Group 1: Company Listings and Financial Performance - Zhiyuan officially listed on January 8, 2026, becoming the world's first publicly traded company focused on general artificial intelligence (AGI) with a market capitalization of HKD 52.83 billion at opening[10] - Zhiyuan's annual recurring revenue (ARR) from its GLM coding plan exceeds RMB 100 million (approximately USD 14 million), with over 150,000 paid developer users acquired in just three months[12] - MiniMax listed on January 9, 2026, with an issue price of HKD 165, raising HKD 4.189 billion and achieving a market valuation exceeding HKD 70 billion[20] Group 2: Revenue and User Growth - MiniMax's revenue for the first nine months of 2025 reached USD 5.343 million (approximately RMB 37.6 million), a 175% increase from the previous year[22] - MiniMax's paid user count grew from approximately 119,700 in 2023 to about 1,771,600 by September 30, 2025[24] - Zhiyuan's revenue from 2022 to 2025 showed a compound annual growth rate (CAGR) of 130%, with revenues of RMB 57.4 million, RMB 125 million, and RMB 312 million respectively[17] Group 3: Market Position and Competitive Advantage - Zhiyuan's GLM technology is recognized as one of the few domestic models that can compete directly with the GPT system, excelling in robustness and controllability[2] - MiniMax's overseas market revenue contribution exceeded 70% in the first nine months of 2025, indicating strong international demand[23] - Zhiyuan's flagship model GLM-4.7 ranked first in both global open-source and domestic model evaluations, surpassing GPT-5.2 in a global coding assessment[16] Group 4: Strategic Investments and Future Outlook - Zhiyuan attracted significant investment from 11 cornerstone investors, raising a total of HKD 2.98 billion prior to its IPO[11] - Alibaba plans to continue substantial investments in Taobao Flash Purchase in 2026, aiming for market share growth and improved operational efficiency[25] - The Chinese instant retail market is projected to exceed RMB 1 trillion in 2026, with Alibaba increasing its focus on high-value user engagement and non-food retail[29]

Core Viewpoint - Zhiyuan Technology Co., Ltd. (referred to as "Zhiyuan") has become the world's first publicly listed company focused on AGI (Artificial General Intelligence) foundational models, with a market capitalization of nearly HKD 60 billion on its first trading day, reflecting strong market interest and a subscription rate of approximately 1160 times for its IPO [2][3]. Group 1: Company Overview - Founded in 2019, Zhiyuan is dedicated to the research and industrial application of AGI, having launched its algorithm architecture GLM in 2021, with the latest model GLM-4.7 released this year, positioning it alongside top international models [2][3]. - The company has attracted a diverse group of cornerstone investors, including major state-owned enterprises and leading private equity funds, with a total subscription of HKD 2.98 billion from 11 cornerstone investors [2]. Group 2: Financial Performance - Zhiyuan's revenue projections show significant growth, with estimated revenues of CNY 57.4 million, CNY 124.5 million, and CNY 312.4 million for 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate (CAGR) of 130% [3][4]. - The company maintains a high gross margin, with rates of 54.6%, 64.6%, 56.3%, and 50% from 2022 to 2025, indicating a strong competitive advantage in its business model and product technology [3][4]. Group 3: Research and Development - Zhiyuan has invested approximately CNY 4.4 billion in R&D from 2022 to the first half of 2025, with annual investments increasing significantly, demonstrating a commitment to maintaining technological leadership [5]. - The GLM series models undergo iterations every 2 to 3 months, ensuring rapid technological advancement and performance improvements [5]. Group 4: Market Position and Business Model - According to Frost & Sullivan, Zhiyuan ranks first among independent AGI developers in China and second globally, having empowered over 12,000 enterprise clients and 80 million end-user devices [5]. - The company operates three main revenue models: cloud API services (MaaS), localized deployment services, and developer subscription packages, with a goal to increase the API revenue share to 50% [11]. Group 5: Growth Potential - Following the release of GLM-4.7, Zhiyuan's annual recurring revenue (ARR) from its MaaS model surged from CNY 20 million to over CNY 500 million, indicating a growth rate exceeding 900% year-on-year for 2025 [12]. - The company is positioned to become a leader in the MaaS commercialization model in China, similar to international counterparts like OpenAI and Anthropic [10][12]. Group 6: International Expansion - Zhiyuan is actively promoting the internationalization of Chinese AGI models, having established the "International Alliance for Autonomous Large Models" with ten countries along the Belt and Road, showcasing its commitment to building AI infrastructure globally [14]. - The company has achieved over CNY 100 million in annual recurring revenue from its global developer model business, highlighting its competitive pricing and performance advantages [15].

