智谱、MiniMax通过港股聆讯，“大模型第一股”争夺战打响

Core Insights - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) and Shanghai Xiyu Jizhi Technology Co., Ltd. (MiniMax) have passed the Hong Kong Stock Exchange listing hearing, attracting significant attention from the capital market and AI industry [2][3] - Zhipu abandoned its A-share listing plan due to high requirements and slow progress, opting for a Hong Kong listing instead [2] - MiniMax submitted a secret listing application to the Hong Kong Stock Exchange in June 2023, and if all goes well, it could become one of the fastest cases under the new reporting system for mainland companies [3] Company Overview - Zhipu, established in 2019 as a technology transfer company from Tsinghua University, has completed 19 rounds of financing, attracting investments from notable firms such as Hillhouse Capital and Tencent, with a current valuation of 40 billion RMB [3] - Zhipu's annual recurring revenue from its software tools and model business has exceeded 100 million RMB (approximately 14 million USD), with expectations for over 100% growth in total revenue by 2025 [3] - MiniMax, founded in December 2021, has notable investors including Alibaba and Tencent, and its latest financing round in July 2025 raised nearly 300 million USD, leading to a post-money valuation of over 4 billion USD (approximately 300 billion RMB) [4] Revenue Projections - MiniMax's expected revenue for 2024 is 70 million USD, primarily driven by its AI virtual companion application, Talkie [5] - Zhipu's projected total revenue for 2024 is approximately 42 million USD, with recurring revenue from AI development tools surpassing 14 million USD [3][5] Market Comparison - Both Zhipu and MiniMax are among the top domestic AI startup valuations, but they still lag significantly behind leading US AI companies, such as OpenAI, which has a valuation of 500 billion USD and plans to go public by 2027 with a potential valuation of 1 trillion USD [5]