China AI Developer Zhipu Hits Record $112 Billion Valuation
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Zhipu is the China’s largest AI model developer by revenue. Its 2025 revenue rose 132% year-on-year to 724 million yuan. Photo: VCG
Shares of Hong Kong-listed artificial intelligence developer Zhipu AI surged to a record high Thursday, briefly reaching HK$1,993 intraday and pushing the company’s market capitalization above HK$880 billion ($112 billion).
The rally — which has seen the stock climb nearly 1,600% since its January listing — underscores investors’ growing appetite for China’s leading AI companies despite intensifying domestic price competition and persistent concerns over profitability.
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- Zhipu AI shares surged to HK$1,993 intraday, market cap over HK$880 billion, up nearly 1,600% since January listing.
- While competitors cut prices, Zhipu raised API pricing 83%; 2025 revenue rose 132% to 724 million yuan, but adjusted net loss was 3.2 billion yuan.
- MiniMax shares also surged; UBS analyst said lofty valuations reflect scarcity premium and limited tradable shares due to lock-up periods.
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Who’s Who
- Zhipu AI
- Zhipu AI is a Hong Kong-listed Chinese AI developer. Its shares surged nearly 1,600% since January, reaching HK$1,993 intraday. Despite heavy losses (adjusted net loss of 3.2 billion yuan in 2025), it raised API pricing by 83% while demand grew. Revenue rose 132% to 724 million yuan, with MaaS platform ARR reaching 1.7 billion yuan.
- DeepSeek
- DeepSeek is a Chinese AI developer and competitor to Zhipu AI. As of early 2026, its DeepSeek-V4-Pro model charges 0.025 yuan per million tokens for cached input, 3 yuan for uncached input, and 6 yuan for output, reflecting aggressive price cuts in the race for market share.
- Xiaomi Corp.
- Xiaomi Corp. is a Chinese AI competitor that has slashed prices to gain market share. Its MiMo-V2.5-Pro model charges 0.025 yuan per million tokens for cached input, 3 yuan for uncached input, and 6 yuan for output, contrasting with rival Zhipu AI's price hikes.
- MiniMax
- MiniMax, an AI developer listed in Hong Kong on Jan. 9 at HK$165, closed at HK$837 (over five times IPO), valuing it above HK$260 billion. Its 2025 revenue rose 159% to $79 million, with over 70% generated outside China. Shares peaked at HK$1,238 on March 18.
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What Happened When
- 2025：
- Zhipu AI reported an adjusted net loss of 3.2 billion yuan and revenue of 724 million yuan (up 132% year-on-year).
- 2026-01：
- Zhipu AI listed on the Hong Kong Stock Exchange.
- 2026-02：
- Surge in AI-agent applications fueled by OpenClaw accelerated Zhipu's valuation.
- 2026-03：
- Zhipu AI's annual recurring revenue from its open API platform reached 1.7 billion yuan, up 60-fold from the previous year.
- 2026-03-18：
- MiniMax shares peaked at HK$1,238.
- 2026-05-28：
- Zhipu AI shares surged to a record high, briefly reaching HK$1,993 intraday.
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