HK Stock Market Move | TENCENT (00700) rises over 5% as the latest Hunyuan model Hy4 goes live, ranking among the strongest open-source models

TENCENT (00700) opened higher and extended gains today, rising 5.18% as of press time to HK$422.4, with turnover of HK$6.952 billion. On the news front, on November 4, Hunyuan released its latest-generation large language model Hy4. The model has 770B parameters (B = billion) and improves instruction following, long-document understanding, and long-horizon agent capabilities. The model weights will be open-sourced in the near term, and the next-generation Hy5 model will have an even larger parameter scale. The Hunyuan team said Hy4 is currently one of the strongest open-source models. On the same day, both the domestic and international versions of WorkBuddy integrated Hy4, launching a two-day limited-time free trial. A CICC research report noted that it maintains TENCENT's "Outperform" rating and target price of HK$666, corresponding to 2026 and 2027 Non-IFRS P/E ratios of 20x and 19x respectively, implying 68% upside from the current share price. Model iteration is only one dimension of competition; Tencent's strategic focus is shifting toward Agent context accumulation, and the combined advantage of horizontal ecosystem integration and positive context accumulation may be more certain.