Hong Kong’s AI application sector strengthened sharply today, with the “dual titans” of large language models standing out in particular. Zhipu (02513.HK) surged by nearly 40% intraday, with its share price briefly touching HK$258 before last trading at HK$222. MiniMax-WP (00100.HK) also recorded a strong rally, with intraday gains exceeding 25%; its share price climbed to a high of HK$479 and was last quoted at HK$433. Trading turnover in both stocks expanded significantly, making them among the most capital-concentrated names in Hong Kong’s technology sector today.

（圖源：uSMART HK app）

（圖源：uSMART HK app）

Capital concentrates on core model assets as AI applications move in sync

From a market-structure perspective, this round of gains reflects a broad uplift across the AI application segment. Unlike earlier rallies led by computing power and semiconductors, today’s capital clearly gravitated toward companies with general-purpose large model capabilities and direct exposure to application scenarios. Zhipu and MiniMax both saw rapid volume expansion in early trading, with turnover markedly higher than previous sessions, indicating a rising risk appetite for core model assets. This shift suggests that capital is moving from “infrastructure-driven pricing” toward “model- and application-driven pricing,” signaling a phase change in AI investment logic.

IPO timing and scarcity accelerate the formation of a valuation framework for large model companies

Zhipu and MiniMax are at similar stages of their public-market journeys, and in the current Hong Kong market, pure-play large model companies with a clear business focus remain extremely scarce. As these firms enter the public arena, the AI application segment is, for the first time, forming a relatively clear set of comparable benchmarks. Capital is increasingly reassessing valuation centers around model capability, commercialization pathways, and long-term growth potential.

Compared with traditional internet companies, large model firms combine platform-level technological attributes with broad application extensibility. Their valuation logic more closely resembles a hybrid structure of “foundational models plus ecosystem expansion.” As model capabilities continue to evolve, market discussions around their long-term value are clearly gaining momentum.

Rapid advances in model capability lift expectations for application-level commercialization

The AI industry is currently in a phase of rapid model iteration. Ongoing improvements in inference efficiency, multimodal capabilities, and long-context processing are pushing AI from being merely “usable” to becoming genuinely “practical,” accelerating its penetration into concrete commercial scenarios.

In this process, technological progress at the model layer is steadily transmitting value downstream to applications. For companies that already possess mature model systems, the expansion of application scenarios and the clarification of monetization paths are set to become the core focus of the next stage of market attention.

Volatility persists, but the main theme is clear as AI applications enter a repricing phase

It is worth noting that both Zhipu and MiniMax experienced relatively large intraday swings today, underscoring the continued presence of active short-term trading sentiment. However, judging from trading volumes, sector-wide linkage, and capital concentration, AI applications are gradually evolving from a thematic trade into a more durable market mainline. The strong performance of the “dual titans” reflects the market’s reassessment of the long-term value of AI applications. As more model companies complete their capitalization and application scenarios accelerate toward commercialization, there remains further room for a reshaping of valuation frameworks within Hong Kong’s AI sector.

How to Buy Zhipu/MiniMax via on uSMART

After logging into the uSMART HK app, click the “Search” button in the top-right corner of the page, enter the ticker code (02513.HK / 00100.HK），and navigate to the details page to view transaction details and historical trends. Click the “Trade” button in the bottom-right corner, select the trade type, and submit your order after filling in the transaction conditions.

(Image Source: uSMART HK app)