“国产AI大模型双雄”即将上市，一图看懂

Core Viewpoint - Two domestic AI model companies, Zhiyu Huazhang and Minimax, are set to debut on the Hong Kong Stock Exchange, with IPOs scheduled for January 8 and January 9, 2026, respectively [1][2]. Group 1: IPO Information - Zhiyu plans to issue 37.42 million H-shares at an IPO price of HKD 116.20, aiming to raise HKD 4.3 billion [1][2]. - Minimax intends to issue 25.39 million shares at an IPO price of HKD 165, targeting a fundraising of HKD 4.2 billion [1][2]. - The market capitalization at IPO is projected to be HKD 51.1 billion for Zhiyu and HKD 50.4 billion for Minimax [2][4]. Group 2: Fund Utilization - Zhiyu will allocate 70% of the funds raised for general AI model research and development, and 10% for optimizing its MaaS platform [2][4]. - Minimax plans to use the funds for model technology upgrades, continuous development of AI-native products, and global commercialization over the next five years [2][4]. Group 3: Financial Performance - For the first half of 2025, Zhiyu reported a loss of CNY 820 million, while Minimax recorded a loss of CNY 650 million [3][5]. - Zhiyu's gross margin stands at 50%, compared to Minimax's 23% [3][5]. - The overseas revenue proportion is 12% for Zhiyu and 39% for Minimax [3][5]. Group 4: Commercialization and Client Base - Zhiyu's core product includes GLM-4 and other foundational models, serving over 12,000 institutional clients and supporting more than 80 million devices [2][5]. - Minimax's user base for its AI-native products reached 212 million, with a monthly active user count of approximately 27.62 million and about 1.77 million paying users [2][5].