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🧠 I. AI Large Models

Alibaba Releases Qwen3.8: Total Parameters 2.4 Trillion, Becoming China's Second 2-Trillion-Level LLM

On August 3, Alibaba released the strongest flagship in the Qwen series, Qwen3.8, featuring a sparse MoE plus hybrid attention architecture, with 2.4T total parameters and 95B active parameters. It is the second model in China to break the 2-trillion parameter mark after Kimi K3; ranked 4th globally on the CodeArena web development leaderboard, behind only the Claude Opus 5 series and Kimi K3. Alibaba announced it will open-source Qwen3.8-Max and Qwen3.8-27B next week, marking the first open-source flagship in the Qwen series. On the day, Alibaba's HK stock rose 7.01% to 125.2 HKD, and US pre-market shares jumped over 5%.

MiniMax H3 Officially Open-Sourced: 2K Resolution, Up to 15 Seconds, Native Stereo

On August 3, MiniMax opened the H3-Base weights for its video model H3 (on Hugging Face), supporting 2K resolution, up to 15 seconds, 24FPS, 32kHz stereo, and 11 languages; it topped the Artificial Analysis video editing leaderboard with 1130 Elo, being the only open-weight model on the board. Generation price is 0.8 RMB/second (2K), about one-third of comparable flagships. On the day, MINIMAX-W rose 9.45% to 252.4 HKD; Jefferies reiterated Buy with a target price of 1118 HKD, and market rumors suggest they reached a compute procurement deal with Alibaba.

• White House to Convene AI Companies — To discuss a cybersecurity assessment framework for the most advanced models, ordered by Trump in June this year, which is voluntary; Anthropic is expected to send representatives, and OpenAI and Google are also expected to attend.
• EU AI Act Enters Enforcement Phase — Transparency rules and general-purpose model regulatory clauses took effect on August 2: Chatbots must proactively disclose AI identity, deepfake content requires mandatory dual-track labeling, and general-purpose LLMs face systemic risk regulation. AI products targeting EU users must complete a public-facing compliance registration.
• Moonshot AI Completes $3.5 Billion Over-Subscribed Funding Round — Originally planned for $1-2 billion, post-money valuation reaches $35 billion, with the National AI Industry Investment Fund as a lead investor; the company has contacted potential investors for a final round before HK IPO at a $50 billion pre-money valuation, potentially listing this year (Bloomberg).
• Qwen3.8 API Pricing Announced — Input 12 RMB, Output 36 RMB per million tokens, flat with previous gen Qwen3.7; input/output prices are 60% and 36% of Kimi K3 respectively, while international prices are only about 40% and 24% of Claude Opus 5. Doubling parameters without raising prices makes "more for less" the new normal for flagship model pricing.

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💻 II. AI Software

Alibaba's "QwenWork" Launches Public Beta: An Agent Workbench Unifying Three Products

Formed by integrating QoderWork, MuleRun, and Wukong, powered by Qwen3.8, positioned as the industry's first desktop+cloud+enterprise collaboration Agent. It has connected with DingTalk calendar, tasks, notes, and cloud docs to auto-generate structured weekly reports, and can link Feishu, WeChat, Enterprise WeChat, Slack; law firm M&A due diligence reports can be saved as organization-level Skills for team-wide reuse. Led by Chen Yusen, founder of MuleRun, newly appointed CEO of Alibaba's Wukong Division, born in the 90s.

• QwenWork Pricing Disclosed — Free Version / Personal Standard 98 RMB/month (20% off at 78 RMB) / Personal Premium 198 RMB/month (20% off at 158 RMB) / Enterprise Standard 198 RMB/month/seat; during the first week of beta, daily login grants 500 to 2000 points; an independent App and international version will follow.
• Hongxiong AI Releases Full-Stack Memory Product — Memory engine MemoryBear upgraded, with OpenBear and CodeBear memory-type LLMs debuting, and four native Agent applications landing; the company previously completed hundreds of millions in Series A+ funding, as the memory layer becomes a new battleground in LLM competition (36Kr).
• JD Delivery Officially Announces AI Smart Helmet — Equipped with an AI voice assistant, built-in "Top Rider Route," automatically parsing order notes and proactively reminding riders before delivery; initially distributed free to full-time riders, later open to all riders. AI hardware begins directly serving blue-collar operational scenarios.
• Jihong Shares × Alibaba Cloud Co-Build "AI-Native Foundation" — Collaborating on Agent infrastructure, cross-border e-commerce scenarios, and Token export services, leveraging Qwen3.8 to build a standardized Token export distribution system for all industries; Jihong had previously partnered with Volcano Engine, Google, AWS, etc.
• Shandong 12 Departments Issue AI OPC Action Plan — Cultivating "One-Person Company" new market entities, promoting "AI+Super Individual" entrepreneurship, aiming to build 100 characteristic carriers, cultivate 1,000 entrepreneurial entities, and gather 10,000 innovative talents within 3 years.

