Chinese AI startups debut in Hong Kong as OpenAI challengers.

Two major Chinese generative AI companies, Zhipu and MiniMax, began back-to-back listings in Hong Kong this week, reflecting a policy-driven push to build domestic AI and semiconductor supply chains and notable investor interest.

Two of China's largest generative AI startups, Zhipu and MiniMax, began back-to-back listings in Hong Kong this week. The debuts are framed as a test of investor appetite for China's post-ChatGPT AI industry and align with policy efforts to expand domestic semiconductor and AI supply chains. Zhipu is a 2019 company founded by Tsinghua University academics and focuses on institutional and on-premise deployments. MiniMax grew from a gaming background into consumer-facing AI apps and has attracted large strategic investors. Key details: - Zhipu and MiniMax started trading on Thursday and Friday, respectively. - Zhipu reported 312.4 million yuan in revenue for 2024 and serves more than 8,000 institutional clients. - MiniMax reported $30.5 million in 2024 revenue and derives most revenue from subscriptions and advertising across about 210 million users of its native apps. - Both firms had pre-listing valuations near $4 billion and plan to raise hundreds of millions of dollars through the listings. - MiniMax secured cornerstone investors including Alibaba, the Abu Dhabi Investment Authority and Mirae Asset; Zhipu's backers are primarily domestic names such as CICC and Taikang Insurance, amid U.S. trade restrictions affecting some firms. - The listings follow recent high-profile debuts by Chinese AI chipmakers, including Moore Threads (a reported 425% first-day jump) and MetaX Integrated Circuits Shanghai Co. (a reported 693% gain). Summary: The twin listings provide new public capital access for two differing models of Chinese AI firms—one institutionally focused and state-linked, the other consumer-facing and venture-backed—and reflect broader state support for technology self-reliance. Initial trading will show market reception, while longer-term profitability and scaling paths remain undetermined at this time.