They have been releasing a lot of really good models over the last ~6 months. Their previous (1.0?) Yi-34B-Chat model ranks similar to GPT-3.5 on Chatbot Arena. [1] A quantized version of that model can be run on a single consumer video card like the RTX 4090.
This new set of models should raise the bar again by adding more options to the open source LLM ecosystem. If you inspect the config.json[2] in the model repo on HuggingFace, you can see that the model architecture is LlamaForCausalLM (the same as Meta's Lllama). The difference between the Yi models and a simple fine-tuning is that Yi models have had a different set of data, configuration, and process going back to the pre-training stage.
Their models perform well in Chinese and in English.
There are a lot of good models coming out of China, some of which are only published to ModelScope. I haven't spent much time on ModelScope because I don't have a Chinese mobile number to use to create an account. Fortunately, Yi publish to HuggingFace as well.
[1] https://huggingface.co/spaces/lmsys/chatbot-arena-leaderboar...
[2] https://huggingface.co/01-ai/Yi-1.5-34B-Chat/blob/fa695ee438...