Tencent’s Hy4, a 770B-parameter MoE model with native vision and computer-use features, launched on November 4, 2026, after its August preview demonstrated strong gains on Agent and Code arenas. It currently ranks #14 overall on Agent Arena with top Chinese-model status and competitive efficiency, supporting trader expectations for a solid Text Arena debut above 1440. The market prices 1460+ near even money because Hy4 trails leading open models like Kimi K3.1 Pro on some metrics while outperforming peers such as Qwen and DeepSeek on agentic tasks. Weight release, expected soon, and expanded evaluations on the text leaderboard with style control off remain key variables that could shift initial scores before the June 2027 resolution window.