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<a href="/company/xiaomi">Xiaomi</a> unveiled two SUVs in its SkyNomad lineup at a technology launch event on July 30, marking its formal entry into the extended-range <a href="/industry/ev">electric vehicle</a>, or EREV, market.
The company introduced the SkyNomad N90 Max, a flagship seven-seat SUV, and the SkyNomad N70 Max, a large five-seat all-wheel-drive SUV. The models are priced at RMB 299,000 (USD 44,232.1) and RMB 259,000 (USD 38,314.7), respectively.
Reservations opened immediately, and sales are scheduled to begin in September.
Pricing the N90 Max below RMB 300,000 (USD 44,380) places the flagship model below the Li L8 and Aito M8. The strategy suggests Xiaomi is prioritizing sales volume as it seeks to expand its automotive business.
Lower prices could help the SkyNomad models gain sales quickly, but they could also put additional pressure on gross margins.
Deutsche Bank previously estimated that the SkyNomad lineup could contribute 150,000 vehicle deliveries in 2026, supporting Xiaomi’s push toward its full-year delivery target.
Xiaomi delivered more than 180,000 vehicles in the first half of 2026, equivalent to about 32.7% of its annual target of 550,000 vehicles. Strong demand for the SkyNomad models would ease the sales pressure facing the company in the second half of the year.
<h3>Expanding into family vehicles</h3>
The SkyNomad lineup fills a gap in Xiaomi’s portfolio by targeting family-oriented buyers.
The SU7 and YU7 primarily appeal to younger, technology-focused consumers who prioritize driving performance. The SkyNomad models instead emphasize space, charging and refueling convenience, intelligent features, and everyday usability.
Xiaomi used the launch to highlight how its “Human x Car x Home” ecosystem could extend into EREVs and outdoor activities.
The cabins are designed for commuting, travel, work, and camping. Xiaomi will also offer a camping edition of the SkyNomad N90 Max with a factory-installed pop-up rooftop tent.
The N90 Max is more than 5.2 meters long and more than 1.8 meters tall, placing it in the same size category as other large flagship SUVs. The N70 Max is 4.96 meters long and has a more youthful exterior design.
Both models use front and rear electric motors with all-wheel drive. They deliver maximum output of 310 kilowatts, accelerate from zero to 100 kilometers per hour in as little as 5.5 seconds, and have a top speed of 190 kilometers per hour.
The N90 Max has a combined driving range of 1,705 kilometers. The N70 Max has an all-electric range of up to 505 kilometers.
The SkyNomad models replace Orin X driver-assistance processors with Nvidia Thor chips, which provide up to 700 TOPS (tera operations per second) of computing power.
The driver assistance package also includes Xiaomi’s HAD (Hyper Autonomous Driving) system, two LiDAR (light detection and ranging) units, 4D millimeter-wave radar, ALD-coated high-definition cameras, and supporting software and hardware.
A rear-facing solid-state lidar unit is designed to improve rear visibility and reduce blind spots when drivers reverse or maneuver the large SUVs on narrow roads.
<h3>A new vehicle architecture</h3>
Xiaomi positions SkyNomad as a lineup of intelligent SUVs with spacious, reconfigurable interiors.
The vehicles are built on Kunlun, Xiaomi’s second proprietary vehicle architecture after its Modena electric vehicle platform. The architecture emphasizes flexible cabin space, extended driving range, and intelligent features.
Together with the driving-focused SU7 and YU7, the SkyNomad lineup gives Xiaomi two distinct vehicle series aimed at different groups of buyers.
According to Xiaomi, large EREV SUVs can be constrained by inflexible cabin space, inefficient layouts, and uncomfortable seating arrangements. The Kunlun architecture seeks to address those issues by rearranging components including the rear electric drive unit, battery pack, and fuel tank without reducing the structural strength of the body.
The architecture also includes Xiaomi’s Kunlun HyperRange system, which centers on a large-battery design. It uses two proprietary battery packs and provides up to 505 kilometers of all-electric range under the China Light-Duty Vehicle Test Cycle, or CLTC.
The N90 Max consumes 6.26 liters of fuel per 100 kilometers when its battery is depleted. Its combined CLTC range is 1,705 kilometers.
Xiaomi also introduced the “Armor Scale” battery, an integrated safety system for traction batteries. Its cells are rated for 2,000 charging cycles, while the underbody protection is designed to withstand an impact of 500 joules.
Under Xiaomi’s testing standard, the battery must show no thermal propagation, fire, or explosion during a single-cell thermal runaway test conducted at a full state of charge and 55 degrees Celsius.
This <a href="https://xueqiu.com/2854806290/403153228">article</a> was adapted based on a feature originally written by SY and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 3, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Xiaomi targets faster sales growth with new SkyNomad SUVs

