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Chinese AI Startups Extend Post-Listing Rally in Hong Kong

Published: Jan. 12, 2026 5:53 p.m. GMT+8

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Shares of Chinese artificial intelligence (AI) startups Knowledge Atlas Technology Joint Stock Co. Ltd. and MiniMax Group Inc. surged in Hong Kong on Monday, extending strong post-listing gains as investor demand remained high.

Knowledge Atlas closed up 31.4%, lifting its market capitalization to more than HK$90 billion. MiniMax, which doubled on its market debut, finished 15.4% higher, with a market value above HK$120 billion.

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Knowledge Atlas and MiniMax shares surged in Hong Kong, closing up 31.4% and 15.4% respectively, with market caps above HK$90B and HK$120B.
Investors are attracted to standalone AI firms amid policy support for AI-driven manufacturing in China.
Both stocks trade well above analyst targets; Soochow and Citic Securities value them near HK$51B and HK$53B using 2026 price-to-sales multiples.

AI generated, for reference only

Who’s Who

Knowledge Atlas Technology Joint Stock Co. Ltd.: Knowledge Atlas Technology Joint Stock Co. Ltd. is a Chinese artificial intelligence (AI) startup. Its shares surged by 31.4% in Hong Kong, reaching a market capitalization of over HK$90 billion. This rally highlights strong investor demand for AI companies in China. Despite trading above analyst valuations, with Soochow Securities estimating a target of approximately HK$51 billion, the company remains attractive to investors.

MiniMax Group Inc.: MiniMax Group Inc. is a Chinese artificial intelligence (AI) startup. Its shares surged in Hong Kong, doubling on its market debut and closing 15.4% higher with a market value exceeding HK$120 billion. Despite this strong performance, its valuation of about HK$53 billion, according to Citic Securities, suggests it is currently trading well above analysts' estimates.

Fosun Asset Management Ltd.: Fosun Asset Management Ltd. is mentioned as an investment firm whose executive stated that the scarcity of pure-play AI companies in China's equity market makes standalone AI listings particularly attractive to investors. This is due to large language model AI being primarily concentrated within major internet firms like Alibaba and Tencent.

Alibaba Group Holding Ltd.: Alibaba Group Holding Ltd. is mentioned as one of the major internet firms in China that concentrates on large language model AI. This makes standalone AI listings like Knowledge Atlas and MiniMax particularly attractive to investors due to the scarcity of pure-play AI companies in China's equity market.

Tencent Holdings Ltd.: Tencent Holdings Ltd. is a major internet firm in China that is involved in large language model AI. The article highlights that large language model AI is primarily concentrated within major internet firms like Tencent and Alibaba, making standalone AI listings particularly attractive to investors in the region.

Soochow Securities: Soochow Securities is a financial institution that has provided an analyst valuation for Knowledge Atlas Technology Joint Stock Co. Ltd. They assigned a target valuation of approximately HK$51 billion to Knowledge Atlas, basing this on a 2026 price-to-sales multiple of 30.

Citic Securities: Citic Securities estimated MiniMax's valuation at approximately HK$53 billion. They used a 2026 price-to-sales multiple and compared MiniMax to companies like OpenAI and Anthropic. This valuation was reported in a January 8 report.

OpenAI: The article mentions OpenAI as a comparable company used by Citic Securities to value MiniMax's shares. This suggests that OpenAI is recognized as a leader or significant player in the AI industry, particularly in the context of large language models.

Anthropic: The article mentions Anthropic as a comparable company to MiniMax, a Chinese AI startup. Analysts used OpenAI and Anthropic as benchmarks when estimating MiniMax's valuation.

AI generated, for reference only