Core Viewpoint - The article discusses the competitive landscape of the large model sector in China, focusing on the IPO progress of two leading companies, MiniMax and Zhiyu AI, both of which have recently passed the Hong Kong Stock Exchange's hearing and are nearing the final stages of their listing process [1][2]. Group 1: IPO Progress - MiniMax and Zhiyu AI have both received approval from the China Securities Regulatory Commission for overseas issuance and have passed the Hong Kong Stock Exchange hearing, marking a significant step towards their IPOs [1]. - MiniMax plans to list on the Hong Kong Stock Exchange in January 2026, while Zhiyu AI's IPO timeline is also closely aligned [1][2]. - This marks a potential milestone as both companies could become the fastest cases of mainland Chinese firms to pass the hearing since the implementation of the "filing system" for Hong Kong listings [1]. Group 2: Company Backgrounds - Zhiyu AI, established in 2019, has a background rooted in Tsinghua University and focuses on large model algorithm research, having released the GLM-10B model in 2021 [2]. - MiniMax was founded in 2021 by former SenseTime executive Yan Junjie and has developed a range of AI applications, achieving significant user engagement globally [2][3]. - Both companies have adopted different paths for their IPOs, with MiniMax being the first large model company to apply for a Hong Kong listing, while Zhiyu AI initially aimed for an A-share listing before shifting to Hong Kong [2]. Group 3: Product and Market Focus - MiniMax emphasizes a multi-modal approach, offering various AI-native applications and targeting a wide user base, with over 212 million users across more than 200 countries [3]. - Zhiyu AI focuses on AGI (Artificial General Intelligence) and has recently released a series of voice recognition models, indicating a strong push into consumer-facing applications [3]. - The competitive landscape suggests that while both companies are advancing, their product offerings and target markets differ significantly, which may influence their commercial success [3][4]. Group 4: Market Dynamics and Challenges - Analysts note that while the audience for large model applications is expanding, the monetization strategies remain unclear, posing challenges for both companies [4]. - MiniMax's focus on audio and video production may allow for quicker applications in consumer markets, but it faces potential copyright issues that need addressing [4]. - The competitive environment is highlighted by the presence of other companies in the sector, with ongoing discussions about the viability and market positioning of these firms [5][6].

Core Viewpoint - The article discusses the competitive landscape of the large model sector in China, focusing on the IPO progress of two leading companies, MiniMax and Zhiyu AI, both of which have recently passed the Hong Kong Stock Exchange (HKEX) hearing and are nearing the final stages of their listing process [1][2]. Group 1: IPO Progress - MiniMax and Zhiyu AI have both received approval from the China Securities Regulatory Commission for overseas issuance and have passed the HKEX hearing, marking a significant step towards their IPOs [1][2]. - Both companies are expected to become the fastest cases of mainland Chinese enterprises to pass the HKEX hearing since the implementation of the "filing system" for listings [1][2]. - MiniMax plans to list in January 2026, while Zhiyu AI's listing timeline is not specified but is also imminent [1][2]. Group 2: Company Backgrounds - Zhiyu AI, established in 2019 and originating from Tsinghua University, focuses on large model algorithm research and has released the GLM-10B model with 100 billion parameters [2][3]. - MiniMax was founded in 2021 by former SenseTime executive Yan Junjie and has developed a range of AI applications, achieving significant user engagement with over 212 million users globally [2][3]. Group 3: Business Models and Market Position - MiniMax emphasizes a "model as product" approach, offering various AI-native applications and targeting both B2B and B2C markets, particularly in audio and video production [3][4]. - Zhiyu AI focuses on AGI (Artificial General Intelligence) and has recently launched a series of voice recognition models, indicating a broader application scope [3][4]. - The profitability of large model applications remains uncertain, with MiniMax's focus on audio and video potentially allowing for quicker commercialization compared to Zhiyu AI's broader but less urgent applications [4]. Group 4: Competitive Landscape - The article highlights that while MiniMax and Zhiyu AI are leading in the IPO race, their technological positions among the "six small tigers" in the large model sector are not necessarily the strongest [5][6]. - The success of these companies in the IPO process does not guarantee that other competitors lack opportunities, as market conditions and shareholder interests also play significant roles [6][7]. - The focus on user numbers as a measure of success is questioned, emphasizing the importance of converting users into revenue sources [6][7].

Core Viewpoint - The leading domestic AI companies MiniMax and Zhiyu AI have both received approval from the China Securities Regulatory Commission for overseas listings and have passed the Hong Kong Stock Exchange's hearing, marking the final stage before their IPOs [1][3]. Group 1: Company Developments - MiniMax and Zhiyu AI both participated in and passed the Hong Kong hearing on December 17, with MiniMax planning to list in January 2026 [3]. - MiniMax was the first large model company to submit an IPO application to the Hong Kong Stock Exchange in June 2025, while Zhiyu AI initially aimed for an A-share listing before shifting to Hong Kong [3][4]. - MiniMax was founded in 2021 and gained prominence with its Glow model, which surpassed GPT in size during the AI boom in 2023 [4]. Group 2: Business Models and Market Position - MiniMax focuses on multi-modal self-research in text, visual, and audio, offering a range of AI-native applications and has over 212 million users globally [5]. - Zhiyu AI centers its business around AGI models and has recently released a series of voice recognition models, including the GLM-ASR series [5]. - Both companies are seen as competitors in the IPO race, but their technological standings among the "six little tigers" in the industry are questioned [6][7]. Group 3: Market Dynamics and Future Outlook - The profitability of large model applications remains unclear, with MiniMax's focus on audio and video production potentially allowing for quicker applications, while Zhiyu AI's broader modal approach may take longer to commercialize [6]. - The competition for IPOs among the "six little tigers" indicates that technological leadership does not guarantee market success, as future performance will depend on business models and capital endurance [8].