Tencent
Tencent is a Chinese multinational technology and entertainment conglomerate and holding company headquartered in Shenzhen. It is one of the highest-grossing multimedia companies in the world, based on revenue.
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Tencent invests in new AI lab founded by former head of Alibaba's Tongyi Qianwen, with initial funding round reaching hundreds of millions of dollars
the new AI lab founded by Lin Junyang, former core head of Alibaba's Tongyi Qianwen, has completed its initial funding round, raising a total of several hundred million US dollars with a post-investment valuation of approximately $2 billion. Sequoia Capital China and Gaorong Capital each led the round with $100 million investments, while Tencent participated with a $20 million investment. Lin Junyang left in March this year due to disagreements over team restructuring. The project has now initiated preparations for a new funding round. Tencent, which is intensifying its AI layout, has previously invested in multiple local large-model enterprises and is also currently participating in the latest funding round of DeepSeek. (The Information)
DeepSeek is reportedly set to complete a funding round of approximately $7 billion, with a valuation as high as $59 billion.
According to Reuters, citing sources, DeepSeek plans to raise approximately $7 billion in its Series A funding round, with a valuation as high as $59 billion. Tencent and CATL will be DeepSeek’s largest external investors; NetEase and JD.com also plan to participate in the investment.
Tencent representative: At present, it is not possible to determine when the WeChat AI agent will be launched.
A Tencent representative stated that the launch date for WeChat’s AI agent remains undetermined, as its release largely hinges on regulatory approval—given WeChat’s 1.4 billion users, compliance procedures may be stricter than those for other products. Regarding the WeChat AI agent, a relevant Tencent executive declined to comment at this time. Earlier media reports claimed the WeChat AI agent is currently Tencent’s “top-priority, highly confidential internal project,” with preparations beginning no later than the first half of 2025. A Tencent representative confirmed this report. (Jin10)
Insider: Tencent is testing a WeChat AI agent prototype
According to the UK’s Financial Times, Tencent is set to launch an embedded AI agent within WeChat. Sources familiar with the matter revealed that Tencent is currently testing a prototype of this AI agent, which can assist users in performing various tasks directly inside WeChat. The company plans to initiate the regulatory approval process required before launch as early as this month. Once regulatory review is complete, Tencent will first conduct a gray-release test with a small group of external users, followed by a phased, gradual rollout. The official launch date has yet to be determined. A person who viewed an early product demonstration said users need only swipe right from WeChat’s main interface to summon the AI agent’s chat window. Sources indicated Tencent has designated this project as its top strategic priority, with management focusing intensely on refining details—yet scaling up to full deployment remains hampered by insufficient computing power supply. Internally, Tencent has preliminarily estimated the cost investment to be extremely high, and it remains unclear whether sufficient revenue can be generated in the short term to offset these costs.
Insider
“BTC OG Insider Whale” Agent: Only the Convergence of Three Factors – Credit, Fed, Geopolitics – Will Trigger a Market Turning Point
Odaily报道, “BTC OG insider whale” Garrett Jin has released his “Weekly Market Strategy Signal.” In his analysis, he points out that the current geopolitical situation and the trajectory of the US dollar are deadlocked: despite US strikes on Iranian-related targets, tensions in the Strait of Hormuz remain unresolved. Although US Secretary of State Rubio signaled “positive news,” the peace agreement proposed by Iran has already been vetoed by the White House.Long-term US Treasury yields continue to hover in the 5.07% – 5.18% range, reaching their highest levels in 19 years. The S&P 500 index briefly hit a new high before quickly pulling back. Garrett Jin believes that a single positive or negative catalyst is insufficient to change the market landscape. Only when at least two of the three key factors—the credit environment, Federal Reserve policy, and geopolitical conditions—converge can the market experience a substantial shift.On another front, capital expenditure in the AI sector is accelerating its shift from the United States to Asia. ByteDance plans to increase its capital expenditure to as high as $70 billion this year, while Tencent and Alibaba are also ramping up their investments. Competition in the AI arena has now escalated to the level of national competition.
Bitcoin
Convergence
Convergence
Geopolitics
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U.S. Approves Sale of NVIDIA H200 Chips to 10 Chinese Companies
According to a Reuters report, the U.S. has approved the sale of NVIDIA H200 AI chips to 10 Chinese companies, including Alibaba, Tencent, and ByteDance; however, no chips have been delivered yet, and related transactions have stalled. The report notes that NVIDIA CEO Jensen Huang joined the U.S. delegation during President Donald Trump’s visit to China in an effort to advance H200 chip sales in China. The U.S. Department of Commerce has also authorized certain distributors—including Lenovo and Foxconn—to directly procure and resell the chips. Yet, due to stringent U.S. restrictions on H200 exports—including security, end-use, revenue-sharing, and legal requirements—these conditions conflict with China’s supply-chain security policies, resulting in increasingly strict order approvals.
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The United States has approved about 10 Chinese companies to purchase H200 chips, with each company capped at 75,000 units
, May 14 - Currently, around 10 Chinese companies have been granted permission to purchase H200 chips. The buyers include Alibaba, Tencent, ByteDance, and JD.com, while Lenovo and Foxconn have been approved as distributors. According to the U.S. license, each customer can purchase up to 75,000 H200 chips, but no shipments have yet been made. China has rejected the Trump administration's mandatory requirement for chips to transit through the U.S. and a 25% fee, and has instructed companies to halt purchases. Nvidia CEO Jensen Huang temporarily accepted an invitation from Trump to join the White House delegation to China and participate in high-level meetings this week. (Reuters)
阿里巴巴
Aster Lists Popular Hong Kong Stocks Including MiniMax and PopMart
Odaily, Decentralized trading platform Aster announced today the official launch of perpetual contracts for Hong Kong stocks, with the initial trading pairs including Tencent (00700.HK), Xiaomi (01810.HK), Pop Mart (09992.HK), and MiniMax (00100.HK).Eliminating the cumbersome account opening procedures and restrictions, users can now trade globally popular assets in one stop on Aster using only cryptocurrency. The Aster team stated that it plans to continuously expand asset categories to cover more high-growth markets, while also continuing to optimize the product experience.
