AI-linked stocks in Hong Kong have attracted intense market attention, with MiniMax and Zhipu AI now carrying a combined market capitalization above HK$300 billion. According to the source material, Zhipu AI jumped 42.72% on February 20 to HK$725 per share, while MiniMax climbed more than 14% to HK$970. Their rapid rise has pushed their combined valuation above JD.com, underscoring how strongly investors are pricing in growth expectations for leading AI companies.
Model launches drive investor enthusiasm
Zhipu AI debuted in Hong Kong on January 8, 2026, and its stock has risen more than 524% since listing. The rally has been supported by the launch of its next-generation GLM-5 model. MiniMax, which went public on January 9, has gained nearly 90% since early February, helped by the release of its MiniMax M2.5 model.
The price action suggests investors are reassessing the earnings potential and strategic value of top-tier AI developers. In the current market environment, companies seen as leaders in foundation models and product innovation are being rewarded with substantial valuation premiums.
Capital continues to concentrate in AI leaders
Both firms have drawn backing from major investors including Alibaba, Tencent, and Sequoia Capital. As their share prices surge, early investors are seeing sizable gains. The development also highlights a broader pattern across the AI sector: capital, talent, and market attention are increasingly concentrating around a small group of leading companies.
The report also noted that other AI players, including Moonshot AI and Jiepoin Xingchen, have secured large funding rounds. Taken together, these developments point to a sector still in expansion mode, where technological progress and commercialization expectations are fueling higher valuations. Even so, investors are likely to keep watching whether product releases can translate into lasting business performance in an increasingly competitive AI market.