What major developments does Citi expect at the conference?

  • The Tencent Global Digital Ecosystem Summit will be held in Shenzhen from 29 October to the 30th, focusing on multi-agent systems and data-driven productivity. Citi expects Tencent may release the official version of Hy4.0 and disclose WorkBuddy operating data and case studies, cloud infrastructure upgrades and Tencent Cloud’s international strategy.
  • The conference plans to showcase more than 500 agent application cases across nine industries and more than 100 AI products and capabilities. Enterprise applications, data, security and engineering are the main areas of product updates.
  • Citi maintains its Buy rating on Tencent and a target price of HK$755; the share price listed in the report for 26 October was HK$386.40. The bank believes that, amid weak sentiment toward China’s internet sector, the recent share-price decline offers a better buying opportunity for long-term investors.

What has changed in the Hy4 Preview, and why focus on the official release?

  • Tencent open-sourced Hy4 Preview on 28 August: the model has 770 billion parameters in total, with 49 billion activated per invocation, and a context window exceeding 1 million tokens. It was designed in conjunction with WorkBuddy and CodeBuddy, focusing on productivity tasks such as programming and office analysis.
  • After its integration with WorkBuddy, demand for deploying Hy4 Preview prompted Tencent to expand its inference cluster. Tencent subsequently compressed the model weights from 1.5 TB to 214 GB to lower the hardware requirements for running it; it also optimized the number of task-execution rounds and token consumption.
  • On that basis, Citi expects Tencent is highly likely to launch the official version at the conference. The preview is already available to developers and businesses through channels including Tencent Cloud’s TokenHub, with input and output priced at 6 yuan and 18 yuan per million tokens, respectively.

How large is WorkBuddy’s user base, and how is enterprise deployment progressing?

  • QuestMobile data show that active users in China’s AI workplace and office sector reached 142 million in September 2026, up 50.6% year on year. WorkBuddy accounted for 32.35 million active users, ahead of Baidu’s DuMate at 9.77 million and Alibaba’s Qwen Office at 7.91 million.
  • A separate set of desktop visit statistics from Analysys shows that WorkBuddy recorded 85.34 million visits in September, with sessions exceeding Qwen Office’s 46.55 million. Active users and visits are different measures: the former counts people, while the latter reflects visit frequency.
  • For enterprises, the key is moving agents from experimentation into everyday workflows. The international edition of ADP 4.0, launched by Tencent Cloud in July, supports creating agents in natural language, multi-agent collaboration and execution of complex tasks in cloud sandboxes, and provides system connectivity, security checks and operational monitoring. Citi expects the conference to provide further updates on related tools and cases.

Which scenarios can WeChat Xiaowei bring agents into?

  • Xiaowei is currently in the trial stage. Sources cited in the report indicate that it has expanded to 28 entry points within WeChat, of which 4 are open to all users; they cover scenarios including chats, Moments, official accounts and image processing.
  • Xiaowei can use mini programs to handle tasks such as hotel bookings: accessing some mini programs may require user authorization, and after the user fills in the criteria, it guides them to a payment page. Citi expects the conference may showcase Xiaowei’s features and share some operating data.
  • Some features remain in early testing: MiniTask currently supports one-off tasks, while “Xiaowei AI Social,” in which agents communicate on users’ behalf, is also undergoing internal testing.