Chinese AI Startups Zhipu and MiniMax See Shares Soar in Hong Kong Post-Lunar New Year

Generative AI Firms Lead Market Rebound in Hong Kong

Hong Kong's stock market witnessed a notable surge in the shares of Chinese generative artificial intelligence (AI) startups Zhipu and MiniMax Group Inc. following the Lunar New Year holiday. The rally, observed as the market reopened, indicates a shift in investor focus towards specialized AI companies.

On February 20, 2026, Zhipu, officially known as Knowledge Atlas Technology, saw its shares jump by as much as 25%. MiniMax Group Inc. also experienced a significant climb, with its stock rising up to 16%. These gains contribute to an impressive performance since their respective Hong Kong listings in January, with both stocks having risen more than fourfold.

Key Drivers Behind the Surge

The substantial increase in share prices for Zhipu and MiniMax is attributed to several factors, primarily a rotation of capital from traditional internet giants to companies focused purely on AI. Investors are increasingly keen on firms at the forefront of generative AI development.

• Model Upgrades: Both companies recently unveiled advanced AI models. Zhipu released its GLM-5 model on February 11, 2026, which features enhanced coding capabilities and is designed for complex software engineering and long-horizon agent tasks. MiniMax, on the other hand, launched its updated M2.5 open-source model around February 12, 2026, which has been noted for its high performance in coding and agentic workflows.
• Investor Optimism: Wall Street analysts have expressed optimism regarding these companies. Firms such as Morgan Stanley, Jefferies, and UBS have initiated coverage on MiniMax with buy-equivalent ratings.
• Competitive Landscape: Chinese AI companies have been actively rolling out updated models and new features in the lead-up to the holiday period, intensifying competition and capturing investor attention.

Contrast with Established Tech Giants

In stark contrast to the soaring AI startups, established tech giants like Alibaba Group Holding and Tencent Holdings experienced declines in their share prices, falling as much as 4.3% and 2.8% respectively, despite reporting strong holiday results. This divergence highlights a market trend where investors are scrutinizing the return on AI investments by diversified platforms and engaging in profit-taking from these larger entities.

Company Background and IPOs

Zhipu, officially Knowledge Atlas Technology JSC Ltd., was founded in 2019 as a spin-off from Tsinghua University. The company held its initial public offering on the Hong Kong Stock Exchange on January 8, 2026, becoming the world's first publicly listed large language model firm. It raised approximately US$558 million in its IPO.

MiniMax Group Inc., founded in December 2021, also made its debut on the Hong Kong Stock Exchange on January 9, 2026. The company raised approximately US$619 million in its initial public offering, with its shares jumping 109% on its first trading day.