Alibaba launches Wan3.0 AI video model after HK$10 billion share placement

Alibaba has officially rolled out its Wan3.0 AI video-generation model, capable of creating 30-second videos from documents and presentations. The launch follows a HK$10 billion share placement, the largest-ever primary follow-on offering by a Hong Kong-listed company, as the Chinese tech giant ramp

BEIJING: Alibaba officially rolled out its latest AI video-generation model Wan3.0 on Monday, 24 Aug 2026, with enhanced capabilities after the Chinese internet giant launched a HK$10 billion share placement to fund rising AI spending.

Alibaba Cloud said in a post on the WeChat platform that the new model can generate 30-second videos from documents, spreadsheets, slides and web pages. The release comes a day after Alibaba announced the share sale, the largest-ever primary follow-on offering by a Hong Kong-listed company, as it ramps up spending in the intensifying global AI race.

Alibaba said Wan3.0 had been used in short drama and film production, advertising and marketing, tourism promotion and music video creation since a public beta version was launched on 6 Aug 2026. The company last week reported a 75 per cent plunge in quarterly earnings from a year ago due to soaring AI-related capital expenditure.