The Number
- Zhipu closed ~$5B in fresh funding, split into a $2B H-share placement and a $3B zero-coupon convertible, per its 港交所 filing.
- The convertible's initial conversion price is HK$892.50, a 25% premium to the HK$714 placement price, per the same filing.
- Qwen3.7-flash sits at $0.03/MTok input, the cheapest China-lab model listed on OpenRouter as of 2026-09-13.
- DeepSeek's flag model runs $0.15/MTok cache-miss input off-peak, dropping to $0.003 on a cache hit, per its pricing docs on 2026-09-13.
Top of the Fold
- Zhipu raised ~$5B and earmarked about 60% for the next-generation GLM base model and a fully self-trained stack, signaling the fundraising race is now about training infrastructure, not launches, per its 港交所 filing.
- Moonshot's pricing docs list Kimi K3 as its released flagship alongside K2.7 Code and K2.6, marking another cadence step in the domestic frontier race, per platform.moonshot.cn on 2026-09-13.
- DeepSeek reversed course and will keep serving V4 Pro past September 14 at unchanged billing, citing user demand as it retires the older V4-flash names into V4.1-Flash, per its pricing docs.
Untranslated
- 斜跃智能, founded February 2026 by former 理想 AI chief scientist 陈伟 and former product-line president 张骁, closed a 数亿元 (hundreds of millions RMB) angel-plus round for a home-first embodied base model, per 雷峰网.
- 绿联 launched the HomeAgent HA100 Pro built on 后摩智能's M50 chip for local home AI compute, a bet on on-device inference over cloud, per 雷峰网.
- 蚂蚁数科 signed 31 AI cooperation deals at the Inclusion 外滩大会, spanning green energy, smart terminals, and hospitality, per 雷峰网.
- Otherwise quiet across the Chinese community overnight.
The Backstory
- 量子位 profiles the engineer behind a project that topped three GitHub charts, a 专升本 (vocational-to-bachelor) graduate who spent a decade to get there, a rare look at a non-elite path into China's open-source scene, per 量子位.
The Kicker
- AI-made short dramas now hold 77 of the top 99 slots on 红果's hot list, with one three-person team clearing a claimed several million RMB in half a year, per 虎嗅 (circulating figures, unconfirmed).
