MiniMax、智谱双双过聆讯，国产大模型叩响资本市场大门

Core Viewpoint - The leading domestic AI companies MiniMax and Zhiyu AI have both received approval from the China Securities Regulatory Commission for overseas listings and have passed the Hong Kong Stock Exchange's hearing, marking the final stage before their IPOs [1][3]. Group 1: Company Developments - MiniMax and Zhiyu AI both participated in and passed the Hong Kong hearing on December 17, with MiniMax planning to list in January 2026 [3]. - MiniMax was the first large model company to submit an IPO application to the Hong Kong Stock Exchange in June 2025, while Zhiyu AI initially aimed for an A-share listing before shifting to Hong Kong [3][4]. - MiniMax was founded in 2021 and gained prominence with its Glow model, which surpassed GPT in size during the AI boom in 2023 [4]. Group 2: Business Models and Market Position - MiniMax focuses on multi-modal self-research in text, visual, and audio, offering a range of AI-native applications and has over 212 million users globally [5]. - Zhiyu AI centers its business around AGI models and has recently released a series of voice recognition models, including the GLM-ASR series [5]. - Both companies are seen as competitors in the IPO race, but their technological standings among the "six little tigers" in the industry are questioned [6][7]. Group 3: Market Dynamics and Future Outlook - The profitability of large model applications remains unclear, with MiniMax's focus on audio and video production potentially allowing for quicker applications, while Zhiyu AI's broader modal approach may take longer to commercialize [6]. - The competition for IPOs among the "six little tigers" indicates that technological leadership does not guarantee market success, as future performance will depend on business models and capital endurance [8].