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MiniMax, one of China’s leading AI startups, is reportedly closing a nearly USD 300 million funding round that would push its valuation above USD 4 bi…

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<a href="/company/minimax">MiniMax</a>, one of China’s leading <a href="/industry/ai">AI</a> startups, is reportedly closing a nearly USD 300 million funding round that would push its valuation above USD 4 billion. Founded by former <a href="/company/sensetime">SenseTime</a> executive Yan Junjie, the company recently launched its <a href="https://kr-asia.com/minimax-finds-its-aha-moment-and-a-way-to-challenge-the-ai-status-quo">MiniMax-M1 foundation model and multimodal agents</a>. The company declined to confirm the raise, and is also said to be <a href="https://www.wsj.com/tech/ai/chinese-ai-startup-minimax-files-for-hong-kong-ipo-sources-say-bbc88c91">nearing a Hong Kong IPO</a>.

Enflame Technology listed on Shanghai’s Star Market on September 11 after raising RMB 6.12 billion at an issue price of RMB 142.18 per share. Shares surged on their debut, giving the Tencent-backed AI chipmaker a market capitalization of about RMB 185 billion.

Moonshot AI is reportedly considering listings in both Hong Kong and Shanghai as it seeks additional capital and market exposure. The Kimi developer has confidentially filed for a Hong Kong IPO targeting as early as Q1 2027 and may subsequently pursue a Star Market listing. It is also working to dismantle its offshore VIE structure.

A vehicle tied to Haidilao’s founding family sold 259 million shares for about HKD 2.75 billion on September 8, representing roughly 4.65% of the company. Haidilao said the sale reflected the shareholder’s financial arrangements. Morgan Stanley has speculated that it could be related to new mainland tax rules covering offshore trusts.

Abu Dhabi sovereign wealth fund Mubadala Investment Company and Luckin Coffee controlling shareholder Centurium Capital have agreed to a strategic minority investment in the coffee chain. The transaction has a total value of about USD 1 billion and remains subject to customary closing conditions.

ByteDance’s Hongguo Short Drama reached 168 million daily active users (DAUs) in July 2026, up 107% YoY and exceeding the combined DAUs of Tencent Video, iQiyi, Youku, and Mango TV, according to QuestMobile data. Users averaged 125 minutes of daily usage in February.

Alibaba has integrated the operations of domestic wholesale platform 1688 and Alibaba.com under Zhang Kuo. The restructuring is intended to use AI to better connect China’s supply chains with global markets. Former 1688 head Yu Yong will move to another role within Alibaba.

Tencent has reportedly added former OpenAI researcher Tian Yonglong to its CEO and President’s Office. Tian now heads Hunyuan’s multimodal models and reports to foundation model chief Yao Shunyu. The appointment follows Tencent’s July consolidation of its large language and multimodal model teams.

Li Auto plans to add CALB as its third power battery supplier alongside CATL and Sunwoda. CALB batteries are expected to be used first in Li Auto’s pure electric vehicles, with the 2026 Li i6 potentially the first model to adopt them.

ByteDance is reportedly developing a real-time spatial video generation model that could launch as early as October. Built on its Seedance technology, the model is intended to create interactive virtual environments for live streaming, short dramas, and games. It would combine ByteDance’s AI and cloud infrastructure with Pico hardware while shifting much of the computing workload to the cloud.

Xpeng has commissioned its automated humanoid robot production lines and unveiled its next-generation Iron humanoid robot. More than 80% of core production processes are automated. Xpeng plans to begin mass production by the end of 2026, followed by commercial launches and deliveries in China and overseas markets in 2027.

China’s tech ecosystem serves as a driving force behind the world’s second largest economy, influencing global digital markets.

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CEO Yu Kai’s forecast comes as revenue grows and work on Journey 7 advances.

Horizon Robotics aims to lead advanced smart driving market by 2027

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MiniMax nears USD 300 million raise

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