CMB International Securities says Tencent (00700.HK) has formally released the
Hunyuan Hy3 large model. Hy3’s 21B active parameters allow it to run at
materially lower compute cost versus comparable flagship models; API input
pricing has been cut to 1 yuan and internal WorkBuddy data show token use about
47–49% lower than GLM-5.2, directly reducing Tencent Cloud AI marginal costs and
enabling scalable consumer deployments for Yuanbao, ima and WeRead. CMBI
maintains an overweight rating and HK$632 target, saying the Hy3 release
validates Tencent’s execution on post-training reliability improvements and will
prompt the market to reassess the implied value of Tencent’s AI assets.
