model
Zhipu surges 33% as Wall Street raises bets on China AI after Anthropic curbs
Zhipu Shares Surge 48% After JPMorgan Raises Price Target
Zhipu once rose nearly 48% intraday, and the new model GLM-5.2 has been fully opened
Zhipu soars and Minimax stumbles as China's AI stocks diverge
Zhipu: The company has launched the latest generation flagship model GLM-5.2
Zhipu Hong Kong stocks rose nearly 48% during the session
09:34:56 [Big model Hong Kong stocks are strong, Zhipu once rose by more than 40%]
👐🏻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.
Zhipu: GLM-5.2 will be open to all GLM Coding Plan users
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
Shenzhen Stock Exchange: The Hong Kong Stock Connect under Shenzhen-Hong Kong Stock Connect has been transferred to 6 stocks including Mingming Busy and Zhipu.
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
Hard Krypton Exclusive | Tang Wenbin’s “Force Lingji” merged with a logistics robot company, and received investment from Zhipu, SenseTime, Leap, etc.
Why does everyone think MiniMax and Zhipu are "too expensive"?
Zhipu, MiniMax prep Shanghai listings: Why China's AI firms are moving back to the mainland
The market value of Zhipu AI surged 13 times in 5 months, and the advantage of programming vertical drove the counterattack
Minimax and Zhipu aim to further tap China's AI fever with dual listings
Zhipu intends to list on the Science and Technology Innovation Board to raise 15 billion yuan, and the domestic large model duo will accelerate their "return to A"
Zhipu invests in Yuzhun Network Technology Company
Zhipu becomes an LP again and joins hands with Cathay Haitong to set up a 540 million AI industry fund
Zhipu has a market value of 500 billion, and Beijing’s biggest wealth creation boom this year was born
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
China’s Alibaba, ByteDance and Zhipu AI make the cut on Time’s first AI A-list
Large model realizes "8-hour work system"! GLM-5.1 greatly improves long-range mission capabilities
China’s Zhipu AI open-sources GLM-5.1, raises prices to trim gap with US rivals
Podcast: Z.ai, inside one of China's top AI companies
What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups
Shares of China AI 'tiger' Zhipu surge 35% after revenue doubles in first earnings report
The rise of “Token economy” has been verified again! Zhipu releases “exploding” data: Agent scenario penetration opens up profit margins
Zhipu AI revenue jumps 132% in first post-IPO report, missing estimates
Zhipu accelerates pivot to domestic chips amid AI boom in China
Zhipu joins the "lobster farming" trend, and AI Agent enters the "working era"
Zhipu AI’s shares tumble nearly 23% on computing woes, user complaints
DeepSeek Didn't Show Up—GLM-5 and Qwen3.5 Did, and They Came to Win
With DeepSeek quiet, Zhipu AI's GLM-5 and Alibaba's Qwen3.5 took center stage, proving Chinese models remain within months of the global frontier even without their most celebrated lab.
China’s Zhipu AI launches new major model GLM-5 in challenge to its rivals
After experiencing the GLM-5 just released by Zhipu, I finally understand why it has made Silicon Valley guess.
Zhipu: Make structural adjustments to the GLM Coding Plan package price, with an overall increase of 30% starting from
Chinese AI startup Zhipu releases new flagship model GLM-5
Zhipu leads rally in Chinese AI stocks, surging 30% as a wave of new releases hits market
DeepSeek boosts AI model with 10-fold token addition as Zhipu AI unveils GLM-5
Computing constraints force China’s Zhipu to restrict AI coding service sign-ups
Zhipu AI's Deepseek-like breakout
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 breaks US chip reliance with first major model trained on Huawei stack
The duo of large AI models continue to be popular, with a cumulative increase of 82% since the launch of Zhipu
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
Chinese AI Firm Zhipu Makes Lukewarm Trading Debut
China’s OpenAI Rival Zhipu Debuts in HK After $558 Million IPO
From Tsinghua Laboratory to the Hong Kong Stock Exchange, Zhipu CEO Zhang Peng’s six-year AGI race
Zhipu AI’s Hong Kong stock opened 3.27% higher on its first day of listing and is now up nearly 9% with a market value of approximately HK$55.5 billion.
