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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CXMT's Market Cap Nears Intel's, Joining Ranks of World's Most Valuable Chip Manufacturers
According to Business Insider, Chinese memory chip manufacturer CXMT saw its stock price surge significantly after listing on the Shanghai STAR Market, with its market capitalization reaching approximately $540.5 billion, close to Intel's $552.6 billion and surpassing Tencent's $505.8 billion, becoming the 24th largest company globally by market capitalization.
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Fu Peng: AI Capital Expenditures by Major Firms Like Alibaba and Tencent Disrupt the High Free Cash Flow and Stable Buyback Dividend Structure
Odaily News, Fu Peng, Chief Economist of Xinhuo Group, stated on X platform that Tencent's latest free cash flow has turned negative. The substantial increase in AI capital expenditures by Alibaba, Tencent, and Silicon Valley giants such as Meta and Google has disrupted the previous "high free cash flow with stable buybacks and dividends" structure. Over the past period, the market has been optimistic about AI, believing that such large capital expenditures represent a long-term competitive advantage in the future.He stated that starting from the second quarter of this year, the market's tolerance for the mismatch between investment and returns has declined, and sentiment has become more cautious. Currently, the revenue generated at the application level is still in a validation phase compared to cumulative investments reaching hundreds of billions, and the high capital expenditures need to correspond with quantifiable long-term return expectations. The coming quarters will be a critical window period, as investor sentiment has shifted from the positivity seen in previous years to caution. Only by seeing truly quantifiable and certain revenue growth can investor doubts be dispelled. The same scale of capital expenditures may lead to different outcomes under varying investor sentiment.
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Swedish AI programming startup Lovable completes $400 million Series C funding round, valuation reaches $13.3 billion
According to Bloomberg, Stockholm, Sweden-based AI programming startup Lovable announced the completion of a $400 million Series C funding round, reaching a post-money valuation of $13.3 billion. The round was co-led by Menlo Ventures and the EU-backed investment firm Scaleup Europe Fund (managed by EQT AB), with participation from multiple venture capital firms. New investors from Latin America and Asia, including Tencent Holdings, also participated. Lovable is dedicated to the AI-assisted programming field and is accelerating expansion to compete with larger-scale competitors such as Anthropic.
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Former Alibaba AI Architect Lin Junyang Founds AI Agent Startup, Secures Backing from Tencent and Multiple VCs
According to Bloomberg, former Alibaba flagship model chief architect Lin Junyang recently announced on the X platform the founding of a new company, focusing on developing AI agents for the digital and physical worlds. This comes less than half a year after his unexpected departure from Alibaba. The company has received investment support from Tencent Holdings and several top Chinese venture capital firms.
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Chinese University Patents Account for Over One-Quarter of Key Technology Inventions, US Research Funding Cuts Intensify Competition Concerns
According to Fortune, a National Bureau of Economic Research (NBER) study released by Harvard Business School's Josh Lerner team shows that an analysis of nearly 14 million Chinese patents reveals Chinese universities account for more than a quarter of inventions in 14 key technology areas identified by the Pentagon (including AI, hypersonics, biotechnology, etc.), which is 8 times the 3.3% share of U.S. universities, while contributions from large enterprises such as Huawei and Tencent rank secondary. The study also found that the proportion of Chinese key technology patents containing "disruptive" technical language has risen from less than 2% in the early 1990s to 16% in 2022, approaching the U.S. level of about 20%, and the gap in patent quality is narrowing rapidly. Meanwhile, U.S. federal research funding continues to contract—the Trump administration has terminated over 1,392 NIH grants (involving $539 million), the NSF has also canceled or suspended nearly 2,000 projects, and the combined amount cut and frozen by NIH and NSF exceeds $3 billion. In 2024, China's R&D expenditure surpassed the U.S. for the first time ($1.03 trillion vs $1.01 trillion), and since 2004, the average annual growth rate has exceeded 14%, approximately twice that of the U.S. Researchers warn that the impact of research funding cuts may take years or even decades to manifest.
