智谱、MiniMax相继通过港交所上市聆讯

Core Insights - Beijing Zhiyuan Huazhang Technology Co., Ltd. (Zhiyuan) and Shanghai Xiyu Jizhi Technology Co., Ltd. (MiniMax) have both passed the Hong Kong Stock Exchange listing hearing, positioning themselves to become leading players in the global AI model market [1][2] - Zhiyuan aims to be the first stock in the "global foundational model" category, while MiniMax targets the "global multimodal model" sector [1] - Both companies are backed by significant investments from major tech firms such as Alibaba and Tencent, indicating strong market confidence [1][2] Company Overview - Zhiyuan was founded in 2019 by researchers from Tsinghua University, focusing on Artificial General Intelligence (AGI) and has developed the GLM series of models, which are compatible with over 40 domestic chips [1][2] - MiniMax, established in 2021, emphasizes an integrated development approach focusing on "model-multimodal-application," particularly excelling in AI video generation and voice synthesis [2] Financial Highlights - Zhiyuan has completed multiple rounds of financing, with its latest valuation reaching 40 billion yuan, making it the first among the "six small tigers" of large models to initiate an IPO process [2] - MiniMax raised nearly $300 million in its C round of financing in July 2025, achieving a valuation exceeding $4 billion [2] Revenue Generation - Zhiyuan reported over 100 million yuan in annual recurring revenue from its software tools and model business, with plans to increase the API business revenue share to 50% [3] - MiniMax generates 70% of its revenue from international markets, with over 212 million individual users and more than 100,000 enterprise clients across 200 countries and regions [3] Technological Advancements - Zhiyuan has launched several groundbreaking models, including the first hundred-billion model and the first open-source thousand-billion model, showcasing its commitment to deep self-research and complete autonomy [4][5] - MiniMax has also released new models, including the upgraded Speech2.6 and Music2.0, further enhancing its product offerings in the AI space [5] Market Impact - The successful listing of Zhiyuan and MiniMax is expected to inject new capital into the booming large model sector and accelerate the global branding and collaborative innovation of Chinese AI companies [5]