HK Stock Market Move | Kuaishou-W (01024) opened more than 6% higher with nearly 30 billion US dollars in financing for Keling AI, for a valuation of 18 billion US dollars.

KUAISHOU-W(01024) opened more than 6% higher, rising 6.24% to HK$45.3 at the time of publication, with a trading volume of HK$152 million. On the news front, on July 2nd, Kuaishous video creation model "Ke Ling AI" secured nearly 3 billion US dollars in financing, with a post-investment valuation expected to reach 18 billion US dollars. This round of financing sets a record for the largest single-round financing for a global multimodal large-scale model company, signaling the official start of its independent commercial development process. This round of financing was jointly led by CPE Genfund, Guofang CVC, BlueFive, Tencent, Beijing Centergate Technologies Science City Fund (United Nations Science Venture Capital), and dozens of top institutions. This round of financing brought together top industry capital such as Alibaba Cloud and Baidu, as well as leading entertainment industry players such as Zhejiang Huace Film & TV and Mango Industry Investors (Houwei Capital). In the first quarter of this year, Ke Ling AI achieved revenues exceeding 650 million RMB, a year-on-year increase of over 300%; by March, ARR had reached nearly 500 million USD. The company continues to consolidate its leading position in AI technology, launching the Ke Ling AI 3.0 series models in February this year, supporting multi-modal inputs and outputs as well as video generation up to 15 seconds. Ke Ling AI is widely used in professional creative scenarios and has been deeply involved in the creation of some scenes in popular dramas such as "Tai Ping Nian" and Hollywood TV series "David's Dynasty".