Tencent unveils major AI model update under new leadership
Tencent Holdings Ltd. on Thursday launched a new open-source artificial intelligence model, marking its first major technological update since overhauling its AI leadership. The model, dubbed Hy3 Preview, is a mixture-of-experts system with 295 billion parameters, of which 21 billion are activated, and it can process up to 256,000 tokens of context. It has already been deployed across Tencent’s ecosystem, including its flagship AI chatbot Yuanbao, which will switch its primary underlying model from DeepSeek to the new in-house technology. The release underscores Tencent’s strategic pivot under its new AI chief toward practical product integration rather than benchmark scores, as the tech giant seeks to narrow a widening user gap with domestic market leaders in the highly competitive AI sector.
T3 Mobility files for Hong Kong IPO
T3 Mobility filed for an initial public offering with the Hong Kong Stock Exchange on Thursday. Backed by FAW Group, Dongfeng Motor, Changan Automobile, Tencent and Alibaba, T3 Mobility is China’s third-largest smart mobility platform, covering 194 cities with 235 million registered users. In 2025, the company turned profitable, with gross transaction value growing 10.5% year-on-year to 18.9 billion yuan ($2.7 billion) and a gross margin of 13%.
Xiaomi releases new AI models
Xiaomi Corp. launched public testing for its Xiaomi MiMo-V2.5 series AI models on Thursday. The release includes V2.5, V2.5-Pro, V2.5-TTS Series and V2.5-ASR with enhanced capabilities in reasoning, AI agents, context comprehension and cross-modal perception. The company claims the V2.5-Pro model can stably execute complex, long-range tasks involving nearly a thousand tool calls and can autonomously build a video editor web application within 11 hours.
Industrial software firm Black Lake Technologies raises nearly 1 billion yuan
Manufacturing execution system provider Black Lake Technologies announced the completion of a nearly 1-billion-yuan ($146 million) Series D funding round on Thursday. Investors included Sense Capital and the National AI Industry Investment Fund. The company, which has achieved profitability, will use the fresh capital to accelerate the deployment of industrial AI applications and global expansion.
