Business Brief (May 12): Kuaishou Seeks $2 Billion for Kling AI Spinoff

Published: May. 12, 2026 6:33 p.m. GMT+8

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Central bank assesses AI’s economic impact

The People’s Bank of China analyzed the macroeconomic impact of artificial intelligence (AI) in its latest monetary policy execution report, noting that the technology will continue to support high-quality economic growth. The central bank highlighted continued advances in key AI technologies such as multimodal capabilities and logical reasoning, deeper adoption of AI across industries that is reshaping traditional sectors, and the accelerated expansion of Chinese AI companies into emerging markets including Southeast Asia and the Middle East.

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People's Bank of China: AI supports high-quality growth via multimodal/logical advances, industry adoption, and expansion to Southeast Asia/Middle East.
Kuaishou plans Kling AI spin-off, $2B raise backed by Tencent.
Tencent invests $2.5B in StepFun; China NEV output +5.5% YoY to 1.32M units, sales +9.7% to 1.34M in April.

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Who’s Who

Kuaishou Technology: Kuaishou Technology plans to spin off its AI business Kling AI and raise $2 billion in a funding round backed by Tencent.

Tencent: Tencent is backing Kuaishou Technology's $2 billion funding round for its AI business Kling AI spin-off and has invested $2.5 billion in Chinese AI startup StepFun.