Companies
Alibaba
Ant Group
Baidu
ByteDance
Cambricon
DeepSeek
Huawei
iFlyTek
MiniMax
Moonshot AI
Pony.ai
StepFun
Tencent
Newsfeed · Live
Sep 8, 2026
Compare
2022
2027
DeepSeek
$7.4B
Moonshot AI
$8.2B
Zhipu AI (Z.ai)
$5.8B
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 03:15 AM
SEP 8, 2026
1 story
In pictures: from factory floors to AI – the evolution of innovation in Hong Kong
SEP 7, 2026
14 stories
China’s Xiaomi unveils folding phone with home-grown chip as it takes on Apple, Huawei
China vows deeper cooperation with Qatar in energy, AI and Middle East de-escalation
ByteDance Founder Joins AI Elite in Race to Perfect World Models
Why Tencent is swapping Bilibili equity for debt, and what AI has to do with it
China hits critical Japanese chipmaking chemical with steep anti-dumping measures
CXMT Highlights Smartphone, AI Advances as Market Share Climbs
BYD’s Profit Rebound Has a Price
IQE CEO Warns of Emerging China Supply Risk for Chip Industry
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
Malaysia Eyes Huawei Chips for AI Project Despite US Warning
China won’t permit AI dominance; South Korea’s deepfake crisis: 5 weekend reads you missed
Breakingviews - COMMENTARY: China's AI dragons breathe fire on Nvidia's moat
How generative AI helps SenseTime turn a profit even as Chinese peers struggle
SEP 6, 2026
5 stories
🗞️ByteDance's $30B Loan, Moonshot's IPO Filing, and China's Hottest AI Chip Debut Yet
Punching above their weight: how China’s AI giants stretch each dollar in compute race
Why China’s AI giants spend far less and still shrink compute gap with US rivals
Why China is being urged to study Ukraine’s wartime PR blitz in the AI age
China will never allow any country in this world to achieve AI dominance: Victor Gao
This Week
Items77
Companies15
Rounds18
Last sync03:15 AM
Most Active · This Week
ByteDance
6
Moonshot AI
5
MiniMax
5
Enflame Technology
5
01.AI
01.AI was founded in March 2023 by Kai-Fu Lee and built the open-source Yi model series before pivoting in early 2025 to commercial applications on top of DeepSeek's models, led by its global product PopAI. Most of its LLM training team moved to a joint lab with Alibaba Cloud in January 2025.
Valuation
$1B
Total Raised
$300M+
Yi-Lightning
Text
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.
Context16K
Input
$0.14/1M tokens
Output
$0.14/1M tokens
View Docs ↗
Yi-Coder
Code
Open
Code model (Sep 2024); 1.5B and 9B variants; supports 52 programming languages; 128K context window.
Context128K
Input
Output
View Docs ↗
Yi-1.5
Text
Open
Open-source series (May 2024); 6B–34B variants. Improved coding, math, reasoning, and instruction-following over original Yi.
Context—
Input
Output
View Docs ↗
Yi-VL-34B
Multimodal
Open
34B vision-language model (early 2024). Open-weight multimodal extension of Yi-34B.
Context—
Input
Output
View Docs ↗
Yi-34B
Text
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.
MMLU76.3/100
Context200K
Input
Output
View Docs ↗
Total Raised
$300M+
All rounds
Valuation
$1B
Post-money (approx.)
Last Round
2024
Most recent year
Round Timeline
2023-11
Series A$300M
TencentXiaomiAlibaba CloudSinovation Ventures
2024-08
StrategicUndisclosed
Southeast Asian consortium
AI-powered document workspace targeting global markets. Features chat-with-document, AI presentation generation, and visual understanding. Supports 200+ languages. Primary B2C revenue driver for 01.AI following the company's 2025 pivot away from LLM pre-training.
