智谱、MiniMax港股IPO，熬过孤独的人和500亿奖赏丨深氪lite

Core Viewpoint - The article discusses the emergence of AI companies, particularly focusing on the successful IPOs of Zhiyuan and MiniMax, highlighting the transformative impact of AI in various industries and the changing landscape of the Hong Kong stock market [2][5][15]. Group 1: Investment Background - In 2021, early investors like Qiming Venture Partners recognized the potential of large models, investing in Zhiyuan and MiniMax despite the prevailing focus on carbon neutrality and the metaverse [6][9]. - The founders of Zhiyuan and MiniMax, Tang Jie and Yan Junjie, respectively, were pivotal in attracting early investments due to their ambitious visions and innovative methodologies [10][11][39]. Group 2: IPO Success - Both Zhiyuan and MiniMax went public in January 2026, with Zhiyuan's market value exceeding HKD 57 billion and MiniMax projected to surpass HKD 50 billion [15][16]. - The IPOs generated significant market interest, with Zhiyuan's public offering being oversubscribed by 1,159.46 times and MiniMax attracting over HKD 2.5 trillion in subscription funds [16][17]. Group 3: Market Dynamics - The Hong Kong stock market has seen a resurgence, with 119 new listings in 2025, the highest in five years, driven by a favorable environment for tech companies [24][30]. - The introduction of supportive regulations, such as the "18C" chapter for tech companies, has facilitated the listing of unprofitable firms, enhancing the attractiveness of the Hong Kong market for AI companies [29][30]. Group 4: Future Outlook - The rapid evolution of AI technology necessitates significant funding, with many companies transitioning from unicorns to valuations exceeding RMB 20 billion within a year [32][34]. - The IPOs of Zhiyuan and MiniMax are expected to encourage further investments in innovative tech companies, fostering a more vibrant startup ecosystem in China [66][68].