Initially, MiniMax had a larger market capitalization than Zhipu AI upon their Hong Kong stock exchange debuts. However, Zhipu, traded as Knowledge Atlas Technology, has significantly outperformed MiniMax in the five months since listing.

When Chinese artificial intelligence developers Zhipu AI and MiniMax made their debuts on the Hong Kong stock exchange in January, investors initially saw one as a better bet than the other. Beijing-based Zhipu closed its first trading day on January 8 with a market capitalisation of HK$57.9 billion (US$7.4 billion). A day later, Shanghai-based MiniMax listed at HK$106.7 billion, almost twice as large. Five months on, however, Zhipu – traded as Knowledge Atlas Technology – has surged ahead. At.....