In the lead-up to China's Labor Day Golden Week, the country's AI sector is experiencing a flurry of large language model (LLM) upgrades. Baidu and Alibaba have rolled out new flagship models, while DeepSeek is reportedly preparing to launch its R2 update, intensifying competition in an already crowded domestic LLM market

YMTC, one of China's leading semiconductor firms, has secured a new funding round with a CNY1.6 billion (approx. US$220 million) capital injection from Quanhong Investment, a subsidiary of Hebei Yangyuan ZhiHui Beverage. Once the deal closes, Quanhong will hold a 0.99% stake in YMTC's parent company. Yicai reports the move aligns with Yangyuan's strategic push into equity investments