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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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.
based
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