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Technology

Kuaishou’s Kling AI raises nearly $3 billion in funding

Kling AI, Kuaishou’s AI video generation business, raised nearly $3 billion in external funding on July 2, with its post-money valuation expected to reach $18 billion. The financing will support Kling AI’s transition to independent commercial operations. The round was co-led by CPE, Guofang Venture Capital, BlueFive, Tencent, CITIC Securities and Zhongguancun Science City Fund together with CAS Investment. Alibaba Cloud, Baidu and Huace Film & TV also participated alongside dozens of other investors. Lighthouse Capital served as exclusive financial adviser and also invested through its Lighthouse Founders’ Fund (L2F). The Chinese financial advisory firm said its relationship with Kuaishou dates back 12 years, when it advised the short-video company on early-stage fundraising. [TechNode reporting] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

July 3, 2026

Technology

Tencent joins reported $3 billion funding round for Kuaishou’s Kling AI

Kuaishou’s AI video generation platform, Kling AI, is reportedly close to completing a $3 billion funding round, with Tencent participating in the investment. Upon completion, Kling AI is expected to be valued at $18 billion. In May, foreign media reported that Kuaishou was planning to spin off Kling AI and launch an IPO as early as the first quarter of 2027. Kuaishou has already begun discussions with potential investors for a pre-IPO financing round, initially seeking a valuation of $20 billion for Kling AI. The company later confirmed in a filing with the Hong Kong Stock Exchange that it has started evaluating a restructuring plan for Kling AI, which could involve bringing in external investors through the reorganization. Kling AI is Kuaishou’s in-house AI video generation model, launched in June 2024. It offers text-to-video and image-to-video generation capabilities. [TechWeb, in Chinese] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

July 3, 2026

Technology

Tencent launches Ubisoft-licensed Just Dance: Party on mobile platforms with AI body tracking

Tencent today launched Just Dance: Party, a mobile rhythm game based on Ubisoft’s Just Dance franchise, across iOS, Android and HarmonyOS devices. The game uses a proprietary AI-powered skeletal tracking algorithm that enables full-body motion capture through a smartphone’s front-facing camera, eliminating the need for external accessories such as dance mats or motion controllers. Players can also cast gameplay to a television to create a larger home dance experience. Just Dance: Party retains the franchise’s signature rhythm gameplay while offering a music library spanning Mandopop, K-pop, Western hits and viral online tracks. All songs are available free of charge and will be updated regularly. [TechNode reporting] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

July 2, 2026

Technology

Xiaohongshu reportedly launches internal Darwin project to develop new products

Chinese social media platform Xiaohongshu has launched an internal startup incubation program, codenamed Darwin, aimed at developing new products beyond its flagship app, according to Sina Tech. The initiative, which recently opened applications to employees, allows selected participants to work full-time on new ventures under the guidance of the company’s senior executives, the report said. Teams will also receive access to Xiaohongshu’s internal resources to support product development. The program is reportedly designed to create a product with the potential to match the scale of Xiaohongshu’s core platform. Employees behind successful projects could become product leads, with positions starting at the company’s L1 management level. Xiaohongshu did not respond to a request for comment from Sina Tech. [Sina Tech, in Chinese] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

July 2, 2026

Technology

Xiaomi launches crowdfunding for its first smart storage device

Xiaomi on Wednesday launched crowdfunding for its first smart storage device on the Xiaomi Youpin platform, marking the company’s debut in the home data storage market. The device is powered by a high-performance quad-core processor and comes with up to 16TB of storage capacity. It supports automatic backup across multiple devices, remote file access, and real-time 4K video transcoding and streaming. Unlike traditional NAS systems that often require complicated setup, Xiaomi’s smart storage integrates with the Mi Home ecosystem, allowing users to complete the initial configuration simply by scanning a QR code. It also works with Xiaomi smartphones, tablets, smart cameras, and other connected devices. According to Xiaomi, the crowdfunding campaign attracted more than 30,000 orders within the first hour of launch. [TechNode reporting] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

July 2, 2026

Technology

UBTECH unveils consumer humanoid robot U1, says orders secure 11,000 ahead of first deliveries

Chinese robotics company UBTECH on Tuesday unveiled its first full-sized consumer humanoid robot, the U1 Series, marking a major push into the home robotics market as demand for AI-powered companions gains momentum. The launch event, held in Shenzhen, introduced the U1 Series under UBTECH’s new consumer brand, UWorld. More than 50 robot models with different body types were showcased. The models range in height from 1.60 meters to 1.85 meters. UBTECH founder Zhou Jian said the U1 Series has received more than 11,000 orders across all sales channels since pre-orders opened on JD.com on June 2. Positioned as an AI companion for households, the U1 Series is equipped with 88 high-degree-of-freedom joints and an emotional AI model designed to support long-term interaction with users. UBTECH said all user interaction data is encrypted and stored locally by default, with no mandatory cloud uploads. The lineup includes three variants—Lite, Pro and Ultra—priced between 119,800 yuan ($17,600) and 990,000 yuan ($145,000). The company plans to begin shipping the first batch of orders on September 16.

