Asia Internet Weekly: Week of 26 May

Research evidence excerpt

Asia Internet Weekly: Week of 26 May

Flashnote

25 May 2026

Consumer Discretionary

Asia Internet Weekly: Week of 26 May Hong Kong

Alibaba and Zhipu unveil new models

Ellie Jason

Jiang Zhang

AI/Cloud: New chip and new model from Alibaba

• Alibaba: 1) Launched a new AI training-inference T-Head chip, Zhenwu Kevin

M890, which delivers 3x the performance of the prior generation Zhenwu He

810E. 2) Launched Qwen3.7-Max, engineered explicitly for advanced coding

and long-running agent workflows (up to 35 hours), with support for

major harness frameworks such as OpenClaw, Hermes, and more. (See our MQ China Internet Coverage

Flashnote.) Ticker CP$ TP$ TSR% Rating

• Zhipu: 1) Released a new model GLM-5.1-highspeed, which delivers an BABA9988 HKUS 130.00127.00 170.00165.30 31%30% OPOP

output speed of 8x to GLM 5.1, the fastest among global models. This BIDU US 127.79 166.00 30% OP

low-latency performance is achieved without compromising the model 9888 HK 128.20 169.00 32% OP

capability, breaking the traditional trade-off between speed and model BILI US 17.23 30.00 74% OP

scale. (See our Flashnote.) 2) Zhipu and MiniMax will be added to the Hang 9626 HK 138.10 233.50 69% OP

Seng Tech Index and Hang Seng Composite Index effective 8 June 2026, DIDIY US 3.47 3.90 12% N

GDS US 35.02 64.60 84% OP

enabling potential mainland capital inflows via Stock Connect. (link) 9698 HK 33.48 54.60 63% OP

• Tencent: Has launched Marvis, an OS-level AI assistant capable of JD US 30.52 40.00 31% OP

performing every function of existing agents, with intelligent task routing 9618 HK 121.70 159.00 31% OP

that automatically assigns workloads to different models to deliver full- BZ US 13.75 15.70 14% OP

NTES US 116.55 153.00 31% OP

stack AI assistance. (link) 9999 HK 181.50 241.00 33% OP