Kai-Fu Lee Says China Will Win AI Reach Race
零一万物转向企业AI解决方案，计划2027年赴港上市
Li Kaifu Tells New Stories for Ten Thousand Things: From "Six Little Tigers" to "Money Leopards", All in Enterprise AI Transformation
Exposed Zero One Thousand Launches a New Round of Financing and Plans to Apply for IPO in 2027
AI large model company Zero One Everything plans to be listed in Hong Kong in 2027
AI Pioneer Kai-Fu Lee’s Startup Targets Hong Kong IPO Next Year
"Without Kai-Fu Lee, what else would there be for Zero One and All Things?" One dared to ask and the other dared to answer.
Li Kaifu abandoned trillion-parameter model training and fully shifted to enterprise AI with an order scale of 1.5 billion yuan.
Kai-Fu Lee wants to build an upgraded version of Palantir, and Zero One Wagon releases “No. 1 AI”
Kai-Fu Lee creates an upgraded version of Palantir, and Zero-One World officially releases “No. 1 AI”
Lingyiwan launches three “No. 1 decision-making AI” products
Zero One Thousand Transformation Sovereign AI and ToB, Kai-Fu Lee said the goal is not OpenAI but Palantir
Kai-Fu Lee: The U.S. and China Are Winning Different AI Races
The AI business behind a chicken: Lingyiwuwu and Zhengda Group want to run through the closed loop of smart agriculture_Industry News
零一万物放弃基座模型预训练，全面转向政企AI定制化服务
Internal speech on the third anniversary of Zero One Thing: Kaifu Lee disclosed the 2027 listing target and added an additional 20 million option incentives
Watch 01.AI's Kai-Fu Lee on OpenClaw, China's AI Advances
01.ai's Kai-Fu Lee: Why China will beat the US in consumer AI
Is it the first year since multi-agent started working? 01Wanshi strives for "organizational intelligence"
2026, the "first year of enterprise multi-agent", is coming, and Zero-One Wanshi releases six key predictions for the industry
Big Model Marathon: Someone sprints, someone falls behind, how do ten thousand things run to the end?
Kai-Fu Lee appoints three new executives: Zero One Thing’s “Top Project” and Large Model Midfield War
Exclusive reveal! AI Six Little Dragons "Zero, One, and All Things" have a new round of executive changes and are fully committed to deepening the ToB strategy
Conversation with Kai-Fu Lee: The explosion of large model applications will bring greater growth in inference chips
How is AI Agent reshaping the industry? Answers are given by industry leaders such as Zero Ten Thousand Things and Friendly Country, Zhilian
Watch 01.AI CEO on China's AI Development
AI agents to replace humans as basic units of a company, Kai-Fu Lee says
前零一万物联创戴宗宏创业：20人团队，能干上百人的AI定制项目
零一万物万智2.0升级：推出企业级Agent，上线重塑企业工作流
零一万物联创、预训练和C端产品负责人谷雪梅离职创业｜智能涌现独家
01.AI Steps Back from Pretraining Frontier Models, Pivots to Enterprise and Sovereign AI
Kai-Fu Lee's 01.AI stopped pretraining its own frontier LLMs, choosing instead to build tailored solutions on top of open models such as DeepSeek's for enterprise and government clients in finance, gaming, and legal — and increasingly for "sovereign AI" deployments abroad. Lee said the company was preparing a new funding round and a 2027 IPO.
DeepSeek narrows China-US AI gap to three months, 01.AI founder Lee Kai-fu says
零一万物接入DeepSeek等服务企业 李开复称底层模型训练迎来终局
Is Pursuing AGI Too Ambitious for Chinese AI Startups?
Lee Kai-Fu's 01.AI announces it will stop training large language models, with part of its team joining an Alibaba joint lab — raising questions about whether independent AGI pursuit is viable in China.
Chinese start-up 01.AI founder Lee Kai-fu denies asset sale to Alibaba Cloud
李开复又辟谣了 零一万物深夜紧急否认被阿里收购
AI、中企出海……零一万物李开复、红杉中国浦晓燕等大咖热议 创投行业还有哪些投资机会？
China AI Star Kai-Fu Lee Hits Startup Headwinds in U.S.
