Hong Kong-listed artificial intelligence names moved lower on Oct. 8, with MiniMax down more than 10%, Zhipu down more than 6%, and Xunce off nearly 5%, while Baidu and Meituan also slipped, according to Bitget market data. The move came as overseas foundation model providers continued cutting prices. Anthropic launched its new Haiku 5.5 model and lowered inference costs, while OpenAI rolled out lower-priced GPT-6 Sol and Luna products. Luna API pricing was 50% lower than the earlier GPT-5.6 series. Investors are weighing what that means for Chinese large-model companies. As leading overseas models improve performance and push API prices lower, domestic players may face more direct pricing pressure. After exchange-rate conversion, some dollar-priced overseas products are already cheaper than comparable domestic offerings, narrowing the local pricing and localization edge that Chinese model companies had relied on. The latest cuts also come after domestic names such as DeepSeek had already pushed API pricing downward, extending the price war from China into the global market and prompting fresh scrutiny of commercialization prospects, margins, and valuations for firms including Zhipu and MiniMax.
Hong Kong artificial intelligence stocks broadly declined on Oct. 8, with MiniMax down more than 10%, Zhipu down more than 6%, and Xunce falling nearly 5%, according to Bitget market data. Baidu and Meituan also edged lower.
The sell-off followed a fresh round of price cuts in overseas large-model services. Anthropic introduced its new Haiku 5.5 model and reduced inference costs. OpenAI also released lower-priced GPT-6 Sol and Luna products, with Luna API pricing down 50% from the earlier GPT-5.6 series.
Cheaper overseas models weigh on domestic pricing power
The market is concerned that Chinese large-model providers will face more direct pricing competition as leading overseas models keep improving performance while pushing API prices lower.
After exchange-rate conversion, some overseas models priced in U.S. dollars are already cheaper than comparable domestic products. That has put additional pressure on the competitive moat Chinese model companies had built through localization and price advantages.
Price competition is spreading beyond China
Domestic models including DeepSeek had already been pushing API prices down. The industry price war is now extending from the domestic market into the global market.
Lower overseas pricing could squeeze the pricing room available to Chinese model providers, while also leading investors to reassess the commercialization prospects, gross margins, and valuation levels of companies such as Zhipu and MiniMax.
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