Chipmaker CXMT surges over 470% in STAR Market debut
Shares of CXMT Corp. skyrocketed more than 470% in their Shanghai debut Monday, propelling the memory chipmaker to a 3.3 trillion yuan ($487 billion) valuation and crowning it China’s most valuable listed stock. The colossal listing — the STAR Market’s largest ever after raising 57.6 billion yuan — siphoned liquidity from the broader market, dragging down major Chinese indexes and sparking a semiconductor sell-off. The surge minted immense windfalls for early backers. The Hefei government, CXMT’s largest shareholder group, sits on an estimated 1.16 trillion yuan paper profit. Alibaba, which bought in during later funding rounds, sits on a paper profit of more than 156 billion yuan.
Commerce ministry opposes U.S. threat to sanction Chinese AI firms
China’s Ministry of Commerce on Monday opposed U.S. threat to investigate and sanction Chinese artificial intelligence (AI) companies. A ministry spokesperson said that the U.S. accusations that Chinese firms rely on “distilling” or “stealing U.S. intellectual property” lack a factual and legal basis, calling the threat a typical act of AI hegemony. China urged the U.S. to stop smearing and threatening Chinese enterprises and will take all necessary measures to defend its legitimate rights and interests.
Moonshot AI open-sources Kimi K3 model weights
Moonshot AI on Monday released the model weights and technical report for Kimi K3 and open-sourced key infrastructure technologies supporting its training, including MoonEP, FlashKDA and AgentEnv. The company said that Kimi K3 is its most capable model to date, featuring a 2.8 trillion-parameter mixture-of-experts (MoE) architecture, native visual-understanding capabilities and a 1-million-token context window.
Meituan upgrades local-services AI assistant and agent platform
Meituan on Monday announced a comprehensive upgrade to its local-services AI assistant Xiaotuan, enabling it to help users search for information, make comparisons and complete actions such as placing orders, booking rides and reserving tables based on real-time information. The company also launched a new version of its AI agent platform CatPaw, which provides an out-of-the-box AI workbench and enterprise-level agent-development capabilities to help merchants improve operational efficiency.
Momenta launches Robovan business in Suzhou
Autonomous driving startup Momenta announced on Monday the launch of its Robovan business in Suzhou’s Xiangcheng district. Robovan uses autonomous technology based on Momenta’s proprietary R7 world model. By adopting a “mapless solution” proven in passenger-vehicle mass production, Robovan eliminates reliance on high-definition maps, significantly improving vehicle delivery efficiency and reducing costs for scenarios such as express and nighttime deliveries.
