Tencent

New Capabilities

Developer and distributor of Hy4

Tencent released the full version of Hy4 on November 4, adding image understanding and the ability to operate software. The preview had 770 billion total parameters, 49 billion active per token; Tencent did not disclose a revised count for the full release. Hy4 is sold through Tencent Cloud and OpenRouter and runs inside Tencent's coding, office and chat products.

Updated Yesterday

Money Moves

Reported largest investor in the round

DeepSeek reportedly raised about $15 billion in October 2026, one of the largest venture rounds ever for a Chinese company. The Hangzhou lab has spent the year arguing that AI can be cheaper to run.

Updated 3 days ago

Rule Changes

Signed a cross-border payments agreement with Visa in October 2026

China's central bank approved Visa's application to prepare a domestic bank card clearing business on October 13, 2026, advancing a bid that began in 2017. Visa has one year to finish preparations, then must win an operating license from the People's Bank of China and the National Financial Regulatory Administration.

Updated 5 days ago

Money Moves

As of October 2026: Lead backer of Manus after supplying financing for its stake buyback

Meta has abandoned its $2 billion purchase of Manus, a Chinese-founded AI startup, after Beijing ordered the deal unwound. Manus raised over $500 million in October, bought back Meta's stake, and now operates independently with Tencent as its lead backer.

Updated Oct 12

Money Moves

As of August 2026: Strategic investor in XPeng robotics round

XPeng's robotics business has raised over $900 million at a valuation above $6.3 billion, the largest single-round private financing in China's embodied AI industry. IDG Capital led the round, with Tencent and Alibaba joining as strategic investors.

Updated Aug 25