East Asia

China

Transportation

Electric Vehicles

Mobility

Ailing Zeng has joined Bilibili to lead its video generation business, reporting to CEO Rui Chen.
Her background aligns with Bilibili’s stated <a href="/industry/ai">artificial intelligence</a> priorities, which include video understanding, video recommendation, and AI-assisted video creation.
According to Zeng’s personal website, she spent three years working with <a href="/company/tencent">Tencent's</a> Hunyuan and AI Lab teams and the International Digital Economy Academy, or IDEA. At IDEA, she led a research team focused on human-centric perception and generation.
She later joined Anuttacon, an AI company founded by Mihoyo founder Haoyu Cai. Mihoyo operates internationally under the Hoyoverse brand. At Anuttacon, Zeng was responsible for developing human-centric, interactive multimodal video generation systems.
Zeng earned a doctorate from the Department of Computer Science and Engineering at the Chinese University of Hong Kong. She was also a visiting scholar at Carnegie Mellon University’s Robotics Institute.
Her appointment follows a brief leadership stint at Bilibili by Zhang Di, a former Kuaishou vice president and former head of the technical team at its Kling AI business unit.
Zhang joined Bilibili in September 2025 to oversee its technology operations. About two months later, he left and returned to <a href="/company/alibaba">Alibaba Group</a> as head of the Future Life Lab at Taobao and Tmall Group. Zhang and his team developed HappyHorse-1.0 five months later.
Bilibili launched Index, a foundation model, in 2024. The company has primarily applied the model to video content creation, understanding, and distribution. It has also used Index to develop models for role-playing, speech generation, and anime video generation.
In March this year, Bilibili launched Updream, an AI video creation platform with long-term memory, a personalized skill library, and a free-form canvas. Bilibili describes the platform as a professional-grade AI content production pipeline.
The company has also introduced competitions and incentive programs to encourage creators to use AI tools.
At the start of 2026, it launched its first AI creation competition. When Bilibili introduced Updream in March, it awarded the competition’s first-prize winner, a creator on the platform, RMB 1 million.
Bilibili followed in June with the “Build in Bilibili” AI creation open competition. Entrants must use AI tools to create a functional, interactive product and publish videos documenting the development process on Bilibili.
The competition has no fixed category or theme. Both physical products and software applications are eligible.
Bilibili has placed part of the judging process in the hands of its users. They can support entries by using the platform’s virtual coin feature, posting bullet comments, which appear over videos as they play, and engaging with the projects through other platform features.
The competition offers a cash prize pool of more than RMB 1.3 million (USD 192,313.4), including RMB 1 million for the overall winner.
One month after the competition began, nearly 5,000 creators had submitted entries. Average daily searches on Bilibili for terms related to “vibe coding,” a method of building software through natural language prompts, had increased sixfold.
In July, Bilibili launched Toy, a web content publishing platform. Toy allows users to publish locally developed web pages with one click and turn them into interactive works that can be accessed directly through Bilibili.
Creators can use Toy to publish projects developed independently or with AI agents, vibe coding, and other AI tools. The resulting content can be played, tested, used, or watched on Bilibili.
During internal testing in June and July, creators uploaded more than 300 works to Toy. They included games, interactive narratives, tools, tests, reports, and illustrated collections.
Bilibili said users interacted with works on the platform more than 8.5 million times during the testing period.
Other AI-related initiatives include an AI producer program organized with the Astana AI Film Festival and an incentive program encouraging creators to use Updream to produce AI-generated animation.
According to Bilibili, searches on its platform for terms related to general-purpose AI agents and AI entrepreneurship increased by more than 500% year-on-year in 2026. In the second quarter, more than 190 million users watched AI-related content on Bilibili each month.
Bilibili has also incorporated AI into its advertising delivery and recommendation systems. It offers services including advertising creative generation, ad placement, automated campaign management, and trials of embedded AI advertising.
The company said AI-generated advertising materials accounted for more than 50% of ad spending and produced double-digit growth in click-through rates compared with conventional materials. Automated advertising accounted for more than 85% of ad spending, according to Bilibili.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3910776673064073">article</a> was written by Wang Yuchan for 36Kr.
Note: RMB figures are converted to USD at rates of RMB 6.76 = USD 1 based on estimates as of August 3, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Bilibili appoints Ailing Zeng to lead its AI video generation business

