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The round was led by Dunhong Capital, with oversubscribed follow-ons from SC Capital, Matrix Partners China and Jinqiu Fund, and participation from Yunqi Partners and others.
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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.
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.
