Core Insights - Domestic large model companies are approaching IPO, with MiniMax and Zhiyu AI completing the China Securities Regulatory Commission filing and participating in the Hong Kong Stock Exchange listing hearing [1][2] - The IPO process is seen as a necessity rather than an option for these companies, driven by the need to secure stable funding channels [3][28] Group 1: Zhiyu AI - Zhiyu AI is recognized as a leading player in the large model sector, having completed its IPO guidance filing in April and aiming to finalize compliance processes by 2025 [5][6] - The company has raised a total of over 16 rounds of financing, accumulating more than 16 billion yuan, with a current valuation of approximately 40 billion yuan [10][12] - Zhiyu AI focuses on government and enterprise clients, emphasizing G-end and B-end business models, and has made significant organizational adjustments to enhance efficiency [13][14] Group 2: MiniMax - MiniMax plans to officially list on the Hong Kong Stock Exchange in January 2026, having developed a unique multi-modal capability from its inception [17][18] - The company is projected to generate approximately 70 million USD in revenue for 2024, with a significant portion coming from its C-end product, Talkie [20] - MiniMax has shifted its strategy from a dual focus on models and products to prioritizing model development, reflecting a response to competitive pressures in the market [22][29] Group 3: Industry Trends - Both companies are making strategic moves to consolidate their core capabilities and streamline operations in response to changing market dynamics [29][30] - The large model industry is transitioning from a phase of direction validation to one constrained by capital and efficiency, necessitating a focus on sustainable cash flow generation [30]
中国大模型“第一股”来了，揭秘智谱与MiniMax IPO背后的“隐秘算盘”
3 6 Ke·2025-12-18 12:19