Aster
Alibaba Did Not Participate in DeepSeek’s Financing Negotiations; Market Sources Deny Rumors of a “Breakdown” in Talks
According to Yicai, recent reports indicate that DeepSeek is launching its first round of financing, attracting interest from companies including Tencent and Alibaba in discussions regarding equity investment. However, negotiations between Alibaba and DeepSeek recently broke down. Today, a market source told Yicai reporters that Alibaba likely did not engage in such negotiations.
Market
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Deepseek and Alibaba Funding Negotiations Reportedly Break Down: Alibaba Did Not Participate in Talks
in April, DeepSeek launched a rare massive fundraising plan, attracting major players Tencent and Alibaba. Earlier, media sources claimed that negotiations between Alibaba and DeepSeek had collapsed. In response, a market source exclusively told reporters on May 9 that Alibaba likely did not participate in any talks. (National Business Daily)
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Market news: Alibaba and DeepSeek failed to reach an agreement on specific financing terms, with Tencent potentially subscribing to up to 20% of shares
: A source close to DeepSeek revealed that Alibaba and DeepSeek could not reach an agreement on specific financing terms. On one hand, Alibaba's own ecosystem is not highly compatible with DeepSeek, and DeepSeek is not short of potential external investors, hoping to minimize restrictions on the terms.Additionally, DeepSeek and potential shareholders are currently in negotiations. Bloomberg, citing sources familiar with the matter, reported that Tencent has proposed subscribing to up to 20% of DeepSeek's shares in this financing round, but DeepSeek is reluctant to cede a large proportion of control. According to previous reports, DeepSeek is valued at up to 300 billion and plans to raise 50 billion, of which 20 billion will be internal capital increase and 30 billion external fundraising. This valuation has been confirmed by DeepSeek internal employees. (White Whale Lab)
Market
Whale
White Whale
阿里巴巴
Tencent Hunyuan: Hy3 Preview Sees 10x Growth in Token Usage Within Two Weeks
Tencent Hunyuan announced that since its launch, the token usage of the Hy3 preview has been continuously increasing, with the total volume now exceeding that of the previous-generation model Hy2 by over 10 times. Token usage for code-related and agent-based scenarios has grown especially significantly—by more than 16.5 times in Tencent’s WorkBuddy/Codebuddy and Qclaw applications.
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Meta May Withdraw $2.5 Billion Acquisition of AI Startup Manus
According to The Wall Street Journal, Meta is preparing to unwind its acquisition of AI startup Manus. If Meta proceeds with unwinding the deal, several of Manus’s former Asian investors—including Tencent, Sequoia China, and ZhenFund—plan to cooperate. Additionally, both companies are required to terminate the transaction and fully restore Manus’s assets in China to their pre-acquisition status, including retrieving any data or technology previously transferred to Meta. Manus is a China-related startup headquartered in Singapore, focused on developing AI agents. Meta completed the $2.5 billion acquisition last December and has rapidly integrated the related technologies into its own systems. Should the deal ultimately be unwound, both parties will need to separate the already-integrated technologies and systems. Earlier reports indicated that China banned the transaction on April 27 on national security grounds.
Startup
Street
He Yi: YZi Labs has invested in a Chinese AI large model company
According to “Qianwang” (a column of Tencent News), during the 2026 Hong Kong Web3 Carnival, He Yi revealed at a small-scale KOL meetup that her family office, YZi Labs—co-founded with CZ (Changpeng Zhao)—has invested in a Chinese AI large-model company, though she did not disclose the investee’s name.
Kollect
Kollectiv
ProtoKOLs
DeepSeek plans to raise $1.8 billion in funding, with a valuation of approximately $20 billion.
According to traders, DeepSeek’s recent open fundraising initiative is primarily driven by severe talent attrition. Several core researchers have successively departed, joining ByteDance, Tencent, Xiaomi, and autonomous driving company Yunruilink. Meanwhile, competitors Zhipu AI and MiniMax have already listed on the Hong Kong Stock Exchange, and Moonshot raised funding in three consecutive rounds during the first quarter of this year, with its valuation more than quadrupling since the end of last year.
Meanwhile
Moonshot
Moonshot
Moonshot
Tencent and Alibaba are in talks to invest in DeepSeek, with its valuation potentially exceeding $2 billion.
According to The Information, Tencent and Alibaba are in talks to invest in DeepSeek, which is valued at over $20 billion.
阿里巴巴
Fu Peng Joins Hong Kong–Listed Xinhuo Group as Chief Economist
According to a report by Tencent News’ “Frontline” column, Fu Peng, former Chief Economist of Northeast Securities, has officially joined the Hong Kong-listed company Xinhuo Group (1611.HK) as its Chief Economist. Xinhuo Group has confirmed this appointment. Fu Peng stated that, following his move to Xinhuo Group, he will primarily focus on integrating FICC (Fixed Income, Currencies, and Commodities) with cryptocurrency businesses, leading macroeconomic research and providing investment strategy analysis for institutional clients. Xinhuo Group was formerly known as Huobi Technology and has since transformed into a private-banking-level digital asset custodial service provider. Li Lin, Huobi’s co-founder, is its sole largest shareholder, holding 29.82% of shares. Fu Peng served as Chief Economist at Northeast Securities starting in 2020 and departed from the firm on April 30, 2025.
Peng