The Overnight

The Overnight — 2026-08-25

Xiaomi's own silicon triple, DeepSeek goes multimodal, Alibaba's HK$80B AI raise

What China's AI world did while the West was asleep. · 2026-08-25

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The Number

  • DeepSeek-V4-Flash runs $0.22/M input on a cache miss at off-peak, half the peak rate, per its pricing docs as of Aug 24.
  • GLM-5.2 lists at $0/MTok in and out on OpenRouter, a free tier alongside paid Zhipu variants, on OpenRouter as of Aug 24.
  • Alibaba prices its HK$80B new-share placement at HK$112.70, 7.1B shares to fund full-stack AI, per HKEX filing Aug 24.
  • Xiaomi's Xuanjie O3 posts an AnTuTu 5.22M score, first phone SoC past 5M by its own count, per Xiaomi Aug 24.

Top of the Fold

  • Xiaomi ships three in-house chips at once, the Xuanjie O3, O100 and D100, with Lei Jun putting the O100's memory bandwidth ahead of the headline benchmark, per 极客公园.
  • DeepSeek opens its V4-Flash-Vision-Exp multimodal API, closing the one gap that kept it text-only, per its docs and 极客公园.
  • Alibaba raises HK$80B via placement and its chairman and CEO add roughly HK$120M of stock the same day, signaling conviction on the AI capex bill, per 虎嗅 and HKEX.
  • Enflame files to list on Shanghai's STAR Market under 688801, moving a domestic AI-chip maker toward the public market, per 雷峰网.
  • Alibaba's Wan3.0 video model goes live, its next-gen text-to-video entry, per 量子位.

Untranslated

  • Alibaba DAMO Academy and Shengjing Hospital release DAMO LiON, a liver-cancer diagnostic model it says flags 1cm tumors, a company-stated clinical claim not yet in English, per 量子位.
  • Zhongcheng Hualong debuts its HL200 inference chip and a super-node cluster spec, a lesser-known domestic entrant framing itself for ten-thousand-card scale, per 量子位.
  • Shengshu Technology's Zhu Jun lays out a five-level roadmap for general world models at WRC 2026, arguing the field still lacks a shared definition of general, per 雷峰网.
  • A domestic firm claims dual first-place finishes on an AI-for-science evaluation paper it published, positioning itself as a standard-setter, company-stated, per 量子位.
  • Xingjie Intelligence argues the two-stage architecture is the market's biggest misread of real-time AI video, a contrarian founder read circulating in Chinese, per 极客公园.

The Backstory

  • Xiaomi spent 21B yuan over five years to get to this chip day, 459 days after the first Xuanjie O1, per 极客公园.

The Kicker

  • Two apps that deliver messages by cartoon carrier pigeon, complete with an 18-hour ETA and a chance the bird dies en route, are climbing the US social charts as young users push back on instant chat, per 极客公园.