Bilibili

Artificial Intelligence

Deep Tech

Video

Creative

Content

Creator Economy

… post-training on GLM-5.1 and GLM-5.2.
It was also the first external team in the world to complete reinforcement-learning post-training on GLM-5.1.
Notably, Mind Lab equipped both Macaron-V1-Preview and Macaron-V1 with multiple LoRA expert modules. These modules can operate independently or collaborate with one another.
The company adopted this design because it found that a single LoRA adapter could not comprehensively improve all of a model’s capabilities. Using multiple LoRA adapters on the same model, however, could substantially improve its overall performance.
Mind Lab once used 200 different datasets to train 200 separate LoRA adapters, then attached them to a single model so they could collaborate on tasks.
The company made two findings:
<ol>
<li aria-level="1">First, as the number of collaborating LoRA adapters increased, the model’s task performance grew in a log-linear relationship. The more LoRA adapters that worked together, the better the results became.</li>
<li aria-level="1">Second, a model in which all 200 LoRA adapters collaborated performed better than a model using a single LoRA adapter trained on all 200 datasets.</li>
</ol>
The collaborative model delivered an improvement of about 25%.
This showed Mind Lab that model collaboration could push beyond existing limits on intelligence.
Chen said this remains an area that requires continued exploration. Among the open questions: how many LoRA modules need to collaborate for the arrangement to be meaningful, how work should be divided among them, when collaboration is necessary, and when a single LoRA module is enough.
Competition in post-training is also accelerating in China.
Companies in the sector have different strengths, but there are still relatively few teams capable of simultaneously making LoRA-RL work at the trillion-parameter scale, building infrastructure that can manage millions of LoRA adapters, and applying continual learning in commercial settings.
<h3>From post-training to continual learning</h3>
Mind Lab’s business is currently divided into three parts:
<ol>
<li aria-level="1">The first is the continued development of infrastructure systems and frontier research into post-training.</li>
<li aria-level="1">The second is updating and iterating on Macaron, its consumer product.</li>
<li aria-level="1">The third is serving enterprise customers.</li>
</ol>
This includes deploying less expensive training infrastructure for companies such as Microsoft Azure and Huawei Cloud, as well as providing MinT and LoRA models capable of continual learning.
The Macaron app is positioned as a personal agent for everyday life.
Users can generate customized mini applications through natural language instructions.
Drawing on long-term memory and everyday conversations, Macaron assists with daily tasks and offers features such as emotional companionship.
As a consumer-facing application, Macaron also generates user interaction data that is valuable for model training. Behavior observed in real-world use can help the team better understand how users interact with models.
Mind Lab said its enterprise customers are primarily AI-enabled hardware manufacturers.
Such hardware is a natural setting for continual learning models because the data generated by each user’s interactions is almost always different.
Personalized and differentiated data is valuable for continual learning within a specific domain.
In addition to its basic model-calling services, Mind Lab plans to offer customers a continual learning option. When a customer selects the option, data associated with strong model performance will be accumulated in a dedicated LoRA adapter. The adapter will be continually trained to produce a model that is better suited to the customer’s use case and delivers greater accuracy.
In a continual learning system, LoRA can effectively produce a newly updated version every day, with each version becoming better adapted to the user’s needs and use cases.
For Mind Lab, however, commercialization is only a way to validate the practical application of its technology at this stage. It is not something the company is rushing to pursue.
Chen said Mind Lab has already reached USD 10 million in annual recurring revenue and still has considerable room to grow.
“But we do not want to put all our computing resources toward fulfilling orders,” he said. “The priority still has to be doing the research well.”
Research remains a constant part of Mind Lab’s identity. Chen said the team currently has more than 30 people working on research, including foundational infrastructure and frontier research.
“Advancing LoRA is the role we want to play,” he said. “We want to solve the final few miles after a model has completed pretraining.”
LoRA is a technical direction with many possible variations.
These include how to implement linear attention, how to extend a model’s context window, and how to improve collaboration among LoRA modules.
All of these questions still require further exploration.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://www.36kr.com/p/3916202023660929">article</a> was written by Wang Xinyi for 36Kr.

