Zhipu AI overtakes MiniMax in Hong Kong's AI stock race
Synopsis
Five months after listing below MiniMax on the Hong Kong Stock Exchange, Zhipu AI has surged to HK$585.8 billion — nearly 2.7 times its rival's valuation — driven by enterprise focus, stronger AI models, and Stock Connect liquidity, while MiniMax faces a looming share lock-up expiry.
Key Takeaways
Zhipu AI (traded as Knowledge Atlas Technology ) reached a market cap of HK$585.8 billion by Monday, June 9, 2026 , nearly 2.7 times MiniMax 's HK$159.3 billion .
MiniMax listed on January 9 at HK$106.7 billion , almost twice Zhipu 's debut cap of HK$57.9 billion (US$7.4 billion) on January 8 .
Analysts attribute Zhipu 's outperformance to stronger AI model capabilities, an enterprise-focused business model, and Stock Connect programme liquidity.
MiniMax faces near-term pressure from an imminent major share lock-up expiry, which analysts warn could widen the valuation gap further.
Both firms are expected to face significant headwinds from intensifying domestic rivals including DeepSeek and global competitors such as OpenAI and Anthropic .
Zhipu AI, trading as Knowledge Atlas Technology, has dramatically reversed its fortunes against rival MiniMax on the Hong Kong Stock Exchange, surging to a market capitalisation of HK$585.8 billion by Monday, June 9, 2026 — nearly 2.7 times the HK$159.3 billion valuation of its once-dominant peer. The shift marks one of the sharpest valuation reversals in Hong Kong's nascent AI equity market.
From underdog to frontrunner
Beijing-based Zhipu AI listed on the Hong Kong Stock Exchange on January 8, closing its debut day with a market cap of HK$57.9 billion (US$7.4 billion). A day later, Shanghai-based MiniMax listed at HK$106.7 billion — almost twice the size. At that point, investors widely viewed MiniMax as the stronger proposition. Five months later, the picture has inverted entirely.Why it matters
Analysts said the reversal reflects a confluence of factors: looming share unlocks at MiniMax, stronger AI model capabilities at Zhipu, and a broader investor preference for enterprise-focused business models over consumer-facing AI plays. Zhipu has also benefited from fresh liquidity through the Stock Connect programme, which channels mainland Chinese capital into Hong Kong-listed securities.The lock-up risk hanging over MiniMax
MiniMax faces a significant headwind in the near term: a major round of share lock-up expiries is approaching, according to analysts. Lock-up expirations typically create selling pressure as early investors and insiders gain the ability to offload shares. The timing compounds existing concerns about MiniMax's relative positioning against rivals with deeper enterprise roots.Competitive backdrop
Both companies entered the public market amid a crowded field of Chinese AI developers, competing domestically against the likes of DeepSeek, Alibaba Group Holding, and internationally against OpenAI and Anthropic. Analysts cautioned that neither firm is insulated from intensifying domestic and global competition, and that both should expect turbulence ahead regardless of current valuations.What's next
The valuation gap between Zhipu and MiniMax could widen further in the coming months, analysts warned, as the lock-up expiry cycle plays out and model capability benchmarks continue to differentiate the two platforms. Investors will be watching whether MiniMax can defend its consumer AI positioning or pivot toward enterprise contracts to close the gap.Point of View
As investors reprice the monetisation timeline for each model. The approaching lock-up expiry at MiniMax introduces a structural overhang that has little to do with product quality and everything to do with IPO mechanics — a dynamic that mainstream coverage often underweights. Meanwhile, Zhipu's Stock Connect inclusion is a reminder that mainland capital flows can be as decisive as fundamentals in Hong Kong's AI listings. The deeper question is whether either company can sustain current valuations as DeepSeek and Alibaba continue to commoditise foundation model capabilities at scale.
NationPress
24 Jul 2026
Frequently Asked Questions
Why has Zhipu AI's market cap surpassed MiniMax in Hong Kong?
Zhipu AI surpassed MiniMax due to stronger AI model capabilities, an enterprise-focused business model that investors favour, and fresh liquidity from the Stock Connect programme. By June 9, 2026 , Zhipu 's market cap reached HK$585.8 billion , nearly 2.7 times MiniMax 's HK$159.3 billion .
When did Zhipu AI and MiniMax list on the Hong Kong Stock Exchange?
Zhipu AI listed on January 8 with a debut market cap of HK$57.9 billion (US$7.4 billion) , while MiniMax followed on January 9 at HK$106.7 billion . Both listings took place in early 2026 .
What is the share lock-up expiry risk for MiniMax?
MiniMax is approaching a major round of share lock-up expiries, according to analysts. When lock-up periods end, early investors and insiders can sell their shares, typically creating downward pressure on the stock price.
How does Stock Connect affect Zhipu AI's valuation?
Inclusion in the Stock Connect programme allows mainland Chinese investors to buy Zhipu shares directly through Hong Kong exchanges. This expands the potential investor base significantly, increasing demand and supporting higher valuations.
What competition do Zhipu AI and MiniMax face?
Both companies compete against a crowded field of domestic Chinese AI developers including DeepSeek and Alibaba Group Holding , as well as global rivals OpenAI and Anthropic . Analysts expect both firms to face significant turbulence ahead from intensifying competition on multiple fronts.
