Hong Kong IPOs of Zhipu AI and MiniMax: Analysis of Drivers Behind High Valuations and Oversubscriptions

From January 8 to 9, 2026, Zhipu AI (02513.HK) and MiniMax (0100.HK), the two earliest established companies among China’s “Six Tigers of Large Models”, listed on the Hong Kong Stock Exchange (HKEX) successively. With market capitalizations of HK$57 billion and HK$71.9 billion respectively, they became the “world’s first large model stock” and “Hong Kong’s first AI large model stock”[1][2]. Both companies received over 1,000 times oversubscription in their public offerings: Zhipu AI reached 1,159 times, while MiniMax hit 1,209-1,837 times, with margin financing funds approaching HK$197.8 billion and HK$253.3 billion respectively[1][3]. This phenomenal IPO frenzy marks the official start of the era of large-scale secondary market fundraising for Chinese AI enterprises.

. A total of 119 companies listed in Hong Kong in 2025, representing a year-on-year increase of 63% and hitting a 5-year high; total fundraising reached HK$285.8 billion, surging 225% year-on-year, leading major global exchanges and regaining the top spot in global IPO financing[4][5]. This recovery provides an ideal capital market environment for AI enterprises to go public.

. Chapter 18C of the Listing Rules, launched in March 2023, specifically supports the listing of specialist technology companies. In September 2024, the minimum market capitalization thresholds were further lowered: from HK$6 billion to HK$4 billion for commercialized companies, and from HK$10 billion to HK$8 billion for non-commercialized companies[6]. The “Tech Enterprise Fast Track” mechanism launched in May 2025 provides one-stop listing advisory services for specialist technology companies and allows confidential submission of applications, significantly improving listing efficiency[7]. These institutional innovations have directly lowered the threshold for AI enterprises to list in Hong Kong.

According to a report by Frost & Sullivan, the size of China’s large language model market reached 5.3 billion yuan in 2024, with institutional clients contributing 4.7 billion yuan and individual clients contributing 600 million yuan[8]. The market size is projected to grow to 101.1 billion yuan by 2030, representing a compound annual growth rate (CAGR) of 63.5% from 2024 to 2030; among this, the enterprise-level large model market is expected to reach 90.4 billion yuan, accounting for approximately 90% of the total, and remains the core driver of market growth[8][9]. This growth expectation provides solid fundamental support for the high valuations of AI companies.

The liquidity of the Hong Kong stock market improved significantly in 2025, with the average daily turnover reaching HK$255.8 billion in the first 11 months, a year-on-year increase of approximately 95%[5]. Long-term international capital has continued to flow back into the Chinese market, and investor interest in AI concept stocks has continued to rise in early 2026. Analysts pointed out that investors have shifted to Chinese AI stocks due to concerns about the US AI bubble, while also being driven by expectations of favorable policies for the industry from the Chinese government[10].

The US Holding Foreign Companies Accountable Act has continued to pressure the VIE (Variable Interest Entity) structure of Chinese concept stocks. In February 2025, the America First Investment Policy further required stricter scrutiny of financial audit standards for Chinese concept stocks, and NASDAQ proposed tightening listing standards for Chinese concept stocks[7]. Against this backdrop, Hong Kong stocks have become the preferred destination for Chinese enterprises to list overseas, with institutional advantages and geopolitical security forming dual attractions.

Dimension	Zhipu AI	MiniMax
Business Path	B-end/G-end ecosystem construction, MaaS platform	C-end hit products, multi-modal applications
Core Advantages	Self-controllable GLM architecture, open-source ecosystem	Global layout, 212 million users
Cumulative Fundraising	Over 8.3 billion yuan	Over US$1.5 billion
Shareholder Composition	Meituan, Ant Group, Alibaba, Tencent, State-owned Capital	Alibaba, miHoYo, Tencent, Shanghai State-owned Capital
R&D Investment	1.595 billion yuan in H1 2025	Sustained high-intensity investment
Cash Reserves	Approximately 8.94 billion yuan as of October 2025	Over US$1.1 billion as of September 2025

