Alibaba said Wan3.0 had been used in short drama and film ​production, advertising and marketing, tourism The new model ​can generate 30-second videos from documents, ⁠spreadsheets, slides and web pages, ​Alibaba ​promotion and music video creation since a public ‌beta ⁠version was launched on August 6.

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 last week reported a 75% plunge in quarterly earnings from ⁠a ​year ago due to ​soaring AI-related capital expenditure.

Alibaba is keeping focus on the sector after announcing on Sunday that it plans to issue $10.2 billion in new shares in Hong Kong to fund its global AI ambitions.

The firm, known for its open-source “Qwen” AI models, has been ploughing tens of billions of dollars into the technology, with shareholders eager to see how it will monetise the huge investments.

Tokyo, Shanghai, Taipei and Wellington were down on Monday. Sydney, Jakarta and Bangkok posted gains, while Manila and Kuala Lumpur were flat.

Hong Kong fell more than two percent despite fast-fashion giant Shein announcing its market debut will take place in the Chinese financial hub on September 1.

The long-awaited listing would value the group — known for its vast selection of products at stunningly low prices — at close to $27 billion.

Eyes are also on US Treasury boss Scott Bessent, who said he would give more details in a news conference on Monday on a fresh push to pile economic pressure on Iran.

The United States warned allies and China on Thursday to join Trump’s new campaign, which comes as the unpopular war in the Middle East drags toward the six-month mark.

US Vice President JD Vance admitted the plan was a “delicate dance” because Iran will “try to apply economic pressure to us”.

Read More: As AI agents act in unexpected ways, is ‘rogue AI’ really here?

Asked whether the United States would pressure China, Bessent told CNBC that “many conversations are best to have in private”, but called on Beijing “to get with the programme”.

Both main crude contracts were down 2.3 percent, with the Brent benchmark sitting at $92 a barrel.

Traders will also be watching this week’s annual gathering of central bankers, economists and finance chiefs in Jackson Hole in the United States, hoping for some clarification on US monetary policy.

The meeting comes after the Treasury bought its own bonds last week in an effort to push down borrowing costs after the 30-year yield surged to levels last seen in 2007, just before the global financial crisis.

Yields have risen on inflation fears and as the United States reported that its federal debt had topped $40 trillion.