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🤖 III. Humanoid Robots

Unitree Robotics Initial Inquiry on August 5: 42 Billion RMB Issuance Valuation, Institutional Divergence 30-109 Billion

Unitree plans to issue 40.4464 million shares (10%) to raise 4.202 billion RMB, corresponding to a 42 billion RMB issuance valuation; roadshow concluded July 31-August 3, with online/offline subscription on August 10 and payment on August 12. Institutional pricing game enters final stage: CCB International gives 32x PS for 2026, implying a market cap of approx. 109 billion RMB; conservative PE camp estimates a reasonable central range of 30-45 billion RMB. The 42 billion issuance valuation implies a PE ratio over 150x based on 2025 net profit attributable to parent.

South Korean Investors Commit ~$6.5 Billion to Unitree IPO, Far Exceeding Raise Amount

RobotScope disclosed on August 2: South Korean investors have committed to subscribe approx. $6.5 billion (~9 trillion KRW), far exceeding the 4.2 billion RMB raise size. Post-listing initial market cap for Unitree will be no less than 42 billion RMB, a massive jump from the 12 billion RMB pre-money valuation in the 2025 Series C, showing international capital's willingness to pay a premium for the "world's largest humanoid robot shipper."

• PokeShell Robotics Completes Near-$100 Million Pre-A Round — Founded only 4 months ago, co-led by Shunwei Capital and Matrix Partners China, with participation from Jiukun Venture, Junshan Capital, SEE Fund, etc.; existing shareholders Yunqi Capital and Xiaomi Strategic Investment added. Founder Xu Huazhe is an Assistant Professor at Tsinghua AIR and co-founder of StarSea Map; the company completed a tens-of-millions-dollar angel round in its founding month (April), focusing on home robots and validating capability limits through cooking scenarios.
• Qiuzhi Technology Raises Two Rounds in 1 Month — Over $100 million Angel round plus $100 million Angel+ round, with investors including IDG, Xinglian, Wuyuefeng, Dacheng, Joyoung, Huaying, Binhu District Industrial Group, etc.; incubated by Tsinghua University Institute of Intelligent Industry (AIR) in 2023, focusing on robotic arms and models.
• H1 Embodied Intelligence Funding Reaches 104.1 Billion RMB — Nearly double the full-year 2025 total; structural shift in capital flow: VLA models account for 42%, world models 27%, data infrastructure 20%, while body manufacturers received less than 20%. The bottleneck isn't hardware manufacturing capability, but the intelligence level allowing robots to understand the world and make autonomous decisions (Sina Finance).
• Agibot Going for HK IPO: Listing as Early as August — Cornerstone investors target a valuation of 40-50 billion HKD, while Agibot hoped to push it to approx. 80 billion HKD. 2025 revenue 1.05 billion RMB, shipments over 5,100 units ranking #1 globally (Omdia share 39%); underwritten by CICC, CITIC, Morgan Stanley, with another 30-50 embodied intelligence companies queuing for HK IPOs.
• Unitree Prospectus Details — Humanoid revenue share 51.78%, gross margin 60.13%, US revenue share 13.30%; 2023-2025 revenue CAGR 226.78%, adjusted net profit increased from -18.0191 million RMB to 591 million RMB. Wang Xingxing controls 68.78% voting rights. Additionally, on July 28, the FCC updated its covered list to include advanced robotic equipment produced abroad (humanoids, quadrupeds, etc.), meaning new models will largely be unable to export from China to the US; the company responded that it does not affect existing main products.
• BYD Self-Developed Humanoid Robot to Debut in August — Will premiere at "Di Space" and plan deployment to dealer stores; He Xiaopeng personally leading the sprint for XPeng's Q4 mass production. MIIT expects domestic humanoid robot production to exceed 100,000 units in 2026, with Q1 exports up +210% YoY; Goldman Sachs predicts the global market will grow from approx. 20,000 units in 2025 to 1.4 million units by 2035.

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🚗 IV. Autonomous Driving

Momenta Lists on HK Stock Exchange: Issue Price 295.6 HKD, Market Cap 69.625 Billion HKD, First "Physical AI" Deal under Chapter 18C

Listed on July 8 (06880.HK): Global offering of 19.9383 million shares, raising 5.89 billion HKD; 14 cornerstone investors subscribed a total of $376 million, led by GIC and Fidelity ($100 million each), Mercedes-Benz ($25 million), BYD ($15 million), GigaDevice ($6 million); Hong Kong public offering oversubscribed 23.7 times. Momenta tells a "story bigger than autonomous driving" with its R7 world model.

• Volkswagen (China) × Horizon Robotics Jointly Developing L3/L4 — Both parties deepen cooperation in AI foundation large models; the new urban navigation assistance system developed by joint venture Carizon (CARIAD 60%/Horizon 40%) will go live in vehicles in Q3 2026, covering **7 car models