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In December 2025, China's large-scale model industry finds itself at a pivotal juncture in the capital market landscape. On December 19, Zhipu AI submitted its prospectus to the Hong Kong Stock Exchange, with the ambition of becoming the "world's first publicly traded large-scale model company." Just two days later, MiniMax (Xiyu Technology) followed suit, submitting its post-hearing documentation to the same exchange. Established in 2019 and with roots tracing back to Tsinghua University, Zhipu AI has successfully launched multiple iterations of its GLM large-scale models. It boasts an early lead in commercialization efforts, serving over 2.7 million clients. Meanwhile, MiniMax, founded in 2021, dedicates its resources to the research and development of versatile large-scale models, flaunting trillion-level parameters and a user base exceeding 212 million.
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