The Overnight

The Overnight — 2026-09-10

DeepSeek picks CITIC for a STAR Market IPO, Tencent HY4 tops model-call charts

What China's AI world did while the West was asleep. · 2026-09-10

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The Number

  • Qwen3.7-flash prices at $0.03/MTok input on OpenRouter, the cheapest China-lab entry listed, as of 2026-09-09.
  • Tencent's HY4 tops a global model-call ranking with 379% month-on-month growth in calls, per 极客公园.
  • INMO's C-round funding runs to near 1 billion yuan for the Sichuan smart-glasses maker, now prepping a listing, per 智东西.

Top of the Fold

  • DeepSeek selects CITIC Securities for a STAR Market IPO at a reported ~500 billion yuan valuation, moving a lab that says it does not need the cash toward public markets, per 虎嗅 citing Reuters.
  • Ant's Bailing releases Ling-3.0-flash-Fin, its first finance-tuned open model, pushing AI into live investment-research workflows, per 量子位.
  • Alibaba's Qwen 办公 ships a multi-user workspace, dropping the pick-a-template step so users describe roles and tasks instead, per 极客公园.

Untranslated

  • DeepSeek opens closed beta on V4.1 Flash, a native-multimodal mid-version with a new architecture, and one tester's 14-task, 300M-token run reads it as pricier than the prior Flash, circulating and company-stated, per 夕小瑶科技说.
  • Ant's 阿福 medical-AI team lands a third top-journal paper, with DeepComp predicting gastric-cancer post-op complication and survival risk from routine CT before surgery, accepted by Annals of Oncology, per 雷峰网.
  • Wanxun ships NOVA2.0, a flexible embodied-AI architecture it says has run 10 million real-world operations across 40-plus industry scenes, company-stated, per 雷峰网.
  • An anonymous coding model, Omen Alpha, sits seventh on OpenCode's call-volume board five days in, with Chinese developers guessing it is another domestic lab, circulating and unconfirmed, per 智东西.

The Backstory

  • 影目科技's founder 杨龙昇, a former Coolpad wearables head, says he started building AR eyewear after watching the British series Black Mirror, with revenue growth held above 200% as the firm now files to list, per 智东西.

The Kicker

  • At the Bund Summit's AI Coding hackathon, nearly 70% of entrants were under 18, the youngest was six, and a nine-year-old took the top prize, certified as a Guinness record, per 雷峰网.