1.4 billion yuan, the China Integrated Circuit Industry Investment Fund Phase III has invested in Keling.

The total subscription limit of over 20.4 billion yuan has been fully utilized.

September 1 report from Zhidongxi. On the evening of August 31, Kuaishou issued an announcement on the Hong Kong Stock Exchange, stating that National Artificial Intelligence Industry Investment Fund and Chia Tai Robot, as additional investors, will invest 1.4 billion yuan and 131 million yuan respectively in Beijing Keling.

The major shareholder of the National Artificial Intelligence Industry Investment Fund is the third phase of the National Integrated Circuit Industry Investment Fund (referred to as Big Fund Phase III), which holds 99.90% of the shares of the former. Chia Tai Robot is an enterprise under the Charoen Pokphand Group.

Meanwhile, Kuaishou also disclosed the adjustment of capital contribution amounts of multiple existing investors of Keling.

Three investors including Tianjin Lisi Xingque, Party C, and Junmang Yunze increased their capital contributions. Among them, Tianjin Lisi Xingque (an enterprise under Lisi Capital) increased its capital contribution from 700 million yuan to about 937 million yuan; Party C (an enterprise wholly owned by Zhang Fei, independent non-executive director of Kuaishou) increased its capital contribution from 10 million US dollars to 15 million US dollars; Junmang Yunze increased its capital contribution from 240 million yuan to 260 million yuan.

Ningbo Zhichun Huayan reduced its capital contribution from about 682 million yuan to about 634 million yuan; Monolith Kling reduced its capital contribution from 20 million US dollars to about 9.74 million US dollars; HUNDREDS PLUS LIMITED PARTNERSHIP reduced its capital contribution from 50 million US dollars to 30 million US dollars; PMF Select Polaris LP reduced its capital contribution from about 63.82 million US dollars to 39 million US dollars.

On July 3 this year, Kuaishou announced the first financing of Keling on the Hong Kong Stock Exchange, with industrial parties including Alibaba Cloud, Tencent, Baidu injecting capital into it, as well as multiple state-owned capital participants such as China Internet Investment Fund, Beijing Information Industry Development Investment Fund, Beijing Artificial Intelligence Industry Investment Fund, Yangtze River Delta Digital Intelligent Cultural Industry Private Equity Investment Fund.

After this round of capital increase adjustment, the previously set subscription limit of about 20.447 billion yuan for Beijing Keling has been fully utilized.

After the transaction is completed, the registered capital of Beijing Keling will increase from 10 million yuan to about 96.1759 million yuan. Cheng Yixiao, Chairman of Kuaishou, Gai Kun, Chief Technology Officer, and other related parties hold a total of about 14.50% of the equity through equity incentives and shareholding platforms.

Shanghai Guofang Digital Technology, National Artificial Intelligence Industry Investment Fund, and Hangzhou Alibaba Cloud Feitian have become the top three external shareholders of Beijing Keling with shareholding ratios of 1.38%, 1.14% and 1.11% respectively.

Keling is becoming one of the most outstanding businesses under Kuaishou. In Kuaishou's Q2 2026 financial report released on August 19, Kuaishou disclosed that Keling AI's operating revenue in the second quarter exceeded 850 million yuan, a year-on-year increase of more than 200% and a quarter-on-quarter increase of 30.8%; the core commercial revenue including online marketing services and other services dominated by e-commerce and Keling AI increased by 7.4% year-on-year, totaling 268.45 billion yuan.

At the model and product level, in April this year, Keling officially launched the native 4K video direct output function in the Keling AI 3.0 series models, which is the first video generation model in the industry that supports native 4K direct output, supports one-click generation of 4K videos, and for professional customers such as film, television and advertising, it can achieve film and television industrial-level visual effects without complex post-processing.

In June this year, Keling AI launched the Keling 3.0 Turbo model, which greatly improves creation efficiency and reduces creation costs while ensuring stable dynamic high-quality output and precise audio-video synchronization.

In August this year, Keling MCP (Model Context Protocol) and Keling CLI (Command Line Interface) were officially launched, realizing the capability for AI agents to schedule Keling AI for batch creation of works.

Conclusion: With over 20.4 billion yuan of funds in place, the capital and resource base of Keling has been further diversified

For Kuaishou, the independent financing of Keling AI helps reduce the negative impact of its R&D investment on the overall profit of the group, and also provides a more diversified and stable capital and resource base for Keling's technology iteration and market expansion.

Nowadays, Keling is facing fierce competition from ByteDance's Seedance. Seedance has certain advantages in product reputation and market share. In June this year, LatePost reported that Seedance's ARR has reached a magnitude of about 2 billion US dollars, which is several times that of Keling.

At the financial report conference call in August this year, when talking about the competitive landscape, Cheng Yixiao believed that the current AI video generation track is in a prosperous period of diverse development and jointly expanding the industry increment. However, compared with the relatively scattered market competition pattern of large language models, the current AI video generation track presents the characteristics of clear leading position and high concentration of the first echelon. Video generation models put forward higher requirements for computing power, data, talents and technology.

This article is from the WeChat Official Account "Zhidongxi" (ID: zhidxcom), the author is Chen Junda, the editor is Xin Yuan, and it is published with authorization from 36Kr.