MiniMax and Zhipu’s stellar Hong Kong IPOs supercharge China’s AI ambitions

The red-hot Hong Kong initial public offerings (IPOs) of Zhipu AI and MiniMax Group, two of China’s hopefuls to take on US giants like OpenAI and Anthropic, have given a boost to Beijing’s ambitions in the artificial intelligence sector, according to executives and industry watchers. While Zhipu’s valuation of about US$9 billion and MiniMax’s market cap of US$14 billion remain tiny compared with the US giants – OpenAI is worth about US$500 billion and Anthropic’s valuation is estimated at about...