On June 22, 2026, according to Bloomberg, shares of Chinese LLM (large language model) developers Zhipu and MiniMax each rose at least 23% on the Hong Kong market, driven by Beijing's supportive policy stance and growing global demand for AI.
June 22, 2026 · Hong Kong AI Stocks
China's "AI Tigers" Roar — and One Pulls Ahead
Zhipu and MiniMax each jumped at least 23% in a single session on policy support and global AI demand. Since their January IPOs, Zhipu's rally has dwarfed its Shanghai rival — now worth 2.7× as much.
+23%
Each stock's one-day gain on June 22
+48%
Zhipu's surge after JPMorgan raised its target
2.7×
Zhipu's market cap vs MiniMax (June 2026)
Year-to-date stock gains since the January IPOs
Each block ≈ 250%. Zhipu has run nearly 8× harder than MiniMax.
Two strategies, two flagship models
Zhipu — GLM-5.2
Enterprise & agents · MIT open-weight
Up to 753B parameters, DeepSeek Sparse Attention
1M-token context window50.4% on Humanity's Last Exam (with tools)
MiniMax — M3
Coding & consumer · open-weight MoE
230B total / 10B active params, multimodal1M-token context window83.5% on BrowseComp · API $0.30 / $1.20 per M tokens
SWE-Bench coding score
Verified (GLM-5.2) vs Pro (M3) variants
What's fueling the rally
Policy support
Improving tone from Beijing toward homegrown AI
Index inflows
Added to Hang Seng Tech Index from June 5; Stock Connect demand
Analyst upgrade
JPMorgan names Zhipu an "AI winner," downgrades MiniMax
Developers like it
Top-tier coding quality at low cost
M3 stable over long contexts, strong on design work Continue reading The rest of this article is for AI News Blitz readers. Choose an option below to keep reading.
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