News
Company news and developments, with original sources and dates.
Updated from source
Funding RSS ↗DeepSeek to complete CNY 100 billion funding at about CNY 500 billion pre-money valuation
DeepSeek is set to complete CNY 100 billion in funding at approximately CNY 500 billion pre-money valuation, with Shixi Capital, SummitView, CPE, Legend Capital, Geely, CATL, Tencent, IDG Capital and others participating.
Manus parent Butterfly Effect raises more than USD 500 million in new funding led by Boyu Capital and IDG Capital
On 2026/10/8, Yicai reported that Manus parent Butterfly Effect had announced new funding exceeding USD 500 million, led by Boyu Capital and IDG Capital, with existing investors Tencent, HongShan and ZhenFund continuing their support. Manus is a general-purpose AI agent product that generated market excitement after its launch in 2025/3. This was its first announced funding after resuming independent operations in month 9 and the largest single round for a Chinese agent-native startup to date.
DeepSeek second funding round nears CNY 80 billion, targeting a valuation of approximately CNY 500 billion
On 2026/10/6, Bloomberg reported, citing people familiar with the matter, that DeepSeek was close to securing at least CNY 80 billion, approximately USD 12 billion, in its latest funding round. This substantially exceeded the initial target of approximately CNY 50 billion, with the final total potentially approaching CNY 100 billion. The target valuation was approximately CNY 500 billion, about USD 74.6 billion. CATL and Tencent had made the largest funding commitments, and the process was nearing completion. This was DeepSeek's second external funding round, following CNY 51 billion raised in month 6 at a post-money valuation near CNY 400 billion. It was preparing for a STAR Market IPO in early 2027.
Delta Force exceeds USD 900 million in global cumulative in-app purchase revenue
Tencent’s Delta Force exceeded USD 900 million in global cumulative in-app purchase revenue by the end of 2026/6, according to Sensor Tower. Average DAU reached a record in the second quarter of 2026. Tencent’s marketing AIM+ had enabled approximately 30% of advertisers’ marketing spending.
Tencent invests in Wukong Culture, an AIGC company reshaping science fiction storytelling
In 2026/9, Tencent invested in Chengdu Wukong Culture through Guangxi Tencent Venture Capital, acquiring approximately 20% equity, with Wu Shuang becoming a director.
Tencent Holdings reports CNY 204.785 billion revenue in second-quarter 2026, up 11% year over year
On 2026/8/12, Tencent Holdings released its second-quarter 2026 results, reporting CNY 204.785 billion quarterly revenue, up 11% year over year, and CNY 56.022 billion profit attributable to equity holders (approximately USD 28.44 billion).
Tencent Holdings reports CNY 401.243 billion first-half 2026 revenue, up 10% year over year
On 2026/8/12, an HKEXnews filing reported that China’s Tencent Holdings had generated CNY 401.243 billion revenue in the first half of 2026, approximately USD 59.109 billion, up 10% year over year, with CNY 114.115 billion profit attributable to shareholders.
Manus reaches USD 500 million in ARR as Tencent plans involvement in Meta acquisition deal
On 2026/7/11, Financial Times reported that Singapore AI agent company Manus reached USD 500 million in ARR. Tencent planned to lead arrangements to unwind Meta's USD 2 billion acquisition of Manus.
Shendu Zhikong raises several hundred million CNY in Series B funding
On 2026/7/9, Xiniu Data reported that Shendu Zhikong completed Series B funding worth several hundred million CNY, co-led by JinkoSolar, SDIC Innovation, and CMB International, with participation from Sequoia China, Source Code Capital, Guangyuan Capital, China Merchants Venture Capital, Shangrao Changxin Fund Six Enterprise Management Center (Limited Partnership), Guangxi Tencent Venture Investment Co., Ltd., and others. The company provides physical AI energy infrastructure.
Kuaishou’s Kling raises nearly USD 3 billion independently at approximately USD 18 billion post-money valuation
Kuaishou’s Kling AI completed nearly USD 3 billion in independent funding on 2026/7/2 at a post-money valuation of approximately USD 18 billion, with participation from Tencent, Alibaba Cloud, Baidu and others. It was the largest single financing for a video large model globally. ARR was nearly USD 500 million in 2026/3, global users exceeded 100 million and enterprise customers approached 50 thousand.
Meituan reports CNY 91.039 billion first-quarter revenue, advances AI agent services
On 2026/6/1, IT Home reported that China’s Meituan had generated CNY 91.039 billion first-quarter revenue, approximately USD 13.482 billion, with a CNY 6.827 billion net loss. It disclosed that AI agent Xiaomei would collaborate with Tencent’s Yuanbao.
Tencent Music completes Ximalaya acquisition, making it a wholly owned subsidiary
On 2026/5/18, Tencent Music announced formal closing of its Ximalaya acquisition. Equity securities held by relevant Ximalaya shareholders and employee share plans were canceled in exchange for up to USD 1.26 billion cash and up to 175 million Tencent Music Class A ordinary shares. Ximalaya became its wholly owned subsidiary.
AI startup Linggan Shike raises Pre-A and Pre-A+ funding at post-money valuation above USD 100 million
On 2025/8/5, Baijiahao reported that on-device-native AI company Linggan Shike had raised Pre-A and Pre-A+ funding at a post-money valuation above USD 100 million, with investment from GL Ventures and HongShan. Former Tencent senior director and CMU AI PhD Kang Hongwen founded the company, focusing on an on-device multimodal content operating system.
Tencent Music plans full Ximalaya acquisition for USD 1.26 billion cash and equity
On 2025/6/10, Tencent Music announced plans to fully acquire Ximalaya for USD 1.26 billion cash, approximately CNY 9.06 billion, and no more than 5.1986% Class A ordinary shares. After four failed IPO attempts, Ximalaya was being sold to Tencent Music. Founder Yu Jianjun said sharing resources and advancing together was preferable to operating alone.
AI search engine You.com seeks funding at USD 1.4 billion valuation, exceeds USD 50 million ARR; can enterprise APIs drive its comeback?
On 2025/6/5, Tencent News reported that AI search engine You.com was discussing funding with Cox Enterprises at a USD 1.4 billion valuation, with current ARR exceeding USD 50 million. Founded by Stanford computer science PhD Richard Socher, it was entering the enterprise API market.
Manus raises USD 75 million at USD 500 million valuation; employees and annual revenue undisclosed
On 2025/4/25, TechCrunch reported that Chinese AI agent company Manus had raised USD 75 million led by Benchmark at a USD 500 million valuation, bringing total funding above USD 85 million. It planned expansion into the US, Japan and the Middle East. Previous investors included Tencent and HSG.
Brief: Despite being on the wrong side of history, ChatGPT grew paying users 3 times last year; annualized revenue may approach USD 4 billion
On 2025/2/1, Tencent News reported that OpenAI’s ChatGPT paying subscribers had grown to nearly 15.5 million in 2024, with annualized revenue approaching USD 4 billion. API usage grew sevenfold, with approximately USD 1 billion annualized revenue, while weekly active users continued growing from approximately 110 million.