, as the “first large model stock”, is China’s largest independent large language model vendor by 2024 revenue, with a market share of approximately 6.6%[11]. The company adheres to an “open-source + API call” strategy, building a technological moat through its GLM series models, and serves over 8,000 institutional clients[12]. Its star cornerstone investor lineup includes 11 institutions such as Taikang Life, GF Fund, and Highflyer Asset Management, with a total subscription of approximately HK$2.98 billion[1].

has paved a path to leverage the market with C-end applications. Its products such as Conch AI, Xingye, and Talkie cover over 200 countries and regions worldwide, with individual users exceeding 212 million[13]. In the first three quarters of 2025, its revenue reached US$53.437 million, a year-on-year increase of over 170%, and its gross margin turned positive from -24.7% in 2023 to 23.3% in the first three quarters of 2025[14]. The IPO introduced 14 cornerstone investors including Alibaba, Abu Dhabi Investment Authority (ADIA), and E Fund, with a total subscription of HK$2.723 billion[15].

. The successful listings of Zhipu AI and MiniMax have proven the applicability of Chapter 18C to AI enterprises. This regime allows unprofitable but high-growth-potential technology companies to list, and relaxes listing requirements for specialist technology companies[6]. Subsequent AI enterprises should focus on:

• Make full use of the pre-communication mechanism of the “Tech Enterprise Fast Track” to resolve rule applicability issues in advance
• Meet R&D investment ratio requirements (no less than 15% for commercialized companies, 30%-50% for non-commercialized companies)
• Introduce eligible leading senior independent investors (holding at least 10% of shares in total or investing at least HK$1.5 billion)
• Consider submitting applications in confidential form to protect trade secrets

. The listing progress of Zhipu AI after its submission has provided a pricing anchor for subsequent AI startup companies[16]. The market’s valuation logic for AI large model companies is shifting from “telling technology stories” to “realizing commercial value”[16]. Subsequent enterprises should focus on:

• Demonstrate scalable business models (MaaS, API subscriptions, C-end product monetization, etc.)
• Establish differentiated competitive advantages (technical routes, application scenarios, customer resources)
• Show clear profit paths (gross margin improvement, user retention, average revenue per user (ARPU) increase)
• Build a stable and repeat-purchase customer base (annual recurring revenue (ARR) from institutional clients)

. The Hong Kong stock market is currently enthusiastic about AI concept stocks, but whether the liquidity improvement can be sustained remains to be seen. It is recommended that subsequent AI enterprises:

• Pay attention to changes in market sentiment and choose an appropriate IPO timing
• Introduce diversified cornerstone investors (industrial capital, long-term funds, state-owned capital)
• Set a reasonable offering price range to balance primary market valuation and secondary market liquidity
• Reserve the “greenshoe” mechanism to stabilize stock price performance after listing

. Among the “Six Tigers”, Zhipu AI and MiniMax have successfully listed; Moonshot AI has over 10 billion yuan in cash reserves and a valuation of US$4.3 billion, while StepStar AI focuses on multi-modality and hardware cooperation[17]. In contrast, companies like Baichuan AI and 01.AI have abandoned pre-training and shifted to vertical fields and enterprise services[17]. Since 2025, the latter group has not received new rounds of financing and is facing severe survival pressure[16].

