不盈利也敢抢着上市？智谱MiniMax竞速IPO，全球大模型之争！

Core Viewpoint - The competition between Zhiyuan AI and MiniMax for the title of "the world's first large model stock" reflects the recovery of technology stocks in the Hong Kong market, presenting both opportunities and challenges for investors [1][3]. Group 1: Company Overview - Zhiyuan AI, founded six years ago from Tsinghua University, plans to launch its IPO on January 8, aiming to raise $560 million at a price of HKD 116.2 per share [3]. - The company has developed the ChatGLM series, serving 12,000 enterprises and over 80 million individual users, achieving a valuation exceeding RMB 20 billion [5]. - MiniMax, another competitor, is also preparing for an IPO in early January with a target of raising $700 million, backed by major players like miHoYo and Tencent [7]. Group 2: Market Context - The competition for IPOs indicates a resurgence in the Hong Kong stock market, with Deloitte predicting that IPO financing could reach HKD 286.3 billion by 2025, with technology stocks leading the charge [7]. - The current low rate of IPO failures, the lowest in five years, enhances the attractiveness of new listings, particularly for AI companies [9]. Group 3: Strategic Implications - The race for the title of "first stock" is not just a matter of prestige; it symbolizes a significant milestone for Chinese companies in the AI commercialization race, potentially securing a competitive edge over U.S. giants like OpenAI [9][12]. - Both companies face challenges, including the high costs of model training and rapid technological advancements, which could render current advantages obsolete [11].