Chinese technology conglomerate and the world’s largest video game vendor by investment
Beijing-based Moonshot AI has released Kimi K3, a 2.8‑trillion‑parameter open‑weight model that has outperformed leading U.S. systems on blind coding benchmarks, is priced substantially below comparable U.S. offerings, and is scheduled to publish its model weights on July 27 so developers can download, modify and self‑host the model.
China’s CXMT has raised about $8.6-9.8 billion in its STAR-market IPO, underscoring Beijing’s drive for tech self‑reliance. The stock surged on debut but faces headwinds from limited access to EUV tooling and ongoing competition from Samsung, SK Hynix and Micron. Analysts say long-term success depends on closing technology gaps, not investor enthusiasm.
Alibaba has priced an HK$80 billion share placement, issuing 710 million new Class B shares at HK$112.70 each to non-U.S. investors. The deal values the company at about US$27 billion and will fund expansion of its AI capabilities and infrastructure. The move comes after a 75% profit drop in the June quarter and a sharp rise in capital expenditure.
Taiwanese prosecutors have indicted nine people over the alleged illegal export of Nvidia GPUs to China, with several servers shipped via Indonesia, Japan, and Hong Kong. The case underscores ongoing US-China tech frictions and Taiwan’s tightening export rules to curb restricted technology reaching China.
Nvidia has acquired a minority stake in Cloverleaf Infrastructure and has announced a partnership to help build data‑centre sites. The move follows Nvidia’s recent $1.5 billion investment in an Ohio data‑centre project and signals the company is directly financing and developing the power and site infrastructure that supports demand for its AI chips.
A Seoul court has ordered Kwon Hyuk-bin to transfer a 35% stake in Smilegate to his ex-wife Lee Hwa-jin and to pay 65 billion won in cash as part of the couple’s divorce settlement. The ruling values the stake at about 2.5 trillion won and acknowledges Lee’s long-term childcare and household contributions. Both sides can challenge the decision.
Enflame Technology has surged on its Shanghai STAR Market debut after raising 6.12 billion yuan, with Tencent backing. The IPO signals rising investor appetite for China's AI chipmakers as the country pursues semiconductor self-sufficiency amid U.S. export restrictions. Revenue rose in 2025 but losses narrowed; the company plans further chip development and expects to break even in 2026-2027.
Manus-related funding has surged, led by Boyu Capital and IDG Capital, with strategic follow-ons from Tencent, HSG and ZhenFund. Manus has resumed independent operations after its split from Meta, pursuing global growth and a potential Hong Kong listing, while market appetite for AI agents remains strong amid regulatory concerns in China.