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Unitree Technology IPO: Early Investors See Substantial Gains, First-Day Floating Chips to Make Up Less Than 10%
Odaily News Unitree Technology (688836.SH), the "first humanoid robot stock on the A-share market," has drawn significant market attention for its IPO subscription. The company's issuance price-to-earnings ratio has reached 219.23 times, significantly higher than the industry average of approximately 38.56 times, with the effective subscription multiple in the offline inquiry phase surpassing 2,618 times.In addition, primary market investors have already reaped considerable returns. Variable Capital invested only 2.09 million yuan in 2018, and its return multiple has now soared to over 174 times. Sequoia Capital China has injected a cumulative total of approximately 102 million yuan over the years, and based on the issuance price estimate, its shareholding market value is approaching 3 billion yuan. Meituan-affiliated entities collectively hold a 9.65% stake through multiple investment vehicles, with book gains exceeding 3.6 billion yuan.However, contrasting with the high returns in the primary market, secondary market investors will face a game between high valuations and limited floating chips. Unitree Technology will publicly issue approximately 40.44 million shares this time, with the initial online offering ratio at only about 16%, while the remaining shares are mainly allocated to institutional investors through strategic placement and offline inquiry. Based on a total share capital of approximately 404 million shares after issuance, the floating shares on the first trading day will be around 29.77 million shares, accounting for about 7.36% of total share capital, with over 90% of shares remaining locked up.Currently, Unitree Technology has not yet announced a specific listing date. Following the STAR Market's new share issuance process, the company is expected to officially begin trading as early as mid-August. (Tencent Technology)
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Vitalik: Minimax H3 Is the First Open Video Model He Has Seen That Surpasses HunyuanVideo 1.5
Vitalik posted on the X platform stating that Minimax H3 is the first open video model he has seen that outperforms HunyuanVideo 1.5. The fact that Tencent Hunyuan has been able to maintain its lead for such a long time is itself an impressive achievement. He noted that previously, frontier models in image and video generation seemed more closed off than frontier models in text LLMs, and H3 represents a strong step back toward openness. He also mentioned that the related content was generated on his AMD laptop in about 30 minutes.
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Hong Kong 26-Year-Old Trader Misappropriates HK$50 Million to Go Long on SK Hynix ETF, Book Losses HK$150 Million
According to Odaily, a 26-year-old male trader at Hong Kong's Chee Fu Management Services Limited allegedly misappropriated HK$50 million of company funds as margin to purchase the CSOP Direxion 2x Long SK Hynix ETF using leveraged financing.Due to the double leverage of margin financing combined with the 2x leveraged ETF, the position incurred paper losses of approximately HK$150 million. The ETF had risen to an all-time high of HK$193.65 in late June, but subsequently corrected along with the semiconductor sector, falling over 72% to HK$52.58 as of July 20.The trader has been arrested by police on suspicion of theft. As the position has not yet been closed, the final loss will continue to fluctuate with price movements. (Tencent News)
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Hong Kong 26-Year-Old Trader Misappropriates HK$50 Million to Bet Big on Hynix ETF, Suffers HK$150 Million Loss
According to Tencent News "YiXian", a 26-year-old male trader at Hong Kong Zhi Fu Management Services Limited misappropriated 50 million HKD of company funds as margin without authorization between January 9 and July 20 this year, using financing leverage to heavily buy the HKEX-listed CSOP 2x Long SK Hynix ETF (07709.HK), ultimately resulting in paper losses of up to 150 million HKD. Driven by the memory chip theme, the ETF surged to a historical high of HKD 193.65 at the end of June this year, but subsequently the semiconductor sector corrected sharply. As of July 20, it had plummeted to HKD 52.58, a decline of over 72%. Hong Kong financial professionals analyzed that the combination of double leverage from margin financing and the 2x Long ETF was the main reason why the 50 million principal turned into a 150 million huge loss. The incident was uncovered during the company's recent audit. The man involved was arrested by the police on July 20 on suspicion of "theft". Currently, the relevant stock positions have not yet been forcibly liquidated, and the final loss remains uncertain. After the incident, some clients of Zhi Fu Securities made risk-avoidance withdrawals.
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Binance Quanto Perpetual Contracts Launch Tencent and Xiaomi Hong Kong Stock Trading
on July 22 that Binance has officially launched the HK0700 USDT (Tencent) and HK1810 USDT (Xiaomi) Hong Kong stock trading pairs on its Quanto perpetual contracts.Binance Quanto perpetual contracts allow users to trade non-USD-denominated stocks using local currencies without the need for foreign exchange conversion, lowering the barrier to entry while enhancing trading convenience. Binance TradFi products now support 140 trading pairs, and the trading volume of its TradFi perpetual contracts over the past week has approached $100 billion, continuously expanding users' one-stop experience in trading traditional financial assets.
