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M Stanley Rates TENCENT as Overweight; Hy3 Preview Open-Sourced
2026-04-24 11:07:00
TENCENT (00700.HK) released and open-sourced its next-generation large language model, Hy3 Preview, yesterday (23rd), according to a report released by Morgan Stanley.

Positioned as the first step in rebuilding the Hunyuan foundation model, the Hy3 Preview adopts a MoE architecture to integrate fast and slow thinking. It features 295 billion total parameters (21 billion activated parameters) and a 256K context window, demonstrating improvements in complex reasoning, instruction following, in-context learning, code generation, agent capabilities, and inference performance.

Morgan Stanley has given TENCENT an Overweight rating and a target price of HKD650.
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