China’s AI Tigers are on the prowl as MiniMax doubles value in a roaring debut

Wall Street, beware. China’s so-called ‘AI tigers’ are scrambling to IPO in Hong Kong, and given the scale of their early trading pops, sentiment is exceptionally strong towards these competitive artificial intelligence players. 

The most recent debut saw large-language model (LLM) developers MiniMax (HKG: 0100) double in value, rallying from a launch price of HK$165 per share towards a peak of HK$330 and a valuation of approximately $13 billion. 

The furor experienced by retail investors appeared to fall in line with Wall Street’s ongoing AI boom. At the time of its IPO, MiniMax shares were oversubscribed by more than 1,159 times in an astonishing show of interest. 

MiniMax became the second AI tiger to launch, following the recent debut of Beijing-based Zhipu (HKG: 2513), which popped 16% on the arrival of its IPO in Hong Kong on January 8, 2026. 

Zhipu’s $558 million IPO set a strong precedent for lucrative debuts, and now the remainder of China’s six tigers have entered the spotlight as investor appetite continues to grow. 

The Lure of China’s Tigers

Investor confidence is sky-high for China’s melting pot of AI talent, and for good reason. With the likes of AI leaders like Nvidia CEO Jensen Huang suggesting that China is set to ‘win’ the artificial intelligence race with the United States, there’s a growing expectation that many of the Asian nation’s industry leaders can post seismic growth as the technology matures. 

It’s this confidence that’s created a frenzy surrounding China’s six so-called AI tigers, which consist of the recently launched Zhipu and MiniMax, as well as the likes of Moonshot AI, Baichuan Intelligence, StepFun, and 01.AI. 

These companies feature talent recruited from the likes of Google and Huawei in their midst, and investors are eager to incorporate the stocks into their portfolios. 

Another major component of the lure of China’s AI tigers for investors is the astoundingly low costs associated with their artificial intelligence models, which are expected to result in more competitive prices for adopters. 

“What inspires investors is not so much the capabilities of China’s AI leaders, which still lag behind those of the United States in terms of output, but their cost-effectiveness,” explained Iván Marchena, Senior Economist at global brokerage brand Just2Trade. “Even leading Silicon Valley companies like Airbnb are already opting for low-cost Chinese AI models like Alibaba’s Qwen over the likes of ChatGPT.” 

“With estimates showing that Moonshot AI’s Kimi K2 model cost $4.6 million to train, compared to the billions spent on developing OpenAI’s models, it’s clear that China’s AI companies are extremely well-equipped for a price war.”

Uphill battles for profitability

Despite high investor appetite, the likes of MiniMax, along with other AI tigers, have consistently posted steep operating losses that underline the speculative nature of the stocks amid the artificial intelligence boom. 

MiniMax made a substantial net loss of $512 million in the nine months to end-September 2025 on $53.4 million of revenue over the same period. 

After undergoing a major growth project over the past year, MiniMax’s revenue rallied 782% to $30.5 million while accumulating losses of $1.3 billion over the past four years. 

This substantial volume of losses means that MiniMax is certainly a more speculative investment for those looking to bandwagon on the stock’s IPO. 

However, with 73% of the firm’s revenue stemming from overseas markets, while the APAC region made up 34% and the Americas 24% of revenues, investors can take solace in knowing that MiniMax has already developed a strong presence overseas, which could grow with the launch of new AI models in the future. 

Benefiting from China’s AI push

Despite clear challenges ahead in terms of cash flow, China’s AI tigers are expected to benefit from the nation’s growing focus on building a conducive AI infrastructure. 

Established Chinese AI stocks like Alibaba rallied more than 9% in recent days on the back of news that China intends to accelerate the integration of artificial intelligence, along with other digital technologies, domestically. 

According to Li Lecheng, China’s Minister of Industry and Information Technology, the nation is set to implement an ‘AI+ Manufacturing’ action plan while deploying new rounds of financial support to “little giant” companies over the year ahead. 

China has long sought to establish itself as a global leader in emerging technologies, and the likes of MiniMax, Zhipu, and the nation’s other AI tigers could use these R&D investment initiatives as a springboard to offset short-term losses. 

Is It time to look to Chinese AI? 

It’s certainly time to take Chinese artificial intelligence stocks seriously. At a time when more US firms are looking to Asia to adopt low-cost AI models, it’s clear that there’s plenty of potential when it comes to embracing the technology. 

It’s also becoming easier than ever for investors around the world to gain market access to stocks in Hong Kong, meaning that China’s AI tigers can form a strong diversification option for tech-focused individuals with the help of cross-border broker platforms like Just2Trade. 

However, it’s also important to avoid the temptation of gambling on stocks just because they’re commanding high investor sentiment. 

China is also a pioneer for electric vehicle (EV) manufacturing, and domestic firms have come under severe pricing pressure due to severe market saturation amid high competition. While the scale of the AI boom means that the nation’s brightest companies may have more room to share, it’s worth remembering that market hype is never a guarantee for success.