Alibaba, Meituan, and Tencent are estimated to have a combined floating profit and gross profit of over 100 billion yuan on these three AI companies, making huge profits in investment. However, compared to the evaporated market value of these three companies, it is simply a huge loss. But when it comes to investing in AI, the three companies have completely different art styles. Meituan invests the least and earns the most, Alibaba casts the widest net and some invest with computing power, while Tencent is in the middle. 1. Let's take a look at the intelligence score first: Meituan 45 times, crushing the entire field Zhipu's current market value is about 350 billion RMB (Hong Kong stock 02513, briefly exceeded 1000 Hong Kong dollars in early May, with a total market value of over 400 billion Hong Kong dollars). Zhipu's GLM5.1 has topped the world's top 3 large models, and coding packages are selling well every day. Meituan was the first to place a bet. In the B2 round of March 2023, 300 million RMB was directly acquired, with a post investment valuation of 3.2 billion RMB and a stake of over 10%. Afterwards, Meituan did not add any more. After several rounds of financing and IPO dilution, Meituan still has 3.91% remaining, corresponding to a market value of 13.7 billion yuan. 300 million has turned into 13.7 billion, with a net profit of 13.4 billion and a return of 45 times. This number is at the top level in the entire Chinese primary market. Tencent arrived later. The B4 round only entered in August 2024, with an investment of 200 million yuan and a post investment valuation of 7.2 billion yuan, accounting for 2.7% of the shares. After dilution, 1.58% remains, worth 5.5 billion, with a return of 27 times. Not bad either, but compared to Meituan, it was over a year late and the return was directly halved. Alibaba's path is the most winding. Shanghai Yunya, a subsidiary of Ant Group, subscribed to Zhipu's registered capital of 667000 yuan for 150 million yuan in the B3 round. After the IPO, it held 1.54%, valued at 5.4 billion yuan, with a return of 33 times. Alibaba itself is not bad. Ant holds a total of 3.66% through Shanghai Yunya and Shanghai Feiya, worth 12.8 billion yuan, with a cost of 490 million yuan (excluding the 110 million yuan transferred to Alibaba), and a return of 25 times. Alibaba Group (Alibaba+Ant) holds a total stake of 5.2% in Zhipu, with a floating profit of approximately 17.5 billion yuan. 2. MiniMax: Alibaba heavily invested, Tencent invested, Meituan absent Alibaba has placed a heavy bet on MiniMax. By holding 12.52% of the shares through Alisoft, the current market value is approximately 3.7 billion US dollars. Alibaba participated in the B-round and cornerstone round, but MiniMax did not disclose in detail the amount of Alibaba's investment. According to a rough estimate, the cost is about 600 million US dollars, with an appreciation of about 5.2 times, earning 3.1 billion US dollars and 21 billion Chinese yuan Tencent accounts for 2.37% and is worth approximately 700 million US dollars. Its participation rounds are slightly earlier than Alibaba's. The cost should be lower, estimated at around 100 million US dollars, with a value increase of about 6 times. Although the absolute amount is not as good as Alibaba, the cost control is better and the multiplier is actually higher. Meituan did not participate in MiniMax investment. 3. Kimi: Alibaba may be the biggest winner, Meituan is also heavily invested The dark side of the moon has not yet gone public, and the latest round of $2 billion financing has just been completed, with a post investment valuation exceeding $20 billion (~140 billion RMB), led by Meituan Dragon Ball. Alibaba was Kimi's most important financial investor in the early days. In 2024, approximately 36% of the equity will be purchased for $800 million, with a portion settled through Alibaba Cloud computing power and cash of approximately $600 million. In February 2026, we participated in another $700 million financing, but the specific amount has not been disclosed. Based on 36% equity, the current market value is approximately 7.2 billion US dollars, with a book return of approximately 9 times. But the premise of this multiple is that Alibaba has not been significantly diluted in subsequent financing, and the valuation of 20 billion yuan is sustainable. Both conditions have variables. Tencent participated in a $300 million financing in August 2024, investing at a valuation of $3.3 billion. In February 2026, it jointly led a $700 million financing, but the amounts of the two rounds of investment were not disclosed, so it cannot be accurately calculated as a floating profit. According to Tencent's usual style, it is highly likely to be a follow-up investment rather than a heavy position. Meituan is divided into two parts. Wang Huiwen's personal cumulative investment is about 70 million US dollars (~490 million RMB), with a return of about 5 times based on the current valuation. This investment was made early and the profit was decent. Meituan Dragon Ball is the leading investor in this round of 2 billion yuan financing, with a single investment exceeding 200 million US dollars. The valuation has not increased much after the investment, and there is currently no floating profit. A few interesting points: 1. Meituan's return multiple is crushing. 300 million in, 13.4 billion out, 45 times. The reason is simple: entering early and leaving less. The B2 round has entered. 2. Alibaba Zhipu, MiniMax, and Kimi have all invested, with the highest total floating profit amount. Each company has invested a large amount, and a large part of it is invested using computing power. 3. Tencent is the most balanced. Zhipu 27 times, MiniMax 6 times, comprehensive return 11 times, Kimi expects 6 times. 4. Kimi may be Alibaba's biggest single source of return - a 36% stake valued at $7.2 billion based on a valuation of $20 billion. If the final IPO price is higher, this number will even inflate. The stock prices of these three AI companies fluctuate sharply. Zhipu rose from HKD 131 to HKD 840+on its first day of listing, while MiniMax rose from HKD 165 to HKD 1200+, but the pullback was also significant. These floating profits were all paper wealth before they were realized. Another point worth mentioning is that the logic behind these three major companies investing in AI is not purely financial investment. Alibaba needs computing power customers, Tencent needs ecological niche, and Meituan needs technical barriers. The three have different investment purposes, but they are all aimed at not being replaced.