Shares of TENCENT rose more than 3% in Hong Kong trading. The catalyst for the movement is the company's official launch of its Hunyuan Hy3 large language model at the beginning of July.

This model is the formal iteration of the Hy3preview version released in April, maintaining a Mixture-of-Experts (MoE) architecture with 295 billion total parameters and 21 billion activated parameters, and supports a 256K context length. As of July 13th, the model has already ranked first in the weekly call volume rankings on the OpenRouter platform.

Analyst Commentary

CMB International Securities noted that the official release of Hy3 validates Tencent's execution capabilities in enhancing model reliability through post-training, and the market is expected to re-evaluate the implied value of Tencent's AI assets.

Guosheng Securities expressed a positive outlook, stating that Tencent's Hunyuan model is catching up to top-tier models. They also highlighted the ecosystem value of Tencent's AI product suite, suggesting it could drive a narrative and valuation recovery for the company.