Mind Lab puts continual learning to the test with Macaron-V1

Foundation and Large Models

TikTok's decision to build a massive data center in Brazil demonstrates how the Latin American country has become a strategic and geopolitical focal point for digital infrastructure.
Construction of the data center is underway at the Pecem Industrial and Port Complex in the northeastern Brazilian state of Ceara. This project of TikTok's Chinese owner, <a href="/company/bytedance">ByteDance</a>, is worth more than BRL 200 billion (USD 39.2 billion).
Operations are slated to begin in 2027, and the data center will be one of ByteDance's largest outside China. Local operator TikTok Brasil calls the data center "a decisive step toward expanding our contribution to the Brazilian digital ecosystem."
Factoring into the outsize investment is the global buildout of technological infrastructure. The proliferation of <a href="/industry/ai">artificial intelligence</a> is demanding massive amounts of computing power, and major technology companies are scrambling for data centers and other resources.
The amount of computing capabilities that companies can secure has become a key indicator of competitive advantage in the AI era. In this context, Brazil is emerging as an advantageous playing field.
Renewable energy sources supply nearly 90% of Brazil's electricity. Ceara, in particular, is known as one of the leading hubs for wind power.
With the vast power demands of data centers, constraints in electricity supplies have been a limiting factor in many areas. And with growing demands to reduce carbon emissions, major tech companies have been working to tap supplies of renewable energy.
A leading Brazilian energy company will supply wind power to TikTok's data center project. The site is expected to have initial power demand of 300 megawatts, eventually reaching 1 gigawatt. The plan is to have renewable energy cover all its power needs.
Data centers are most effective when close to active users. Brazil, with its population of more than 200 million, is one of the world's leading markets for digital services and a promising staging ground for expanding into the rest of Latin America.
Brazil had more than 130 million TikTok users as of October 2025, according to Statista, ranking third by country.
Ceara also has the advantage of being close to Fortaleza, a port city that serves as a hub for undersea cables. The cables link to Europe, North America, and Africa.
The data center project also has significant implications for compliance with international authorities. In the US and Europe, worries are mounting over data sovereignty and national security. TikTok, in particular, has faced intense scrutiny over concerns regarding data transfers to China.
The US enacted a law to bar the continued operation of TikTok under Chinese controlling ownership. For TikTok's service in the US, data is now transferred within infrastructure located within the borders. A dedicated data center network is also being established in Europe.
The investment in Brazil is seen as part of a strategy to place the infrastructure for managing user data in the country where the service is provided.
The Brazilian government is supporting ByteDance's investments. In addition to developing infrastructure at the construction site, officials are offering tax incentives for data centers.
"Brazil's strengths lie in the country's high regulatory predictability and the ability to maintain favorable commercial relationships with multiple spheres," said Julio Cesar Chaves of the Getulio Vargas Foundation, a Brazilian think tank.
Even as US-China tensions persist, Brazil has adopted equidistant diplomacy that does not favor either side. This approach is said to be a factor in drawing long-term investment. In 2025, Brazil became the top country for Chinese investments.
On the other hand, the investments could become a new source of tension between the US and Latin America. While the Trump administration is working to reduce Chinese influence in Latin America, Brazil and other countries in the region are deepening economic ties with the Asian power.
Concerns remain strong in the US over Chinese companies operating critical infrastructure. China's national intelligence law has been cited as a means of pressuring companies to cooperate in Beijing's intelligence activities.
This article first appeared on <a href="https://asia.nikkei.com/business/technology/why-tiktok-is-building-a-massive-data-center-in-brazil">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.

