From Kimi to GLM-5: The Chinese AI Companies That IPO'd in Hong Kong
In early January 2026, two Chinese AI companies listed on the Hong Kong Stock Exchange within 24 hours of each other. Zhipu AI (now trading as Z.ai) on January 8. MiniMax on January 9. StepFun is reportedly next in line.
This isn't coincidence. Hong Kong is quietly becoming the financial capital of Chinese AI.
The Companies
Zhipu AI (Z.ai) — Listed January 8, 2026
What they build: The GLM model family. GLM-4.5 (355B MoE, open source), GLM-4.7 (200K context, vision), and GLM-5 (autonomous coding, long-context).
Background: Co-founded by Tsinghua University researchers. Rebranded internationally as Z.ai in July 2025, signaling ambitions beyond China. They've positioned themselves as China's open-source AI champion, pledging to continue releasing models publicly.
Why it matters: Zhipu represents the academic-to-commercial pipeline that China's AI ecosystem depends on. Tsinghua connections, strong research pedigree, and a commitment to open source.
MiniMax — Listed January 9, 2026
What they build: The MiniMax-M series. M2.5 is their flagship — matches Claude Opus on SWE-Bench at approximately 1/20th the cost. Released under a modified MIT license.
Background: Founded in 2021, MiniMax initially focused on consumer AI products before pivoting to foundation models. Their rapid ascent to producing frontier-level models and going public in under five years is remarkable.
Why it matters: MiniMax proves that you don't need OpenAI-level funding to produce OpenAI-level models. Their cost efficiency story resonates particularly strongly in Asia, where compute budgets are typically tighter.
StepFun — HKEX IPO Expected 2026
What they build: The Step model family. Step 3.5 Flash is their standout — 196B MoE with only 11B active parameters, scoring 97.3% on AIME 2025. Apache 2.0 licensed.
Background: Known for efficiency-focused model architecture. StepFun's approach of maximizing quality per compute dollar aligns with the practical needs of most production deployments.
Why HKEX: Following the Zhipu and MiniMax playbook, listing in Hong Kong gives access to international capital markets while maintaining proximity to their primary market.
Moonshot AI (Kimi) — Not Yet Listed, But Worth Watching
What they build: The Kimi model family. K2.5 features 262K context and an "Agent Swarm" system with 100 parallel sub-agents. Became China's fastest decacorn in 2026.
Why they're relevant: Moonshot's explosive growth (20-day revenue post-K2.5 exceeded all of 2025) makes them an obvious IPO candidate. If they choose HKEX, it would further cement Hong Kong's position.
Why Hong Kong?
Three reasons Chinese AI companies are choosing HKEX:
1. International capital, Chinese proximity
HKEX gives companies access to global investors while maintaining close ties to their mainland operations and user base. It's the best of both worlds — dollar-denominated capital with yuan-denominated revenue.
2. Tech-friendly listing rules
HKEX updated its listing rules to be more accommodating to tech companies, including pre-revenue and dual-class share structures. This matters for AI companies that are growing fast but may not yet be profitable.
3. Strategic positioning
Listing in Hong Kong positions these companies as international, not purely Chinese. In an era of increasing US-China tech tension, being HKEX-listed signals openness and accessibility. Their models are open source, their stock is internationally tradable, and their services are available globally.
What This Means for HK's Tech Ecosystem
Talent attraction
Publicly listed AI companies need Hong Kong-based staff — finance, legal, compliance, IR. But they also need engineers, researchers, and product managers. Having these companies listed locally creates high-quality tech jobs in HK.
Ecosystem development
When a company is listed on your stock exchange, they tend to invest in the local ecosystem. Expect to see more partnerships with HK universities, sponsorship of local AI events, and investment in HK-based startups.
Access advantages
Local listing typically comes with local presence. HK developers and startups may find it easier to access enterprise APIs, partnership programs, and developer support from HKEX-listed AI companies.
The SenseTime precedent
SenseTime, headquartered in Hong Kong and listed on HKEX, was the first major AI company to choose this path. Its ~$7.7B market cap showed HKEX could support AI companies at scale. Zhipu, MiniMax, and StepFun are following that trail.
The Bigger Picture
Five years ago, if you asked where Chinese AI companies would list, the answer would have been Shanghai, Shenzhen, or maybe New York. Today, the answer is increasingly Hong Kong.
This shift has practical implications. It means more AI infrastructure in HK. More AI talent in HK. More AI investment flowing through HK. The city isn't just a financial hub that happens to have an AI scene — it's becoming the place where Chinese AI meets global capital.
For the AI practitioners in Hong Kong, this is the environment you're building in. The models are open source. The companies are listed on your exchange. The tools work without a VPN. The wall that US companies built might have accidentally created the most interesting AI ecosystem in Asia.
Sources
- -Zhipu AI IPO on HKEX — CNBC
- -MiniMax Shares Double on Hong Kong Debut — Bloomberg
- -Biren Technology IPO Filing — Bloomberg
- -HKEX Chapter 18C: Specialist Technology Companies — Morgan Lewis
- -HKEX Group — Official Site
- -SenseTime HKEX Listing — Reuters
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