Zhipu AI and MiniMax, both dogged by losses, are expecting big payoffs from their Hong Kong listings. (Source photos by Getty and AP)
CISSY ZHOU
December 29, 2025 10:17 JST
HONG KONG — Two high-profile Chinese AI startups — Zhipu AI and MiniMax — have filed to list in Hong Kong, offering a rare glimpse into the state of the country’s large language model sector as it burns through cash and grapples with U.S. restrictions on access to advanced chips.