Core Viewpoint - The competition for the title of "first AI large model stock" in the Hong Kong market is heating up, with two companies, Zhiyu (02513.HK) and MiniMax, vying for dominance in the AI commercialization space, each representing different paths in the industry [1][3][20]. Group 1: Company Overview - Zhiyu successfully launched its IPO on January 8, 2026, with an issue price of 116.2 HKD, reaching a market capitalization of over 50 billion HKD and raising a total of 4.3 billion HKD, with a staggering 1164 times oversubscription [1][4]. - MiniMax, founded in 2021 by former SenseTime executive Yan Junjie, is expected to follow closely behind in its IPO, with a valuation anticipated to exceed 50 billion HKD [3][10]. - Both companies represent distinct approaches to AI commercialization: Zhiyu focuses on a "B-end and G-end foundational model + localization" strategy, while MiniMax emphasizes a "C-end multi-modal application + globalization" approach [3][20]. Group 2: Investment and Development Strategies - Zhiyu's investment strategy is characterized by a strong emphasis on R&D, with expenditures increasing from 84.4 million HKD in 2022 to an expected 2.195 billion HKD in 2024, and a cumulative investment of over 4.4 billion HKD in three and a half years [8][20]. - The company has a traditional revenue model, primarily from localized and privatized deployments, which accounted for 95.5% of its revenue in 2022, although it is gradually shifting towards cloud-based API services to enhance stability and growth [14][15]. - In contrast, MiniMax adopts a lighter asset model, focusing on consumer applications and global expansion, with over 70% of its revenue coming from international markets [12][17]. Group 3: Market Position and Future Outlook - Both companies are now positioned in the global AI first tier but face significant competition from both international giants like OpenAI and domestic players like ByteDance and Baidu [20]. - MiniMax's strategy includes targeting overseas markets with products like Talkie and Hai Luo AI, which have gained substantial traction, generating over 5.9 billion videos and covering 200 countries [17][19]. - The ongoing competition and differing strategies of Zhiyu and MiniMax highlight the diverse paths available in the AI industry, with both companies aiming to shorten their profitability timelines while navigating a challenging market landscape [20].
500亿AI大模型双生子IPO：智谱与MiniMax的“暗中较劲”