Kuaishou Technology's video subsidiary, AI, has released the latest generation of its model, Kling 4.0. The new model allows for a maximum generation duration of up to 30 seconds per time, and supports multiple continuations of video shooting, which can be extended up to 2 minutes in total; it also supports up to 15 modalities of reference input and introduces a precise narrative control function with up to 10 keyframes. The lightweight versions, Kling 4.0 and Flash, were made available for a limited trial to Black Gold annual card members on September 28th, with the full version scheduled to be officially launched in October.

Kuaishou Technology's video subsidiary, Keliing (Kling), has released the latest generation of its model Kling 4.0, accelerating its efforts to catch up with industry leader ByteDance on the eve of a potential listing in Hong Kong.

Kling Version 4.0 increases the maximum single-generation duration to 30 seconds, supports up to 15 multimodal reference inputs, and introduces a precise narrative control feature that can handle up to 10 keyframes.

Its lightweight version, Kling 4.0 Flash, was made available for a small-scale trial to Black Gold Annual Card members on September 28th, with the full version scheduled to be officially launched in October.

Since ByteDance's Seedance 2.5 was launched in July this year, it has become the preferred tool for a large number of creators. Alibaba and MiniMax's video products have also continued to attract users thanks to their high cost-performance ratio.

The competitive pressure faced by Keling has directly affected the stock price of its parent company, Kuaishou. Over the past year, Kuaishou's stock price has fallen by more than 60%, with a market value of approximately $17 billion, which is lower than Keling's valuation of around $18 billion after completing its first round of financing in July.

Kling 4.0: Comprehensive Iterated Technical Specifications

From a technical perspective, the upgrade to Kling 4.0 covers multiple dimensions.

In terms of video quality, the new model supports 4K and 1080p resolutions in 10- bit HDR formats (to be launched soon), and also adds a new 21:9 ultra-wide aspect ratio. At the same time, it has enhanced stability during high-speed movements, continuous actions, and complex camera shots. In terms of audio, high-quality dual-channel stereo has been introduced, and the accuracy of lip-sync matching has also been further improved.

At the creation control level, Kling 4.0 supports a maximum of 10 images, 5 videos, and 7 main subjects per input, totaling 15 multimodal references; the upper limit for prompt word input has been increased to 8,000 tokens; it also supports multiple continuations of video recordings, with a maximum extension of up to 2 minutes.

In addition, the new model supports multiple languages and dialect accents, including Chinese, English, Japanese, Korean, Spanish, and more.

Lightweight version Kling 4.0 Flash is designed for high-frequency creative scenarios, focusing on generation speed and cost efficiency. It was first made available for trial to Black Gold Annual Card members on September 28th.

Kelong's revenue growth rate has significantly slowed down.

Ke Ling is still one of the players with the fastest commercialization progress in the AI video competition track. By adopting a subscription model and integrating with developer API, they have established a relatively stable source of income. It is reported that Ke Ling's annual revenue exceeded 500 million US dollars in March this year.

However, the growth momentum is beginning to slow down. In the most recent quarter, the revenue growth rate has dropped from 300% to 200%. In a sector where computing power costs are high and technological iteration is extremely fast, an increase in revenue scale does not necessarily lead to a corresponding improvement in profit margins.

For Kuaishou, the commercialization potential of its video business is an important narrative that supports it amidst the pressures on its core operations. The growth of Kuaishou's main businesses in advertising and live streaming has tended to stagnate, and last quarter, its profits saw the largest decline in five years.

Financing valuation has exceeded the market value of the parent company.

In July this year, Keling completed its first round of independent financing, with a scale of $2.8 billion. Investors included Alibaba, Tencent, and Baidu. After the financing, Keling was valued at approximately $18 billion, with Kuaishou holding the majority of Keling's shares.

This figure constitutes a rather special market signal: the post-financing valuation of the subsidiary has surpassed the current market value of the parent company, which is approximately $17 billion, reflecting a stark difference in the capital market's assessment of the prospects of Kuaishou's core business and the long-term value of AI videos.

Currently, Keling operates independently from Kuaishou, with its own office and a team that manages its operations autonomously. The market expects it to have plans to list in Hong Kong, and the release of this new model is also seen as one of the steps to increase market visibility before listing.

Track competition is intensifying, and the window for technological leadership is narrowing.

In the AI video track where Ke Ling is located, the technology iteration cycle is continuously being shortened.

After the closure of the Sora project under OpenAI, some global demand shifted to Chinese platforms, which brought an additional increase in business for Keli Ling for a time. However, ByteDance quickly took a dominant position with Seedance and set a new industry benchmark in terms of video realism.

Alibaba, like MiniMax, also has its products on an upward trajectory. Both have attracted a large number of creators, advertisers, and commercial content production teams with their competitive cost-performance ratios.

In this context, Keli Ling is competing through Kling 4.0 not only for technical discourse power but also for the long-term retention of the core paying group consisting of global film and television creators, advertising companies, and creative studios. The window period between technological leadership and commercial implementation is becoming increasingly short.

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