MiniMax and Zhipu HK IPO Wave: Chinese AI Model Companies Go Public En Masse

Bottom Line First

The HK stock market is experiencing an unprecedented AI IPO wave:

• Zhipu GLM (02513.HK): Surged +690% after listing
• MiniMax (00100.HK): Followed to HK listing
• Manycore (00068.HK): Same trajectory

AI, industrial tech, new capital—the HK IPO market is being rewritten in real time.

Deal Data

Listed AI Company Performance

Company	Stock Code	Post-Listing Performance	Core Business
Zhipu GLM	02513.HK	+690%	Large models (GLM series), AI Agents
MiniMax	00100.HK	Broke below HK$600 post-IPO	Large models, AI voice/video generation
Manycore	00068.HK	Positive	Industrial AI, chip design

MiniMax Post-Break Analysis

MiniMax’s stock trajectory reflects the market’s recalibration of AI model company valuations:

Phase	Price Range	Market Sentiment
IPO Price	High pricing	Optimistic, AI concept premium
Post-listing	Slight decline	Profit-taking
Current	Below HK$600	Valuation digestion phase, some investors starting to bottom-fish

Why HK?

Structural Advantages of HK AI IPOs

Dimension	HK	A-Shares	US Stocks
Listing Threshold	Friendly to unprofitable tech companies	Relatively strict	High but higher compliance costs
Investor Structure	International + mainland capital	Mainland capital only	Global capital
Valuation Logic	Higher premium for AI concepts	Relatively conservative	Most mature but most demanding
Geopolitical Risk	Relatively neutral	Domestic policy impact	US-China friction risk

HK Is Becoming China AI’s “Nasdaq”

This trend parallels Nasdaq’s role during America’s 1990s internet bubble—providing capital market pricing and liquidity for emerging tech companies.

Investment Logic Breakdown

Why Did Zhipu Rise 690%?

Factor	Explanation
Scarcity	First pure large-model listing on HK exchange
Technical Strength	GLM series consistently leads in Chinese benchmarks
Commercialization	Already has enterprise customer revenue, not pure concept
Policy Environment	”AI+” national strategy support
Liquidity	Capital flowing back to HK tech sector

MiniMax Positioning Differences

Dimension	Zhipu	MiniMax
Technical Route	GLM general-purpose large model	Focus on multimodal (voice/video/text)
Founder Background	Tsinghua lineage	Peking University lineage
Commercialization	Enterprise services focus	C-end + B-end equally weighted
Valuation Reference	Already validated by stock price	Currently in valuation digestion

Industry Landscape Judgment

Capitalization Path for Chinese Model Companies

Technical Validation → Productization → Commercialization → IPO → Ecosystem Expansion
    ↑                                                          ↓
    └────────────── Funding Rounds Support ────────────────────┘

Currently in the productization→commercialization acceleration phase, IPO is the natural result of commercialization.

Next Wave of Potential IPOs

Company	Status	Expected Direction
DeepSeek	Tencent/Alibaba strategic investment talks	Possible HK or independent listing
Moonshot AI (Kimi)	Secured Binance/YZi Labs investment	Possible HK
StepFun	Blocked from Meta acquisition	Possible HK or A-share

Action Recommendations

For Investors

• Zhipu’s 690% gain means “scarcity premium” is fully priced in—chasing carries high risk
• MiniMax breaking below HK$600 may offer better risk-reward, but wait for valuation digestion to complete
• Watch pricing of subsequent IPOs—if issue prices become more rational, long-term investment value increases

For AI Professionals

• HK listings of AI companies mean the industry is entering the “regular army” phase—talent competition will intensify
• Watch AI revenue ratios and growth rates in listed company earnings reports—this is the best indicator of industry health

For Entrepreneurs

• Successful IPOs of Zhipu and MiniMax provide path references for subsequent AI companies
• HK’s acceptance of unprofitable tech companies is rising, but clear commercialization progress is still required