Hong Kong: Chinese AI giants Zhipu and MiniMax smash IPO records
Chinese AI startups Zhipu AI and MiniMax just pulled off hugely oversubscribed IPOs in Hong Kong, together raising HK$8.54 billion ($1.09 billion).
Investor excitement was off the charts—Zhipu's offering was oversubscribed over 900 times, while MiniMax's hit more than 1,350 times with 420,000 people bidding.
What do these companies actually do?
Zhipu AI focuses on enterprise tech—think APIs, computing power, and big industrial AI tools for businesses.
Meanwhile, MiniMax is all about consumer-facing apps like chatbots and video generators, reaching over 200 million users worldwide and making most of its money from subscriptions and ads.
Other details worth knowing
MiniMax made $30.5 million in revenue in 2024 (with most coming from outside China), while Zhipu reported $44.7 million in 2024 but is still running at a loss.
Both companies show just how fast China's generative AI scene is growing—and how much global attention it's attracting right now.