Alibaba has launched Wan3.0, its latest artificial intelligence video-generation model, as the Chinese technology giant steps up investment in AI following a $10.2 billion share sale in Hong Kong.
Alibaba said Wan3.0 has already been used in short dramas and film production, advertising and marketing, tourism, promotion and music video creation since its public beta launch on Aug 6.
The company said the model can generate videos of up to 30 seconds using source material such as documents, spreadsheets, presentations and webpages.
The launch came a day after Alibaba announced plans to issue $10.2bn in new shares in Hong Kong to finance its global AI expansion. The offering is the largest primary follow-on share sale by a Hong Kong-listed company.
Alibaba, which is known for its open-source Qwen AI models, has been investing heavily in artificial intelligence as competition in the sector intensifies globally.
The company reported last week that quarterly earnings had plunged 75 per cent year-on-year, largely due to a sharp increase in capital expenditure related to AI.
The latest fundraising is aimed at supporting Alibaba’s broader AI ambitions, with investors closely watching whether the company can generate returns from its large-scale investments in the sector.
Meanwhile, Asian markets remained mixed on Monday. Tokyo, Shanghai, Taipei and Wellington declined, while Sydney, Jakarta and Bangkok gained. Markets in Manila and Kuala Lumpur were largely unchanged.
Hong Kong’s benchmark fell more than 2pc despite news that fast-fashion retailer Shein plans to list in the city on Sept 1. The long-awaited listing is expected to value the company at nearly $27bn.
Investors were also monitoring developments around US economic measures against Iran. US Treasury Secretary Scott Bessent was expected to provide further details on Washington’s latest efforts to increase economic pressure on Tehran.
The United States has urged its allies and China to support the campaign as the conflict in the Middle East approaches its sixth month. US Vice President JD Vance described the strategy as a “delicate dance”, acknowledging that Iran could respond by applying economic pressure on the United States.
Global oil prices also fell, with both major crude benchmarks declining around 2.3pc and Brent trading at about $92 a barrel.
Markets were also focused on the annual gathering of central bankers, economists and finance officials in Jackson Hole, where investors are looking for indications about the future direction of US monetary policy.
The meeting comes amid renewed concerns over inflation and rising US borrowing costs. The US government’s federal debt has also crossed $40 trillion, adding to market concerns over the country’s fiscal position.
