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Tencent’s AI chatbot, Yuanbao, has become the most downloaded free app in China’s iOS App Store, surpassing DeepSeek shortly after its launch in May 2024. This surge in popularity is attributed to the integration of DeepSeek’s R1 reasoning model and the addition of a download button in WeChat, which boasts 1.3 billion users. By late February, daily active users of Yuanbao reached 3 million, a significant increase from previous figures.
Zhipu, a Chinese AI startup backed by Alibaba, has raised over 1 billion yuan (approximately $140 million) in its latest funding round. The investment was led by government-backed entities from Hangzhou, with participation from existing investors including Tencent. This funding reflects the growing emphasis on China's AI sector.
Huawei is set to unveil a new smartphone powered by its HarmonyOS Next in March, featuring a "new form factor" and advancements in hardware, software, and app ecosystem. The announcement has led to a surge in related stocks, with speculation suggesting the device may be a foldable smartphone. Huawei aims to transition all its smartphones and tablets to HarmonyOS Next this year, following the release of the Mate 70 series.
Global AI stocks are rebounding, with UBS forecasting mid-teen upside by 2025, driven by the "ChatGPT moment" that added $9 trillion to the Nasdaq's market cap. In contrast, Chinese AI stocks have surged but are expected to see more moderate gains, with low-teen annualized returns projected over the next three years. UBS highlights semiconductor and cloud platform companies as key investments, while estimating global AI spending could reach $500 billion by 2026, compared to $30 billion in China by 2028.
Chinese stocks are expected to face challenges due to ongoing tariff uncertainties and limited domestic stimulus, according to UBS. The firm maintains a "Neutral" stance, highlighting risks from geopolitical volatility while favoring defensive sectors and high-yielding stocks like China Merchants Bank. Despite projected EPS growth of 8.5% for 2025, potential slowdowns in 2026 loom due to macroeconomic uncertainties.
Airwallex, a corporate payments service provider backed by Tencent, is in discussions to raise approximately $200 million in a new funding round aimed at supporting its growth. The company is targeting a valuation of around $6 billion and hopes to finalize the funding by year-end, although negotiations are still in the early stages and may change.
A viral video by Pakistani content creator Rana Hamza Saif showcases China's innovative palm payment system, Weixin Palm Payment, developed by Tencent. Filmed in Zhuzhou, it demonstrates how users can make purchases simply by scanning their palm over a sensor, processing transactions in seconds. This biometric technology allows registered users to pay effortlessly at various locations across China.
Tencent Holdings Ltd.
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