Ten thousand things play ToB cards, big model companies pay more attention to how to make money
01.AI's Yi-Coder challenges AI giants
「零一万物」完成数亿美元融资，某国际战投、东南亚财团加盟 | 36氪独家
李开复：国内大模型纷纷降价零一万物推出Yi-Large模型API 性能近似GPT-4 价格仅四分之一丨一手
李开复AI公司零一万物发千亿参数模型 预计2024年海外营收过亿｜出海·科技
零一万物发布千亿参数模型 Yi-Large，李开复：中国大模型赶上美国，立志比肩 GPT-5
Chinese AI startup 01.AI looks to raise $200 mln -sources
Tech unicorn 01.AI admits ‘oversight’ in naming AI model built on Meta’s Llama
改名！从Yi改回LLaMA，李开复的零一万物回应开发者质疑
China start-up 01.AI hits US$1 billion value with top-ranked open-source model
李开复再谈大模型，官宣新公司“零一万物”
Kai-Fu Lee
李开复
Founder & Chairman
MiniMax-M1
First open-weight large-scale hybrid-attention reasoning model; test-time compute scaling
Context
1M tokens
Benchmarks
AIME 202576/100
MATH-50095/100
LiveCodeBench62/100
Specifications
Context Window1M tokens
Input Price$0.80/1M tokens
Output Price$2.20/1M tokens
Other Models from MiniMax
MiniMax-Music3 Multimodal
Open-weight text-to-music model; generates full songs with sung vocals (up to 5 min) from lyrics + structured caption
H3 (Hailuo H3) Video Gen
Omni-modal video generator (text/image/video/audio input), up to 15s native 2K video with native stereo audio; open weights planned within days
MiniMax M3 Multimodal
428B params (23B active); 1-million-token context window; novel attention mechanism called MSA; native multimodality
MiniMax-M2.7 Agent
229B MoE; self-evolving agent — 30% perf gain over 100+ rounds; agent teams, complex skills, 24/7 background agents
MiniMax-M2.5 Agent
229B; SOTA SWE-Bench (80.2); 80% of MiniMax's own code generated by this model; M2.5-Lightning at 100 tok/s
MiniMax-M2 Agent
230B MoE (10B active); interleaved thinking; open-source under Modified MIT; free API available
Hailuo-02 Video Gen
Physics-aware video generation; top-3 globally on VBench
Disclosed, 2026 YTD
Funding & Markets
Private funding rounds and public market data for China's leading AI companies
43
Companies tracked
22 public · 21 private
22 public · 21 private
~$29.9B
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 167 rounds
ByteDance
PRIVATE
Valuation$600B
Total Raised~$12.61B+
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$5.79B
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$300M
DeepSeek
PRIVATE
Valuation$50B
Total Raised$7.35B
AI ARR$500M
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
PRIVATE
Valuation—
Total Raised—
Last Round—
SiliconFlow
PRIVATE
Valuation¥7.7B
Total Raised$287M
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
Jul
Sets a lifecycle security framework for AI agents across five stages — assessment, preparation, deployment, use, decommissioning. Requires least-privilege access, restricted network exposure, full audit logging, secondary confirmation on high-risk operations (payments, deletions, permission changes), sandboxing, and secure data wipe on decommission. Reflects a shift from treating agents as lightweight LLM wrappers to integrated systems with memory/tools/autonomy that need dedicated governance.
View Official Text ↗
2025
Mar
Mandates two-layer labeling for all AI-generated text, images, audio, video, and virtual scenes: an explicit label visible to users (text, voice, or graphic indicator) and an implicit label embedded in file metadata as a digital watermark carrying generation information and producer details. Download, copy, and export functions must preserve labels. Content distribution platforms must verify metadata and add indicators when redistributing AI content. Users publishing AI-generated content must declare its origin. Prohibits malicious deletion, tampering, forgery, or concealment of required labels, and bans tools that enable such conduct. Issued March 7, 2025; effective September 1, 2025.
View Official Text ↗🔒 8 more regulations — Paid Subscribers Only
You're viewing the first 2 entries free. The full regulation timeline — 10 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.