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Both Z.ai and MiniMax completed their initial public offerings in Hong Kong, but their financial performance has differed significantly since then. Z.ai experienced significant stock price fluctuations after going public, with continuous increases in operating expenses and pressure on profitability; MiniMax, on the other hand, maintained relatively stable revenue growth and kept its R&D investment at a high level. Neither company disclosed specific financial data, and there are differing opinions in the market regarding their long-term development paths.
Two leading artificial intelligence companies in China, Z.ai (Zhipu AI) and MiniMax, went public in Hong Kong in January. Their first-quarter financial reports showed that their financial trajectories diverged. Beijing-based Z.ai won favor from analysts due to its rapid revenue growth and performance of top-tier models; while Shanghai-based competitor MiniMax faced challenges.