Why TikTok is building a massive data center in Brazil

TikTok

Latin America

When Chinese automotive giant <a href="/company/byd">BYD</a> launched its electric luxury car, the Denza Z9GT, in Malaysia last month, the initial reaction was one of surprise, not only at its long list of features but also at its price tag.
For the Asia Pacific debut of the model, BYD set a price of MYR 358,800 (USD 87,700.4), a level analysts expect will provide "serious competition" for luxury competitors in the market.
"I would describe it as very attractive and competitively priced, given the design and the specs. Cars competing at this price range are looking at a very serious competition," said a Kuala Lumpur-based auto analyst of an investment bank who declined to be named.
For comparison, the electric Lotus Emeya sells for around MYR 459,000 (USD 112,192), while unofficial imports of the Tesla Model S Plaid start at MYR 450,000 (USD 109,992.2).
BYD Malaysia managing director Jacob Ma, however, insists the Chinese company "never competes with anyone."
"For us, we never compete with anyone or [a] specific brand or model. We are always competing with ourselves. Every day we are trying to elevate the quality, the technology, the service to our customers," Ma told Nikkei Asia. "The customers are all we need."
"It's (Z9GT) an original concept and all the equipment embedded in this vehicle, I believe … is something brand new," Ma said, "a second generation of transportation."
The Denza Z9GT can go 701 kilometers on a single charge and is equipped with BYD's second-generation blade battery, which needs nine minutes to go from a 10% charge to 97%.
Jim Kem, content editor at Malaysian automotive news portal Carlist.my, described the price as "quite unheard of," calling the equipment list "extremely long, bordering on an overkill."
BYD is looking to build on its presence in Malaysia, where it has sold more than 35,000 EVs since entering the market in 2022. Last year it sold 14,407 EVs, making it the country's biggest seller in the segment.
The price of the new Denza is eyebrow-raising not only because of the car's features but also the promised after-sales service. The model comes with a six-year or 150,000-km vehicle warranty and an eight-year or 160,000-km high-voltage battery warranty.
"We set this price … because we believe this is what Malaysians deserve," Ma said, "a better technology at a price they can reach."
"Margin is not always the priority," he said when asked if the price would squeeze BYD's profitability. "It's always about the service quality, because we know Denza is a new brand here," he added.
BYD's warranties, especially for the battery, stood out for Daryl Foong, group CEO of Aquawalk Group, who attended the launch, saying it is "very expensive to service an EV battery when it eventually fails."
"The current generation of BYD cars are really impressive. They are really putting themselves on an even pedestal with the rest of your traditional continental cars, the BMWs," Foong said.
In terms of EV tech innovation, he said, BYD is "miles ahead of the Europeans."
Another attendee, Akmal Nizam, said the price of the Z9GT would only fetch the midrange Mercedes-Benz E-class and BMW 5 series, which do not have the BYD car's fast-charging capacity or its bells and whistles. "My EV BMW iX doesn't have a fridge … unlike the Z9GT," Akmal said. The BMX iX retails at over MYR 500,000 (USD 122,213.5).
whereRelatedArticle
A major question for BYD is whether it can parlay innovation into brand recognition.
"The luxury [segment] is widely considered to be one of the hardest challenges in the auto business," the auto analyst said. "Obstacles include insufficient brand prestige, the cheap product stereotype associated with China, plus political risks, delocalization pressures, tariffs and regulations."
Kem of Carlist.my believes BYD will have a hard time matching the mystique, prestige, and brand perception of more established luxury nameplates. "These kinds of buyers are more attracted to the more intangible aspects of a luxury car—the romanticism and aspirational qualities of a marque's story … over flashy gadgetry."
Still, BYD is expected to do well in Malaysia and elsewhere in Asia, "particularly with the Chinese diaspora, which has shared language, shared cultural heritage and decades of close bilateral trade ties [with China]," the analyst said.
BYD is also expected to get a boost from China being viewed more favorably than the US in many countries, even if the automaker is not competing directly with American brands.
In a Pew Research survey released on July 15, respondents in 25 of 36 countries viewed China more positively than the US, the first time China gained the majority. Pew polled more than 42,000 people in 36 countries.
In Malaysia, 75% of respondents viewing China positively against 19% viewing the US favorably. Only Pakistan, at 90%, had a more positive view of China.
"This will definitely help BYD," the analyst said. "A country's image acts as an 'umbrella brand' that deeply influences consumer perception and brand power."
This article first appeared on <a href="https://asia.nikkei.com/business/automobiles/byd-takes-aim-at-malaysia-s-luxury-ev-segment">Nikkei Asia</a>. It has been republished here as part of 36Kr’s ongoing partnership with <a href="https://www.rwegrgdf5.eu.org/nikkei-teams-up-with-36kr-in-asia-tech-news-coverage/">Nikkei</a>.
Note: MYR figures are converted to USD at rates of MYR 4.09 = USD 1 based on estimates as of July 27, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

