Asia Pacific Equity Research 27 February 2026 China Artificial Intelligence CNY-to-date: model agentization with accelerating token consumption, raise Zhipu/MiniMax PT to HK$800/1000 Shares of Knowledge Atlas (Zhipu AI) and MiniMax have risen five-fold since IPO (vs HSI +4.3%), driven by strong investor demand for pure-play GenAI exposure and a broadening narrative that 'AI will disrupt everything'. Beyond sentiment, we see the CNY model release window marking a step change in making monetization dynamics m ...