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Bitget TradFi Quanto Perpetual Contracts Listed for Tencent, Zhipu AI, and Xiaomi
: According to official announcements, Bitget has launched Quanto perpetual contracts for three stocks: Tencent (TENCENT), Zhipu AI (ZHIPU), and Xiaomi (XIAOMI). These contracts support up to 20x leverage and 7×24-hour trading.The TradFi Quanto perpetual contract allows users to trade Hong Kong stocks and other non-USD-denominated overseas stocks directly using USDT, eliminating the need for currency exchange. The contract itself is quoted in Hong Kong dollars, while margin deposits and profit/loss settlements are conducted in USDT. This simplifies the trading process while effectively avoiding additional risks associated with exchange rate fluctuations.
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Tencent Hunyuan Launches Agent Hyra-1.0
Tencent Hunyuan announced the launch of the first version of Hyra (Hunyuan Research Agent), Hyra-1.0. According to Tencent Hunyuan, this is an agent capable of recursive self-improvement, oriented towards performance-driven research and engineering tasks. In addition to model R&D and scientific discovery, Hyra can also enter open scenarios such as gaming, design, and content creation, continuously iterating strategic outputs based on self-play, self-evaluation, and user feedback.
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Claude Code exposed to high-severity security risk: Malicious configuration files could silently execute commands
Cos, founder of SlowMist, shared a tweet on X platform regarding potential poisoning attack risks in Claude Code and published a detailed analysis of poisoning attacks targeting Grok Build CLI and Claude Code CLI. The analysis pointed out that the security mechanisms of Grok Build CLI are not unified, with different code paths having different trust assumptions, and the gaps between them serve as channels for attackers.Attackers may exploit malicious project configuration files to execute arbitrary commands without the user's knowledge, thereby stealing API keys, cloud credentials, or gaining control over local devices. Researchers constructed a test environment and found that on Mac systems, if Claude Code is compromised, executing a specific test command could trigger the launch of a local calculator, demonstrating a potential command execution risk. If the attack succeeds, attackers could further steal API keys from AI services such as Claude and OpenAI, causing account cost losses; obtain credentials for cloud services like AWS, Alibaba Cloud, and Tencent Cloud to access servers and data; tamper with code repositories to implant backdoors; and leverage local devices as a springboard to attack internal enterprise networks. It is reported that the relevant vulnerability has existed for one year.
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Claude Code Has Potential Poisoning Attack Risk: Malicious Configuration Files Could Enable Silent Code Execution
SlowMist founder Cosine retweeted a post about the potential poisoning attack risks of Claude Code, pointing out that attackers could execute arbitrary commands without the user's knowledge through malicious project configuration files, thereby stealing API keys, cloud credentials, or controlling local devices. Researchers constructed a test environment and found that in Mac systems, if Claude Code is affected, executing specific test commands can trigger the local calculator to launch, proving the existence of potential command execution risks. If the attack succeeds, attackers may further steal API Keys for AI services such as Claude and OpenAI, causing account fee losses; obtain cloud service credentials for AWS, Alibaba Cloud, Tencent Cloud, etc., to access servers and data; tamper with code repositories to implant backdoors; and use local devices as a springboard to attack enterprise internal networks.
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The Turing Award winner Bengio warns: current safety measures can't keep up with the rapid pace of AI capabilities
: At the Science Frontier Forum of the 2026 World Artificial Intelligence Conference (WAIC), Turing Award winner Yoshua Bengio issued a warning via remote connection: "AI has both lowered the bar for causing harm and raised the ceiling of potential damage."In recent years, this visionary "Godfather of AI" has been dedicated to addressing the security challenges posed by AI. The LawZero project led by Bengio is working to build protective systems capable of identifying and preventing harmful behaviors such as AI deception and self-preservation. The international AI safety report he spearheaded has also reached a consistent conclusion: current safety measures can no longer keep up with the explosive pace of AI capability development. (Tencent Technology)
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Binance Futures will launch multiple USDT-margined TradFi perpetual contracts, including MiniMax, Zhipu AI, etc.
