Hong Kong Sees AI IPO Surge with Zhipu AI and MiniMax Soaring

Hong Kong is experiencing a shift in its IPO landscape, with artificial intelligence companies now driving the cycle. Since early 2025, large model developers like Zhipu AI (Z.ai) and MiniMax have seen their valuations soar into the hundreds of billions of RMB ($14.7B+). Xunce Technology surged 500% to join the RMB 100 billion club, while chip makers Iluvatar CoreX and Biren Technology have crossed that threshold. These IPOs signal that AI commercialization is moving from expectation to delivery, as compute, data, and models begin to connect more deeply with real-world demand. However, these companies' current revenue and profit remain limited, forcing investors to price in future performance early.

Despite the hype, the path to scaled industrial deployment remains steep. Industrial production lines demand near-absolute certainty, conflicting with the probabilistic nature of large models. Fragmented data and security concerns further complicate adoption. As a result, AI breakthroughs have concentrated in high-end manufacturing sectors like semiconductors, automotive, and energy—areas with stronger data foundations and automation. While 59% of manufacturers have begun AI deployment at scale, most focus on standardized tasks like inspection and predictive maintenance. The business model is shifting from customized projects to replicable delivery, but revenue for most firms still hovers around the $14.7M mark. Yet, as leading companies like SmartMore (with $159.4M revenue) demonstrate, commercial expansion is possible, and the market has significant room to grow.