Core Insights - The AI large model industry is accelerating its capitalization, with companies like Zhipu and MiniMax entering the IPO stage in Hong Kong, expected to list by early 2026 [1][9] - Zhipu focuses on AGI foundational models, while MiniMax specializes in multimodal models, indicating different technological and business approaches within the same competitive landscape [1][9] Company Overview: Zhipu - Zhipu is the first among the "Six Little Tigers" of AI large models to initiate an IPO, with a strong focus on B2B users and a business model centered around MaaS (Model as a Service) [2][9] - Founded in 2019, Zhipu has shown rapid revenue growth, with projected revenues of 57.4 million, 124.5 million, and 312.4 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 130% [2][4] - The company has a significant R&D investment, totaling approximately 4.4 billion yuan over several years, supporting its technological advancements [4] Company Overview: MiniMax - MiniMax, which focuses on C-end products, aims to become the fastest AI company to go public, with over 70% of its revenue coming from consumer products [6][7] - Established in early 2022, MiniMax has developed several multimodal models and AI-native products, achieving a revenue increase of over 700% in its second year [6][7] - The company has also secured substantial funding, totaling approximately 1.555 billion USD across seven financing rounds, with a cash balance of 363 million USD as of September [8] Market Dynamics - The entry of Zhipu and MiniMax into the IPO process is seen as a milestone for the AI industry, potentially reshaping the narrative from technology storytelling to commercial value realization [9] - Analysts suggest that the differing business models of Zhipu and MiniMax highlight the segmentation within the AI large model market, with Zhipu targeting developers and enterprises, while MiniMax focuses on consumer applications [9]

Core Viewpoint - The article discusses the recent progress of two AI model companies, Zhiyu and MiniMax, in their pursuit of listing on the Hong Kong Stock Exchange, highlighting their significance in the capital market and AI industry. Group 1: Company Overview - Zhiyu, established in 2019 as a technology transfer company from Tsinghua University, has completed 19 rounds of financing, attracting investments from notable firms such as Hillhouse Capital and Tencent, with a current valuation of 40 billion RMB [2]. - MiniMax, founded in December 2021, has received investments from major companies including Alibaba and Tencent, with a recent C round financing of nearly 300 million USD, leading to a post-money valuation exceeding 40 billion USD (approximately 300 billion RMB) [4]. Group 2: Financial Performance - Zhiyu's annual recurring revenue from its software tools and model business has surpassed 100 million RMB (approximately 14 million USD), with expectations of over 100% growth in total revenue by 2025 [2]. - MiniMax is projected to achieve a revenue of 70 million USD in 2024, primarily driven by its AI virtual companion application, Talkie [4]. Group 3: Market Position and Comparisons - Both Zhiyu and MiniMax are among the top domestic AI model startups in terms of valuation, but they still lag significantly behind leading US AI companies like OpenAI, which has a valuation of 500 billion USD and plans to go public with a potential valuation of up to 1 trillion USD [4].

Core Insights - Beijing Zhipu Huazhang Technology Co., Ltd. (Zhipu) and Shanghai Xiyu Jizhi Technology Co., Ltd. (MiniMax) have passed the Hong Kong Stock Exchange listing hearing, attracting significant attention from the capital market and AI industry [2][3] - Zhipu abandoned its A-share listing plan due to high requirements and slow progress, opting for a Hong Kong listing instead [2] - MiniMax submitted a secret listing application to the Hong Kong Stock Exchange in June 2023, and if all goes well, it could become one of the fastest cases under the new reporting system for mainland companies [3] Company Overview - Zhipu, established in 2019 as a technology transfer company from Tsinghua University, has completed 19 rounds of financing, attracting investments from notable firms such as Hillhouse Capital and Tencent, with a current valuation of 40 billion RMB [3] - Zhipu's annual recurring revenue from its software tools and model business has exceeded 100 million RMB (approximately 14 million USD), with expectations for over 100% growth in total revenue by 2025 [3] - MiniMax, founded in December 2021, has notable investors including Alibaba and Tencent, and its latest financing round in July 2025 raised nearly 300 million USD, leading to a post-money valuation of over 4 billion USD (approximately 300 billion RMB) [4] Revenue Projections - MiniMax's expected revenue for 2024 is 70 million USD, primarily driven by its AI virtual companion application, Talkie [5] - Zhipu's projected total revenue for 2024 is approximately 42 million USD, with recurring revenue from AI development tools surpassing 14 million USD [3][5] Market Comparison - Both Zhipu and MiniMax are among the top domestic AI startup valuations, but they still lag significantly behind leading US AI companies, such as OpenAI, which has a valuation of 500 billion USD and plans to go public by 2027 with a potential valuation of 1 trillion USD [5]

