AI大模型"第一股"争夺战打响！MiniMax和智谱AI同传通过港交所聆讯

Core Insights - The competition for the title of "the first global large model stock" has officially begun, with two Chinese AI unicorns, MiniMax and Zhiyu AI, reportedly passing the Hong Kong Stock Exchange listing hearing this week [1] - Both companies have received approval from the China Securities Regulatory Commission for overseas listing and participated in the Hong Kong hearing [1] - If all goes well, these companies will become the fastest cases to pass the hearing since the new filing system for mainland companies to list in Hong Kong was implemented [1] Company Performance - Zhiyu AI, established in 2019, has achieved significant progress in business and financing, with an annual recurring revenue (ARR) exceeding 100 million RMB [2] - The company serves over 2.7 million paying customers through its API platform, including several large domestic tech firms [2] - Zhiyu AI's new AI-driven coding tool subscription plan has gained over 150,000 users, priced at 20 RMB per month, significantly lower than competitors [2] - The company anticipates over 100% revenue growth by 2025 [2] Financing and Investment - MiniMax, founded in 2021, completed a $600 million Series A funding round in March 2024, with a post-money valuation of $2.5 billion, led by Alibaba [3] - The investor lineup for MiniMax includes prominent firms such as Alibaba, Sequoia, and Tencent [3] - MiniMax's new text model, MiniMax-M2, ranks in the top five globally on the Artificial Analysis (AA) leaderboard, marking a significant achievement for Chinese open-source models [3]