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In the report's open-source category Kimi holds 61%, DeepSeek 15% and Zhipu's GLM 11%. Open-source models are still only about 4% of total enterprise model spending; closed US models take most of the money.
In a company announcement, student-founded EdTech platform Custodia Learn says it is in due diligence with a publicly listed Chinese education group at a US$5.4 million valuation, up from US$500,000 in January 2026. The buyer is under NDA and unnamed. The platform reports 19,063 registered users and 8,986 daily active sessions.
Ebrun reports Dada is in testing. Users can turn their expertise into agents others can use, interact by text and images, add agents to group chats and share invitations via WeChat. The report does not name the underlying models, and Xiaohongshu has made no public statement.
Scholar Kyle Chan notes that big firms often own AI models, in-house chips and robots at once. In his table, Alibaba, Tencent, Xiaomi, XPeng and Baidu have all three.
The Beijing company was co-led by Cornerstone Capital and Wangsu Science & Technology. Across three rounds in 2026 it has raised about US$300 million and is reportedly valued above US$1 billion.