Core Insights - The competition for the title of "the first global large model stock" has officially begun, with two Chinese AI unicorns, MiniMax and Zhiyu AI, reportedly passing the Hong Kong Stock Exchange listing hearing this week [1] - Both companies have received approval from the China Securities Regulatory Commission for overseas listing and participated in the Hong Kong hearing [1] - If all goes well, these companies will become the fastest cases to pass the hearing since the new filing system for mainland companies to list in Hong Kong was implemented [1] Company Performance - Zhiyu AI, established in 2019, has achieved significant progress in business and financing, with an annual recurring revenue (ARR) exceeding 100 million RMB [2] - The company serves over 2.7 million paying customers through its API platform, including several large domestic tech firms [2] - Zhiyu AI's new AI-driven coding tool subscription plan has gained over 150,000 users, priced at 20 RMB per month, significantly lower than competitors [2] - The company anticipates over 100% revenue growth by 2025 [2] Financing and Investment - MiniMax, founded in 2021, completed a $600 million Series A funding round in March 2024, with a post-money valuation of $2.5 billion, led by Alibaba [3] - The investor lineup for MiniMax includes prominent firms such as Alibaba, Sequoia, and Tencent [3] - MiniMax's new text model, MiniMax-M2, ranks in the top five globally on the Artificial Analysis (AA) leaderboard, marking a significant achievement for Chinese open-source models [3]

Group 1 - The AI unicorn companies Minimax and Zhipu AI are preparing for an IPO in Hong Kong, with Minimax reportedly close to completing its preparations and aiming for a potential launch in January 2026, seeking to raise several hundred million dollars [2] - Minimax has completed five rounds of financing since its establishment in December 2021, with a valuation of approximately 30 billion yuan after its latest funding round in July 2025, which raised about 300 million dollars [2] - Zhipu AI, founded in 2019, has completed 18 rounds of financing and reached a valuation of 20 billion yuan by July 2024, with plans for an A-share IPO process initiated in April 2023 [3][4] Group 2 - Zhipu AI's CEO revealed that the company's software tools and model business have generated an annual recurring revenue (ARR) exceeding 100 million yuan (approximately 14 million dollars), with expectations of over 100% revenue growth by 2025 [4] - Despite Zhipu AI's financial situation meeting the requirements for the Sci-Tech Innovation Board, uncertainties remain regarding its successful IPO [3][5] - The AI startup sector is currently characterized by "high valuations and high losses," making the pursuit of IPO opportunities increasingly critical as the market for AI-related companies becomes more competitive [5] Group 3 - The Hong Kong IPO market has seen a surge, with total fundraising reaching 35 billion dollars in 2025, the highest in nearly four years, driven by new listing rules that favor technology companies [5][6] - The Hong Kong Stock Exchange has processed 319 new stock listing applications across various cutting-edge sectors, including AI, biotechnology, and robotics, indicating a robust market environment [5]

Core Insights - The company, Zhipu, has achieved an annual recurring revenue (ARR) exceeding 100 million RMB (approximately 14 million USD) from its software tools and models for developers (GLM coding plan) [1] - Zhipu is diversifying its revenue structure by shifting from government and enterprise clients to developers, with a goal to increase the revenue share from its API business to 50% [1] - The API platform currently serves over 2.7 million paying customers, including some of China's largest tech companies [1] Product Offering - In September, Zhipu launched an AI-driven coding tool subscription plan, priced as low as 20 RMB per month, which is about one-seventh of the price of Anthropic's Claude [2] - The coding tool plan has attracted over 150,000 users [2] Market Demand - Concerns regarding excessive investment in AI without clear profit pathways are acknowledged; however, the CEO stated that the Chinese market is still in a phase where the demand for high-quality AI services exceeds supply [3] - A critical and urgent issue is to find sufficient reasoning resources to meet the surging demand [3]

Core Insights - The CEO of Zhiyu, Zhang Peng, announced that the company's software tools and model business (GLM coding plan) has achieved an annual recurring revenue (ARR) of over 100 million RMB (approximately 14 million USD) [1] - Despite being average compared to American competitors, this figure indicates significant progress in convincing Chinese developers to pay for AI services [1] - Zhiyu expects to see over 100% revenue growth by 2025 [1] Revenue Diversification - Zhiyu is diversifying its revenue structure by shifting focus from government and enterprise clients to embrace developers in China and other regions [1] - The company aims to prioritize model applications and API services, with a goal of increasing the revenue share from API business to 50% [1] - Currently, Zhiyu's API platform serves over 2.7 million paying customers, including some of China's largest tech companies [1] Subscription Model - The API subscription model allows developers to subscribe to services on a monthly or annual basis [1] - In September, Zhiyu launched an AI-driven coding tool subscription plan priced as low as 20 RMB per month, which is about one-seventh of the price of Anthropic's Claude [1] - The coding tool plan has reportedly attracted over 150,000 users [1] Competitive Positioning - Zhang Peng stated that Zhiyu's models are among the best in the world, emphasizing significant advantages in pricing and costs [2] - The company aims to become the first publicly listed AI large model vendor in China [2] - There is a strong demand for high-quality AI services in the Chinese market, which currently exceeds supply [2] Model Performance - Zhiyu was founded in 2019 by researchers from Tsinghua University and has received support from Alibaba, Tencent, and various local government funds [2] - The GLM-4.6 model from Zhiyu ranks just below top models from Silicon Valley on the benchmark site LMArena, alongside models from DeepSeek and Alibaba's Qwen [2] - The recent releases of GLM-4.5 and GLM-4.6 have garnered global attention for their performance, particularly in enhancing programming and intelligent agent capabilities [2]