July 1, 2026

Technology

Paper Games cancels Love and Deepspace’s new male lead Ao Yin after player backlash

On Tuesday, Paper Games issued a public apology on Chinese social platform Weibo, announcing that it has canceled the launch and further development of Ao Yin, a planned new male protagonist for its romance game Love and Deepspace. In its statement, the company said that from the very beginning of the project’s development, it had envisioned Love and Deepspace as an ever-evolving romance world that would continuously expand and offer players more diverse experiences. However, following a series of recent issues, the team has adjusted its plans, addressed the related content, and conducted a thorough internal review. The developer admitted that it introduced Ao Yin before it was adequately prepared, acknowledging that the decision hurt players’ feelings and damaged their trust. The Love and Deepspace development team has decided to cancel both the launch and further development of the new male lead. No additional male protagonists will be introduced in the game’s future content plans, the team added. [TechNode reporting] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox.

July 1, 2026

Technology

NVIDIA expands robotics hiring in China, opens roles in Beijing, Shanghai, and Shenzhen

US chipmaker NVIDIA announced a major recruitment drive for its robotics team, with openings across four core areas of embodied AI, simulation, deployment, and solution architecture. Positions are available in Beijing, Shanghai, and Shenzhen. According to NVIDIA, the embodied AI team will focus on key technologies and applications including dexterous manipulation, human body modeling using wearable sensors, whole-body mobile manipulation, and whole-body control, with the goal of developing next-generation general-purpose robotic systems. The simulation team will be responsible for building the core simulation and training infrastructure for next-generation robots, enabling them to learn efficiently in virtual environments and transfer their capabilities to real-world scenarios more quickly and reliably. Meanwhile, the deployment team will focus on optimizing algorithms for humanoid robots and embodied AI while accelerating real-world deployment. The solutions architecture team will work to bring NVIDIA’s cutting-edge technologies into practical applications across industries such as manufacturing and services.

July 1, 2026

Technology

Momenta launches Hong Kong IPO with GIC, Fidelity and BlackRock as cornerstone investors

Chinese autonomous driving company Momenta launched its Hong Kong public offering on June 29, with plans to list on the Hong Kong Stock Exchange’s main board under the ticker 6880.HK. The company is offering 19.94 million Class A ordinary shares at HK$295.60 each, aiming to raise about HK$5.89 billion ($751 million) before any over-allotment option is exercised. CICC and Deutsche Bank are joint sponsors of the listing. Momenta has secured 14 cornerstone investors with combined commitments of about HK$2.94 billion ($375.75 million), equivalent to roughly half of the total offering size. GIC and Fidelity International each committed $100 million, while BlackRock, Oaktree and Franklin Templeton also joined the deal. Strategic investors include Mercedes-Benz, BYD’s investment arm Golden Link, and GigaDevice Semiconductor, alongside Chinese institutions including Gaoyi, Boyu, ChinaAMC, GF Fund and CPIC. The company said about 60% of the IPO proceeds will go toward research and development, while 20% will support the commercialization of robotaxi solutions. Momenta’s revenue rose from RMB 743 million in 2023 to RMB 2.41 billion in 2025, while its adjusted net loss narrowed to RMB 302.8 million last year, according to the prospectus.

June 30, 2026

Technology

CXMT and Tencent reportedly reach $2.94 billion DRAM supply agreement

According to a Reuters report, Chinese DRAM maker CXMT (ChangXin Memory Technologies) has signed a long-term supply agreement worth more than RMB 20 billion ($2.94 billion) with Chinese internet giant Tencent Holdings, ahead of CXMT’s planned listing on Shanghai’s STAR Market. Citing three people familiar with the matter, the multi-year agreement will secure the supply of DRAM chips for Tencent’s server business, making it one of the largest procurement commitments in recent years between a domestic Chinese chipmaker and a major internet company. Two of the sources said the agreement could run for up to three years, while a third source said it could last as long as five years. As the detailed terms of the deal have not been publicly disclosed, the exact product specifications and supply duration remain unclear. Neither CXMT nor Tencent has commented on the report. [Icsmart, in Chinese] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

June 30, 2026

Technology

DeepSeek to launch V4 in mid-July with new peak-time API pricing

The DeepSeek team announced on Monday that the official release of DeepSeek V4 is scheduled for mid-July. According to the company, the new version builds on the existing preview release with further feature enhancements and performance upgrades. It will come standard with a 1-million-token context window across the entire model lineup, while delivering stronger performance in areas including agent-based task execution, mathematical reasoning, and code generation. DeepSeek also unveiled a new pricing plan that will take effect alongside the official release. For the first time, the company will introduce peak and off-peak API pricing. Peak hours will run from 9:00 a.m. to 12:00 p.m. and 2:00 p.m. to 6:00 p.m. each day, during which API usage will be charged at twice the off-peak rate. [TechNode reporting] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

June 30, 2026

Technology

Apple reportedly lobbies US for approval to source DRAM from China’s CXMT

According to sources, Apple is reportedly lobbying the US government for approval to purchase DRAM chips from Chinese memory manufacturer ChangXin Memory Technologies (CXMT). Apple has been in discussions with the White House in an effort to secure permission to source DRAM from CXMT, aiming to ease financial pressure caused by continuously rising memory procurement costs. Sources say Apple first approached the US Department of Commerce over a month ago and has also contacted other officials and stakeholders in Washington to seek regulatory approval. CXMT is one of China’s largest DRAM manufacturers. The company was previously added to the US Department of Commerce’s Entity List last year. [IThome, in Chinese] Every Wednesday and Friday, TechNode’s Briefing newsletter delivers a roundup of the most important news in China tech, straight to your inbox. Your support helps TechNode continue to provide credible, on-the-ground journalism and industry insights about the Chinese tech industry.

June 29, 2026