Tencent

Arena (LMArena) has published an Alignment Index leaderboard based on more than 90,000 real agent sessions across 27 models, measuring overreach, misattribution, and false-completion failure signals. Tencent Hunyuan Hy4 Preview scored 78.5, ranking fifth globally and first in China. Its 1.47% overreach rate was the lowest of any Chinese lab, while its 13.24% false-completion rate remained above the 10% average.

The model was led by Yao Shunyu, who took charge of Tencent's AI Data department in September, and was jointly designed with WorkBuddy and CodeBuddy. Tencent Hunyuan Hy4 Preview is available through OpenRouter and Tencent Cloud TokenHub.

Kunwei Technology has raised RMB 400M ($57M) in a new funding round. New investors XVC and Sequoia Capital China joined, while existing backers Sherpa Healthcare Partners and Tencent increased their stakes. The Shenzhen company says it applies deep neural networks to low-frequency ultrasound echo processing to image midbrain nuclei, lateral ventricles and microvascular blood flow through the skull in real time. It has won orders worth tens of millions of yuan (several million dollars) from brain-computer interface labs and NeuroAI model companies. Valuation and lead investor were not disclosed.

China’s largest single financing for an AI agent startup has closed at over $500 million (RMB 3.352 billion) for Butterfly Effect, parent of Manus. Boyu Capital and IDG Capital led the round, with existing investors Tencent, Sequoia Capital China and ZhenFund participating. Foreign media had reported the company was seeking a $4 billion valuation, double its prior $2 billion. The funding follows the late-September release of Manus 2.0 and Cue, built on the Cascade framework.

Butterfly Effect (Manus) has raised over $500M (RMB 3.352B) in a new round led by Boyu Capital and IDG Capital, with existing backers Tencent, Sequoia Capital China, and ZhenFund participating, making it the largest single round for a Chinese agent-native startup. The company resumed independent operations on Sept 1 after shareholders bought back equity at a $2B valuation. It did not specify use of funds, but posted 17 Beijing roles across product, R&D, operations, and growth on announcement day.

Moonshot AI (月之暗面) has closed a pre-IPO private round that values it at about $50 billion (RMB 350 billion), up from $31.5 billion in the summer. It has filed confidentially for a Hong Kong listing planned for the first quarter of next year, aiming to raise up to $5 billion; Bank of America is the overall coordinator, with CICC, Deutsche Bank and Goldman Sachs as sponsor banks. Its backers include Alibaba, Tencent and 5Y Capital, and people familiar say annual recurring revenue is $1 billion, expected to reach $2 billion by December.

On October 2, Tencent WorkBuddy said its built-in model now exclusively supports Space Bunny in China. The company describes Space Bunny as an anonymous Flash model with fast inference, strong coding ability, native text/image/video input, and a 1M context window. A limited discount runs October 2–7. Contract value and deployment volume were not disclosed.

A reported RMB 50B ($7.1B) round would value DeepSeek at RMB 500B ($71B), with closing targeted by end of October. Founder Liang Wenfeng told investors annualized revenue has reached $1B, more than double from under $500M a few months ago. The new investors were not named; in June the company raised about RMB 50B at a post-money valuation near RMB 400B ($57B), with Liang contributing RMB 20B, Tencent RMB 10B, and CATL RMB 5B. Shanghai STAR Market IPO preparations are also progressing.