East Voice | 2026-07-28

🔔 East Voice — Physix Frontier's China AI column for global readers

East voice, west reach. A Chinese perspective.

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I. AI Foundation Models

1. Moonshot Kimi K3 Open-Source Weights Released — 594GB Modified MIT License

• Moonshot AI officially released the open-source weights of Kimi K3 at midnight on July 28 Beijing time. It is a 2.8-trillion-parameter MoE model with total weights of 594GB, licensed under a Modified MIT agreement. Independent benchmarks revealed a 51% hallucination rate that was not disclosed in official benchmarks — a metric the community is now watching closely.
• Source: AIToolsRecap, Moonshot AI official

2. Zhipu Stocks Drop Over 70% From Peak, "Trillion-Dollar Market Cap Bubble" Questioned

• Hit by the impact of Kimi K3, Zhipu shares plunged more than 44% in two trading days, with market cap falling from HK$1 trillion to about HK$470 billion. The market is reassessing the scarcity premium of the "first large-model stock": the company has annual revenue of just ¥724M and a net loss of ¥4.718B, with a peak P/S ratio of over 400x. Participants in the HK$31.375B placement are now sitting on more than 40% paper losses.
• Source: Bowang Finance, HKEX market data

3. Zhipu Hires CITIC as Sponsor, Files for Hong Kong IPO

• Beijing Zhipu Huazhang Technology has appointed CITIC Securities as its sponsor to file an A1 application on the Hong Kong Stock Exchange. After the recent stock crash, the company is accelerating its offshore listing process. Reports indicate a target raise of approximately HK$3-4 billion, with the listing expected before the end of 2026.
• Source: IPO Zaozhi, CaiLianShe

4. HiDream AI Completes ¥1.5B C Round, Joins Unicorn Ranks

• Hefei-based multimodal large-model company HiDream.ai closed a ¥1.5B Series C round co-led by the Sichuan Revitalization Sci-Tech Fund (under the National Social Security Fund), ICBC Capital, and Hongyi Asset Management. It attracted film-industry capital including Shanghai Film New Vision Fund and Huace Film & TV. The company has raised more than ¥2.1B in the past three months and is pushing development of a native full-modal world model, with products now available in 100+ countries.
• Source: Xinhua, QbitAI

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II. AI Software

5. Tencent Hunyuan Hy3 Tops OpenRouter, Native Multimodal Model Goes Open Source

• Tencent released the Hy3 open-source model, which climbed to the top of the OpenRouter multimodal ranking within 24 hours, showing a 30% throughput advantage over GPT-4o. The model supports text/image/audio/video full-modal I/O and is freely available on Hugging Face and GitHub, marking a major breakthrough for Chinese open-source models in the global multimodal arena.
• Source: Tencent official, Hugging Face trending

6. Doubao Mobile Daily Active Users Cross 60M, Voice-AI Agent Coverage Widens

• ByteDance's Doubao mobile app has surpassed 60 million daily active users, with the new "Voice Assistant 2.0" feature covering 80% of common mobile scenarios. Monthly active users grew 3x in the quarter, making it the largest AI-native app in China. The international version, Cici, is expanding in Southeast Asia and Latin America.
• Source: QbitAI, ByteDance official

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III. Humanoid Robots

7. Zhiyuan Robotics 200x Revenue Growth in 3 Years, Files for HK IPO at HK$40-50B Valuation

• Zhiyuan (AGIBOT) is preparing for a Hong Kong listing, with a corner-stone valuation of HK$40-50 billion. By 2025 shipment volume, the company holds 39% of the global humanoid robot market — #1 worldwide. Q1 2026 revenue has surpassed ¥1B, with full-year 2026 guidance of ¥4B. The IPO is expected in Q4 2026.
• Source: Sina Finance, Omdia

8. Unitree Robotics Files for STAR Market IPO, ¥4.2B Raise; New Product Priced at ¥26,900

• Unitree Technology's STAR Market IPO application has been accepted by the Shanghai Stock Exchange, with plans to raise ¥4.2B. The company simultaneously released a new humanoid robot priced at ¥26,900 — a disruptive move that pulled the entry threshold for bipedal robots below ¥30K. Its 2025 revenue exceeded ¥1B and 2026 is guided at ¥4B+.
• Source: STCN, Paper.cn

9. UBTECH Plans Strategic Restructuring, Focuses on Industrial-Grade Scenarios

• UBTECH announced a strategic restructuring to focus on the industrial-grade humanoid robot track, scaling back consumer operations. The company has deployed more than 5,000 Walker S2 units in automotive and 3C manufacturing scenarios and is in talks with several automakers for orders exceeding ¥1B.
• Source: 21st Century Business Herald

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IV. Autonomous Driving

10. Apollo Go Secures Hong Kong's First Fully Driverless Road-Test License; Tests Begin July 27

• Baidu Apollo Go received Hong Kong's first fully driverless road-test license and officially began no-safety-operator testing on Airport Island on July 27, marking the world's first fully driverless road test in a right-hand-drive market. Hong Kong's Transport Department said the trial will run for an initial six months with a fleet of 10 vehicles.
• Source: Hong Kong Transport Department, Baidu official

11. Hesai AT128 Lidar Selected by Top Global Robotaxi Operator

• Hesai's next-gen AT128 automotive-grade lidar has been selected by a leading global Robotaxi operator for its next-generation vehicle platform, with the order expected to exceed 500,000 units over three years — the largest single lidar order ever signed globally. Hesai's Q2 2026 revenue is guided to exceed ¥1.2B, a year-on-year increase of more than 70%.
• Source: Hesai official, Caixin

12. Tesla FSD v15 Begins Public Testing in Mainland China

• Tesla's FSD v15 officially began public testing in mainland China, with over 200,000 vehicles participating in the early access program. The new version adds deep learning-based behavior prediction and urban complex intersection handling. Tesla has established a local data center in Shanghai to ensure data compliance.
• Source: Tesla China official, 36Kr

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Today's Industry View

Capital reallocation: from "model capability" to "physical intelligence + industry landing." This week's global AI primary market saw tens of billions of dollars flow, but the distribution was highly concentrated: overseas players are betting on industrial automation (ATOMS $1.7B) and AI materials (CuspAI $450M), while China is pouring capital into bionic robots (Future Not Far ~¥1B) and AI memory infrastructure. Pure model-layer funding has clearly cooled. The halving of Zhipu's market cap marks the end of the "large-model scarcity premium" era, with open-source models (Kimi K3) actively reshaping secondary-market valuation logic. The autonomous-driving policy side is accelerating (MIIT 15th Five-Year Plan + L3 mass production), but European regulatory divergence regarding FSD suggests global rollout still faces geopolitical headwinds.

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This briefing is compiled by the Physix Frontier team. Sources are noted for each item.