成立仅4年，这家公司上市大涨109%！专家：还不能高兴得太早

Core Insights - Two Chinese AI model companies, MiniMax and Zhizhu, have recently gone public on the Hong Kong Stock Exchange, reflecting a strong market interest in AI companies despite challenges in the A-share market [1][2] - MiniMax's stock surged by 109.09% on its first trading day, closing at HKD 345 per share, with a market capitalization of HKD 106.7 billion, while Zhizhu's stock closed at HKD 158.6, giving it a market cap of HKD 69.8 billion [1][2] - Both companies aim to leverage the current high valuation window in the market to secure funding for their growth and development [2][3] Company Summaries MiniMax - MiniMax focuses on multi-modal AI applications and has launched several AI-native products, including MiniMax Agent and MiniMax Audio, targeting consumer markets [4][5] - The company has seen significant growth in its paid user base, increasing from approximately 119,700 in 2023 to an estimated 1.77 million by September 2025 [5] - MiniMax emphasizes its commitment to AGI (Artificial General Intelligence) and aims to accelerate technological iteration rather than just focusing on revenue growth [6][9] Zhizhu - Zhizhu operates on a MaaS (Model as a Service) model, providing services to B-end clients and developers, and has empowered over 12,000 enterprise clients and 45 million developers globally [5] - The company has also experienced substantial user engagement, with its IPO being oversubscribed by 1,159.46 times in the public offering segment [2][5] - Despite its growth, Zhizhu has faced increasing losses, with net losses expanding from CNY 144 million in 2022 to CNY 2.36 billion in the first half of 2025 [9] Market Dynamics - The capital market has shown strong enthusiasm for AI companies, with MiniMax attracting HKD 27.23 billion in subscriptions from 14 cornerstone investors, including major institutions like Alibaba [2] - Both companies are navigating a competitive landscape characterized by the risk of homogenization, as they strive to differentiate their offerings in a crowded market [7][9] - The industry is transitioning from a "technology race" to "efficiency competition," where the ability to balance R&D investment with commercial returns will be crucial for long-term success [10][11]