QMMM Holdings Limited (qmmm.io), a Hong Kong–based advertising and digital media company, has been deeply involved in the digital human industry, creating over 30,000 virtual avatars primarily used in advertising and content. Despite its expertise, the company’s performance declined during the pandemic, leading to financial pressures. With the global surge of interest in AI and the rapid growth of digital humans as a subsector, analysts suggest QMMM could benefit from renewed demand and industry momentum as pandemic impacts recede. The firm went public on Nasdaq in 2023 under the ticker QMMM.US, though its debut saw an initial drop in share price. Its strategy centers on leveraging AI, AR, VR, and digital human technologies through proprietary platforms and partner distribution channels, aiming to restore growth by capitalizing on the digital human boom.

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Ray Media (ewang.com, SZ300251) has been actively developing and investing in digital human technology as part of its expansion beyond traditional film and media. The company confirmed that the virtual digital human "Tang Xiaomei" was jointly produced by its investee company Seven-Dimensional Technology and the production team of Henan TV, highlighting its role in digital human projects. Seven-Dimensional Technology, in which Ray Media holds shares, provides virtual reality products that include digital human technology, demonstrating the company’s involvement in both the technical and creative aspects of virtual human development. Chairman Wang Changtian has stated that Ray Media is experimenting with AI applications across animation, short dramas, and special effects, while also exploring large-scale animation models. The company has positioned AI and digital humans as key tools to enhance efficiency in film production, shorten timelines, and reduce costs, while at the same time raising questions about whether AI will remain just a tool or evolve into an asset in the industry. Through its investments in Seven-Dimensional Technology, Danghong Technology, and other partners, Ray Media has embedded digital human technology into its broader content and IP strategy, linking its blockbuster film franchises such as the Nezha series to digital extensions and AIGC applications in animation, live streaming, and marketing.