Alibaba releases Qwen3.8, MiniMax open-sources H3, and Unitree faces high-demand IPO.
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%.
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.
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.
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.
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."
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.
📰 EastVoice — today's AI headlines, decoded
Five minutes a day, the global AI shift →