WeChat AI Assistant Beta Testing Drives Tencent Stock Up Over 6%, Goldman Sachs Maintains Its 12-Month Target Price of HK$700

BlockBeats News, June 24th, according to Bitget market data, the Hang Seng TECH Index surged over 3% in the afternoon, Tencent Holdings surged over 6%, and WeChat launched an internal AI assistant "Xiao Wei" for testing last weekend, marking its official entry into the smart assistant race.

Recently, Goldman Sachs' Ronald Keung team released a research report stating that they maintain Tencent's 12-month target price at HK$700, representing about 61.7% upside from the current HK$433. The market's current doubts about Tencent focus on three main points: first, Xiao Wei adopts WeLM model developed by WeChat instead of Tencent's hybrid model, causing concerns about duplicated resource investment with two large model systems running in parallel; second, Goldman Sachs calculates from the bottom up that if fully promoted, the incremental inference cost will erode Tencent's adjusted operating profit in Q4 2026 by about 5% to 17%, and cost pressure may first appear when revenue growth is limited; third, short-term monetization still relies on online advertising, especially transactional scene ads, requiring Xiao Wei to deeply penetrate local life, content discovery, and shopping scenes, which cannot be achieved overnight.

From a functional perspective, Xiao Wei has supported completing full-chain operations of WeChat's native functions through voice or text commands (sending messages, posting on Moments, making video calls, calling for appointments through mini-programs, and ordering takeout), supported multimodal content generation and information retrieval, and can even generate mini-program prototypes through natural language descriptions. Goldman Sachs believes that Tencent's current valuation has to some extent reflected pessimistic expectations for AI progress, and Xiao Wei's internal testing is an important step in its AI roadmap. Key observation dimensions for valuation multiple repair in the coming quarters include: whether the basic model can shift from a follower to a proactive player, whether ad growth can reaccelerate, whether Tencent Cloud can consolidate its position as one of China's top three hyperscale cloud service providers, and the adoption progress of WeChat's AI assistant and enterprise productivity tools.