BYD takes aim at Malaysia's luxury EV segment

… process moves forward, Shein is expected to accelerate its investments in technological innovation, decarbonization, supplier training, and other corporate social responsibility initiatives.
This also aligns with Guangdong’s 15th five-year plan outline, which calls for stronger efforts to promote the digital and intelligent transformation of industries, as well as their transition toward greener operations.
Shein has set a target of achieving net zero emissions by 2050, which has been approved by the Science Based Targets initiative. Using 2023 as its base year, Shein aims to reduce absolute greenhouse gas emissions across its entire value chain by 90% by 2050.
To support industrywide coordination, Shein has also worked with specialist third-party organizations to provide suppliers with comprehensive assistance, from greenhouse gas inventories and target-setting to transition planning.
Green decarbonization projects involving rooftop solar installations and energy efficiency improvements are also continuing across Shein’s supplier network.
Taken together, these factors suggest that Shein can no longer be assessed solely through the valuation framework applied to traditional apparel retailers.
According to data provided by China Insights Consultancy, the global fashion industry was valued at USD 1.7 trillion in 2025 and is expected to grow to USD 2 trillion by 2030. The online fashion market is projected to reach USD 792 billion by 2030 as online penetration continues to increase.
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3917513813650824">article</a> was written by 36Kr Caijing.
Note: RMB figures are converted to USD at rates of RMB 6.77 = USD 1 based on estimates as of July 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

Shein’s IPO case rests on the technology behind its fashion business

Shein

Fashion

Retail

Consumer Economy

Hong Kong

… attempting to respond to the desire to feel accompanied.
The move may appear to be a departure from Cylingo’s existing business, but it is aimed at a more fundamental question: as society becomes increasingly atomized and emotional gaps widen within families, can a physical device provide a form of presence that is tangible, meaningful, and sustainable?
KrASIA features translated and adapted content that was originally published by 36Kr. This <a href="https://36kr.com/p/3904049563731849">article</a> was written by Huang Nan for 36Kr.