. After DeepSeek open-sourced its most advanced technology, the investment value of other startups needs to be re-evaluated[17]. Capital will concentrate on enterprises with the following characteristics:

• Persist in R&D of pre-trained foundation large models (independent and controllable technology)
• Have clear commercialization paths and revenue growth
• Possess differentiated technical routes or application scenarios
• Receive continuous support from leading institutions or industrial capital

: Overseas markets contribute over 70% of its revenue, proving the importance of global layout[14]. Subsequent AI enterprises should:

• Actively expand overseas developer ecosystems and API calls
• Establish global influence through open-source strategies
• Use Hong Kong listings to attract long-term international capital
• Pay attention to international compliance requirements to lay a foundation for future overseas expansion

Risk Type	Specific Manifestations
Valuation Risk	High valuations are based on high growth expectations; if commercialization falls short of expectations, stock prices may fluctuate sharply
Competition Risk	Internet giants (Alibaba, ByteDance, Tencent) have fully entered the market, compressing the survival space of startups
Technological Risk	Large model technology iterates rapidly; wrong choices of technical routes may lead to loss of competitiveness
Regulatory Risk	Uncertainty in AI regulatory policies may affect business expansion and overseas layout
Liquidity Risk	If the liquidity of the Hong Kong stock market declines, it may affect subsequent IPO pricing and trading activity

: It is expected that more AI and computing power-related enterprises will list in Hong Kong, and other companies among the “Six Tigers” may launch their listing plans one after another. Deloitte predicts that the fundraising amount of Hong Kong’s new stock market is expected to reach at least HK$300 billion in 2026[5].

: As large model technology matures and commercialization deepens, the industry will enter an elimination round, and enterprises with core technologies and commercialization capabilities will stand out, forming an oligopolistic competition pattern.

: The size of China’s large language model market is expected to exceed 100 billion yuan, AI will become the infrastructure of the digital economy, and the market capitalization of leading enterprises may rival that of international tech giants.

The Hong Kong listings of Zhipu AI and MiniMax are milestone events in the development history of China’s AI industry. The core drivers of their high valuations and oversubscriptions can be summarized as:

(HKEX Chapter 18C + Tech Enterprise Fast Track), (a trillion-yuan track with 63.5% CAGR), (95% year-on-year increase in average daily turnover), (restrictions on Chinese concept stocks listing in the US), (two routes of B-end and C-end), and (cornerstone subscriptions accounting for nearly 70% of the total).

For subsequent Chinese AI companies listing in Hong Kong, they should focus on the following points:

, , , and . As industry restructuring accelerates, capital will continue to concentrate on leading enterprises, and those with independent and controllable technology, clear business models, and rich ecological resources will occupy favorable positions in the new round of competition.

---

[1] Securities Times - 1,000x Oversubscription Becomes the Norm, Hong Kong AI New Stocks Ignite Capital Frenzy
[2] Caixin - MiniMax Opens 42.67% Higher on Debut, Valued at HK$71.9 Billion
[3] The Paper - MiniMax’s Public Offering Receives 1,209x Oversubscription
[4] Wall Street CN - HKEX Doesn’t Have Enough Gongs for IPOs
[5] Sina Finance - 2025 Hong Kong IPO Year Concludes
[6] AllBright Law Offices - The Team of HKEX Chapter 18C Enterprises Continues to Grow
[7] Zhong Lun Law Firm - HKEX Launches Tech Enterprise Fast Track to Support Tech Companies’ Listings
[8] HKEX Announcement - Industry Overview PDF
[9] 36Kr - Chinese Companies Targeted by OpenAI
[10] Wall Street CN - CICC Hong Kong Stock Market Outlook
[11] Pedaily - A Comprehensive Guide to Zhipu AI’s Listing
[12] OFweek - Competition for Hong Kong’s First AI Large Model Stock
[13] AIbase - Conclusion of MiniMax’s Hong Kong IPO
[14] Securities Times - Over 460 Institutions Scramble for MiniMax Ahead of Its Listing Tomorrow
[15] Securities Times - Hong Kong IPOs of Zhipu AI and MiniMax
[16] Securities Times - The World’s First Large Model Stock Lists in Hong Kong
[17] DeepView - How Good Are the Six AI Tigers?
[18] Xinhua News - Rising Tech Content Expands the Team of HKEX Chapter 18C Enterprises
[19] Clifford Chance - Brief Analysis of HKEX Listing Rules Chapter 18C
[20] Futu Securities - MiniMax IPO Data