The Number
- DeepSeek closes a second round of 105.5B yuan (about $14.5B), lifting its valuation to 615.5B yuan, per 极客公园.
- Kling's video-generation unit 北京可灵 completes a 19.8B yuan (about $2.9B) raise, the largest single AI-video financing to date, per Kuaishou's HKEX filing via 智东西.
- DeepSeek-flash lists at $0.15/M input tokens cache-miss off-peak, with cache-hit off-peak at $0.003/M, per DeepSeek's pricing docs as of 2026-10-31.
- Kimi K3 series carries a 60% Batch API discount on kimi-k3.1-pro and kimi-k3, per Moonshot's pricing page as of 2026-10-31.
Top of the Fold
- Apple sets a China launch for Apple Intelligence, with Qwen powering Siri, writing tools and visual intelligence from the Nov 4 developer beta, its first third-party model partner in the market, per 极客公园.
- Kuaishou closes the 北京可灵 round at 19.8B yuan, leaving founder Lucky Labs with 66.68% equity and locking AI video as a capital-heavy race, per its HKEX filing via 智东西.
- Xiaomi open-sources Xiaomi-OCR-0.8B, a document-understanding model that scores a company-stated 96.83 on OmniDocBench v1.6 and feeds 超级小爱's one-tap screen reading, per 智东西.
Untranslated
- Memory-chip stocks sold off, with SK Hynix down 26% over five sessions as a Chinese second-market investor pins the fear not on CXMT supply but on whether cloud and model buyers can keep paying inflated DRAM prices while building data centers, one named view circulating via 虎嗅.
- Hong Kong IPO subscription is cooling, with six listings including 登临科技 and 芯德半导体 drawing under 1x financing demand on their opening day Oct 30, a shift from first-half appetite, per 财联社 via 虎嗅.
- Kuaishou's enterprise-AI team laid out a "skunkworks" model at a Oct 31 tech salon, arguing individual productivity gains do not equal team gains and pushing reusable digital employees and org-level agent workflows, per 智东西.
- Otherwise quiet across the Chinese community overnight.
The Backstory
- Baidu's cloud arm rebuilt its agent stack citing IDC's forecast of 2.216B active agents globally by 2030 at a 139% CAGR, against China's daily token calls hitting 500 trillion by June per CAICT, per 智东西.
The Kicker
- 量子位 found that an 8GB iPad reports 12GB of memory, reviving a joke that Tim Cook's product-line "knife skills" outlived his tenure, per 量子位.
