Core Insights - Two major AI model companies, MiniMax and Zhipu, recently listed on the Hong Kong Stock Exchange, with valuations of approximately HKD 700 billion and over HKD 1 trillion respectively, reflecting high market sentiment [2] - MiniMax's stock surged nearly 110% on its first trading day, closing at HKD 345 per share, while Zhipu's stock rose over 20% to HKD 158.6 per share, indicating a significant market differentiation between the two [2][3] - The differing market responses to the two companies are attributed to their distinct commercialization paths, with MiniMax focusing on consumer (C-end) products and Zhipu targeting business (B-end) clients [4] Company Performance - MiniMax's IPO valuation was around HKD 500 billion, with a share price of HKD 165, raising approximately HKD 55.4 billion, while Zhipu's share price was HKD 116.2, raising about HKD 43.5 billion [3] - MiniMax's revenue for the first nine months of 2025 was USD 53.4 million (approximately RMB 380 million), showing a year-on-year growth of 174.7%, while Zhipu's revenue for the same period was RMB 190 million, with a growth of 325% [4] - MiniMax's revenue is expected to be primarily driven by its Talkie application, which is projected to account for nearly 64% of its income in 2024 [4] Market Dynamics - The market is witnessing a shift from the previously discussed "six small dragons" of AI models to a focus on "AI dual heroes," indicating a consolidation of market leadership [8] - MiniMax's diverse revenue structure and significant international capital backing, including investments from sovereign wealth funds, contrast with Zhipu's reliance on local government support [5] - Both companies are currently operating at a loss, with MiniMax's cumulative loss estimated at approximately RMB 9.2 billion and Zhipu's at over RMB 6.2 billion from 2022 to mid-2025 [5] Future Outlook - Industry experts predict that MiniMax needs to enhance its user monetization and cost control to maintain its valuation lead, while Zhipu must overcome scalability limitations in its B-end projects [6] - The listings of MiniMax and Zhipu are seen as a pivotal moment for the Chinese AI industry, marking a transition from pure technology competition to a focus on capital recognition and commercial value [7] - The competitive landscape may evolve further with the emergence of specialized model developers and hardware solution providers, alongside regulatory impacts on data security and cross-border operations [8]
“AI双雄”相聚港交所，中国大模型进入上市分水岭