Binance will list multiple perpetual contracts sequentially starting from 11:00 on July 17, 2026, including MiniMax Perpetual Contract MINIMAXUSDT (11:00), Zhipu AI Perpetual Contract ZHIPUUSDT (11:05), Tencent Quantitative Perpetual Contract HK0700USDT (11:10), Xiaomi Quantitative Perpetual Contract HK1810USDT (11:15), and Tencent Perpetual Contract TENCENTUSDT (13:00). Among them, HK0700USDT and HK1810USDT are quantitative perpetual contracts, based on Hong Kong stock prices, settled directly in USDT, without involving foreign exchange conversion.
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DeepSeek's first funding round officially closed, with Tencent, CATL, National Artificial Intelligence Industry Fund, and others investing.
DeepSeek's first round of financing has officially closed. Industrial and commercial information shows that DeepSeek's affiliated company, Hangzhou Deep Seek Artificial Intelligence Basic Technology Research Co., Ltd., recently underwent industrial and commercial changes, adding Hangzhou Chengli Enterprise Management Partnership (Limited Partnership) and National Artificial Intelligence Industry Investment Fund Partnership (Limited Partnership) as shareholders, with registered capital increased to 16.4475 million yuan.
Liang Wenfeng's private equity firm has heavily invested in ChangXin Technology.
According to a report by Tencent News Deep Web, the issuance announcement of ChangXin Technology's initial public offering shows that national-level long-term capital such as the Social Security Fund and the Basic Endowment Insurance Fund, as well as leaders upstream and downstream of the industry chain and large insurance capital, participated in the strategic placement. Shenzhen SanKuai Network Technology Co., Ltd., NIO Power Technology (Hefei) Co., Ltd., ZTE Corporation, Chery Intelligent Automotive Technology (Hefei) Co., Ltd., etc. were allocated an amount of 157,999,993.98 yuan, with a lock-up period of 18 months; Hangzhou Alibaba Cloud Feitian Information Technology Co., Ltd. was allocated an amount of 157,999,993.98 yuan, with a lock-up period of 36 months. High-Flyer Quant participated in this offline IPO subscription with a proposed subscription price of 8.78 yuan/share; the upper limit of the proposed subscription quantity for each offline transaction was 230 million shares, and most of High-Flyer's products were bid in the range of 70 million to 140 million shares. High-Flyer Quant mainly consists of two parts: Zhejiang Jiuzhang and Ningbo High-Flyer Quant. Both are filed with the Asset Management Association of China, and the actual controllers are both Liang Wenfeng; among them, Liang Wenfeng holds 85% of the shares of Jiuzhang Assets and 85.15% of the shares of Ningbo High-Flyer Quant.
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Hyperliquid’s pre-market valuation of CXMT reaches $540 billion, surpassing Tencent
According to Odaily, Trade.XYZ today launched the pre-market contract for ChangXin Memory Technologies (CXMT) on the Hyperliquid HIP-3 market. The price peaked at $8.64 and has now retreated to around $8. According to statistics, CXMT's total share capital post-issuance is approximately 66.888 billion shares. Based on the current pre-market price, CXMT's market value is approximately $540 billion, surpassing Tencent ($526.5 billion) to rank 32nd globally in market capitalization.It is reported that CXMT will initiate its new share subscription on the STAR Market (科创板) on July 16.
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After the latest round of financing for DeepSeek, Liang Wenfeng's net worth surpasses that of Anthropic's Dario Amodei and OpenAI's Greg Brockman
According to foreign media reports, after completing its latest round of financing, the personal wealth of DeepSeek founder Liang Wenfeng has more than doubled, making him the wealthiest individual among global AI large model founders. According to the Bloomberg Billionaires Index, Liang Wenfeng's net worth currently stands at $36 billion (previously around $16.7 billion), surpassing both Anthropic co-founder Dario Amodei and OpenAI co-founder Greg Brockman. This comparison only includes companies whose primary business and majority of revenue are directly derived from AI large models, excluding diversified large technology groups such as Alibaba and Tencent, as well as AI industry chain-related enterprises like data centers and semiconductor companies. The vast majority of Liang Wenfeng's wealth comes from his controlling stake in DeepSeek.This June, DeepSeek reportedly completed a 50 billion yuan financing round, valuing the company at over 330 billion yuan, with Liang Wenfeng personally contributing 20 billion yuan. According to calculations by the Bloomberg Billionaires Index, his stake has been diluted to approximately 78%. (Jin Shi)
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