China's AI Giants Soar in Hong Kong, But Trail US Rivals

Two of China's top artificial intelligence companies have launched major public listings in Hong Kong. The successful offerings for Zhipu AI and MiniMax Group signal strong momentum for China's AI sector. Zhipu AI is now valued at approximately $9 billion. MiniMax Group reached a market capitalization of about $14 billion. Industry analysts say these deals boost Beijing's goal to be a global leader in AI technology. Both companies are considered China's main contenders against U.S. leaders like OpenAI and Anthropic. However, a significant valuation gap remains. OpenAI is worth roughly $500 billion, while Anthropic is estimated at about $200 billion. Executives see the IPOs as a critical step. The funding is expected to accelerate research and development in the competitive global AI race.