Why Cylingo is moving into home robotics after building a 60 million-user app

Robotics

Embodied Intelligence

… models designed for factory use.
As robotics technology enters the commercial validation stage, 2026 is shaping up as a key deployment phase.
Data from China’s Ministry of Industry and Information Technology showed that the country produced about 20,000 humanoid robots in 2025. Production exceeded 40,000 units in the first half of 2026 and is expected to surpass 100,000 units for the full year.
Chinese government policy is also continuing to support the sector. Special plans for 2026 issued by the Ministry of Industry and Information Technology and the State-owned Assets Supervision and Administration Commission of the State Council call for the establishment of capacity to deploy humanoid robots at the 10,000-unit scale by the end of the year.
Following the news about humanoid robots, BYD’s A-shares rose against the broader market on July 28. The stock gained more than 1% to close at RMB 93.35 (USD 13.8) per share, even as the ChiNext Index declined and more than 2,700 stocks fell across the Shanghai and Shenzhen markets. BYD shares rose more than 2% at one point during the trading session.
This <a href="https://xueqiu.com/2854806290/402661151">article</a> was adapted based on a feature originally written by SY and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.
Note: RMB figures are converted to USD at rates of RMB 6.77 = USD 1 based on estimates as of July 30, 2026, unless otherwise stated. USD conversions are presented for ease of reference and may not fully match prevailing exchange rates.

BYD’s humanoid robot to begin work at D Space facility in August

Chinese <a href="/industry/ai">artificial intelligence</a> developer Moonshot AI has raised USD 3.5 billion in its latest funding round, lifting its valuation to USD 35 billion, as first reported by <a href="https://www.bloomberg.com/news/articles/2026-07-29/china-s-moonshot-ai-passes-funding-goal-to-hit-35-billion-value">Bloomberg</a>.
Moonshot entered the round at a pre-money valuation of USD 31.5 billion and initially sought to raise USD 1–2 billion, according to reports. China’s National AI Industry Investment Fund was said to be among the lead investors.
The company has also begun planning a pre-IPO round and approaching potential investors. It is seeking to complete the round at a pre-money valuation of USD 50 billion.
Moonshot could list in Hong Kong as early as this year. It began preparing for a Hong Kong IPO early this year, with China International Capital Corporation and Goldman Sachs serving as joint underwriters.
The company reportedly notified shareholders in May that it had begun dismantling its variable interest entity (VIE) and red-chip structures, removing potential obstacles to a Hong Kong listing. It may have targeted July for completion of the process.
Moonshot has a diverse shareholder base. Its investors include Chinese internet companies <a href="/company/alibaba">Alibaba Group</a>, <a href="/company/tencent">Tencent</a>, and <a href="/company/meituan">Meituan</a>; venture capital firms HSG, IDG Capital, Capital Today, 5Y Capital, Gaorong Ventures, and YF Capital; and strategic investors such as China Mobile, Andon Health, and 37 Interactive Entertainment.
At the USD 50 billion pre-money valuation it is seeking for the pre-IPO round, Moonshot would be valued at more than ten times the USD 4.3 billion recorded during its Series C round in 2025.
The higher valuation has coincided with <a href="https://rwegrgdf5.eu.org/moonshot-ai-sees-overseas-revenue-surge-as-kimi-k2-5-gains-traction-abroad">rapid revenue growth</a>. Moonshot’s annual recurring revenue had exceeded USD 300 million by July, while API sales accounted for more than 70% of total revenue and had become its main growth driver.
Moonshot released its latest large model, Kimi K3, on July 17. The launch attracted attention across the global technology sector and may have contributed to the company’s higher valuation expectations.
Daily sales increased sixfold after the model’s release, according to reports. As demand exceeded expectations and placed greater pressure on Kimi’s computing capacity, Moonshot announced on July 19 that it would immediately suspend subscriptions for new consumer users. It released Kimi K3 as an open-source model on July 27.
According to Moonshot, Kimi K3 has 2.8 trillion parameters, native visual understanding, and a context window of up to one million tokens. The company described it as the world’s first open-source model in the three-trillion-parameter class and said it was designed for advanced artificial intelligence applications, including long-horizon coding, knowledge work, and reasoning.
Moonshot said Kimi K3’s overall performance still trailed the strongest proprietary models, Claude Fable 5 and GPT-5.6 Sol. However, it said the model demonstrated frontier-level capabilities across its evaluation suite and outperformed every other model tested.
This <a href="https://xueqiu.com/2854806290/402739157">article</a> was adapted based on a feature originally written by SY and published on IPO Zaozhidao. KrASIA is authorized to translate, adapt, and publish its contents.

Moonshot AI targets USD 50 billion valuation ahead of Hong Kong IPO

Moonshot AI