Zhipu AI is officially launched today. This article explains 6 things you want to know.
The first of China’s 'AI tigers' goes public as Zhipu climbs in Hong Kong debut
China’s Zhipu Says AI Price War Will Spread Internationally
Large model differentiation: Zhipu and MiniMax go to the left, Kimi goes to the right!
China’s Zhipu AI launches US$560 million share sale amid heated IPO tech race
Zhipu AI’s Hong Kong stock IPO is priced at HK$116.2, with an overall valuation of HK$51.8 billion.
Zhipu AI ramps up push towards human-level AI, reiterates open source pledge
China’s Zhipu and MiniMax release latest AI models ahead of Hong Kong listing
Zhipu AI, ranked "second"
Chinese AI ‘tiger’ Zhipu moves closer to US$300 million Hong Kong listing
Is the “first large model stock in the world” coming? Zhipu’s “family wealth” is exposed, with revenue of 312 million and valuation of 24.3 billion
Zhipu AI’s transfer to the Hong Kong Stock Exchange for listing has passed the hearing. In the first half of the year, the revenue was 191 million yuan and the loss was 2.3 billion yuan.
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
Zhipu Grows Revenue and Users on Path to China’s First AI IPO
Exclusive | Zhipu AI sees tenfold surge in foreign users as Chinese AI gains traction
DeepSeek and Z.AI Bet on Visual Compression to Solve Long-Context Problem
DeepSeek and Zhipu's Z.AI explore whether rendering long documents as images and compressing them with vision-language models can slash the compute cost of processing extended contexts.
China's Zhipu AI says full artificial superintelligence unlikely by 2030
智谱旗舰模型GLM-4.5重磅发布 相关企业有望站上风口
OpenAI: Zhipu AI is fuelling China’s global push for US tech alternatives
OpenAI says China's Zhipu AI gaining ground amid Beijing's global AI push
Chinese AI stalwart Zhipu eyes expansion on back of Belt and Road Initiative
Zhipu AI ramps up overseas expansion strategy ahead of IPO
China AI unicorn Zhipu eyes IPO filing this year after DeepSeek’s success
China's Zhipu AI launches free AI agent, intensifying domestic tech race
US-blacklisted Zhipu AI gets fresh funding from Chinese state firm
China's Zhipu AI raises $137 million as state funds bet on AI race
What is Zhipu AI?
Alibaba's QwQ Reasoning Model, Zhipu's GLM-PC Agent, and New US Chip Restrictions
Alibaba releases QwQ, an o1-style reasoning model beating OpenAI's o1-preview on math; Zhipu AI launches GLM-PC for computer operation; and the US prepares tighter chip rules targeting China.
Zhang Peng, CEO of Zhipu AI: The industry is pursuing super applications too hastily and cannot produce results in the period of "stupid models"
GPT Revolution｜Zhipu AI re-launches smart bodies How far are we from personal AI assistants?
Chinese unicorn Zhipu AI raises US$210 million to invest in start-ups
China’s Zhipu AI says its app can operate your smartphone for you
GPT Revolution｜Zhipu AI free and open Wensheng video model generates videos of up to 6 seconds
Zhipu AI, 360, and Tsinghua funds have all invested in the AI application "Shovel Seller" silicon-based mobile platform to complete nearly 100 million yuan in financing
Zhipu AI's equity went from being cold to becoming a hot commodity. The founding shareholder Zhongke Chuangxing went from actively selling shares to being forced to withdraw its shares.
Alibaba and Tencent invested in Zhipu AI. After four years of business founded by a professor from the Department of Computer Science at Tsinghua University, the company became a unicorn.
Inside Tencent Hunyuan, Ant's Financial LLM, and Zhipu AI's Rising Valuation
A roundup of three major China AI developments: Tencent's Hunyuan LLM reduces hallucinations by 30–50% and integrates across 50+ internal products; Ant Group launches a specialized Financial LLM for consumer and professional use; and Zhipu AI's valuation surpasses RMB 10 billion following a funding round led by Meituan.
China's Baichuan, Zhipu AI launch AI models after receiving approval
Zhang Peng
张鹏
CEO & Co-founder
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.