China's AI Model Twin Giants Diverge: MiniMax Market Cap Drops Below HK$75B as Zhipu Surges Nearly 12% Past HK$800B

Two of China's premier AI foundation model companies are charting sharply different trajectories in the capital markets. According to Sina Finance, MiniMax's market cap has slipped below HK$75 billion, while Zhipu AI surged nearly 12%, pushing its valuation past HK$800 billion and widening the gap between the two.

The divergence reflects differing investor expectations around the two companies' strategic approaches and development rhythms. MiniMax is best known for its voice synthesis and virtual social product Hailuo AI, with a heavier focus on consumer-facing applications. Zhipu, by contrast, centers its strategy on the GLM series of foundational models, combining them with enterprise solutions and government AI services where it has built a commanding position.

Zhipu's recent market momentum is supported by multiple positive signals: continued penetration into government and enterprise markets, steady iteration of the GLM model family, and deep integration with China's domestic computing ecosystem have all strengthened investor confidence. Its diversified revenue structure and B-end client coverage have earned Zhipu a significant valuation premium.

MiniMax, while having amassed a large user base through its Hailuo AI products in entertainment and social domains, faces headwinds around consumer-side monetization efficiency, revenue growth sustainability, and competitive pressure from global tech giants in foundational model capabilities. These factors are likely weighing on its valuation.

The divergence signals that China's AI foundation model industry is entering a more mature competitive phase. In the early stages, the market gave a uniform premium to all AI model companies, but as commercialization becomes the core evaluation metric, investors are increasingly differentiating between business models and competitive moats.

For the industry, Zhipu's lead and MiniMax's adjustment suggest that the combination of foundational model R&D capability with B-end commercialization channels currently commands the more favorable valuation position in China's AI market. Whether consumer-oriented AI companies can carve out a unique growth curve through product innovation and user operations remains to be seen.

In coming quarters, revenue figures, model iteration cadence, and new product market performance from both companies will serve as key indicators for validating their current valuations. Whether the two giants will continue to diverge or face new variables deserves close attention.