Hong Kong equities linked to artificial intelligence continued to outperform on Thursday as investor sentiment was supported by a series of product and model rollouts across the sector.
Zhipu AI, trading as Knowledge Atlas Tech Joint Stock (HK:2513), was the clear leader in the session, jumping as much as 15% to a record intraday high of HK$999.0. MiniMax Group Inc (HK:0100) also advanced, rising 5.4% to HK$1,053.0. Both moves contrasted with a modest 0.3% decline in the Hang Seng index during the same trading period.
Market interest in Zhipu accelerated after the company released what it described as its most advanced model to date - GLM-5.1 - earlier in the week. The company additionally implemented a second round of model price increases this year, a combination that underpinned its strong session.
Momentum from Zhipu’s update spilled over to other China-focused AI stocks, with MiniMax among the beneficiaries. MiniMax’s gains were seen in part as a reaction to Anthropic’s decision to end Claude’s support for certain third-party tools such as the AI agent OpenClaw, a development that created opportunities for other operators to capture demand.
Chinese AI operators have been active in developing agent-based tools, with Zhipu and MiniMax among several firms introducing comparable agent offerings over the past two months. Observers cited in market commentary have noted a rapid increase in the popularity of AI agents within China.
Both Zhipu and MiniMax are widely identified as part of the cohort referred to as China’s "AI tigers" - a group of startups perceived to be at the forefront of the country's AI development efforts.
Broader industry momentum was supported by activity outside China as well, with U.S. major Meta Platforms Inc (NASDAQ:META) unveiling a new AI model and Anthropic releasing additional agentic tools. Since their public market debuts earlier this year, Zhipu and MiniMax have recorded substantial cumulative gains: Zhipu is up about 650% and MiniMax about 205%, markedly outperforming wider Hong Kong market moves.
Key developments to note:
- Zhipu launched GLM-5.1 and raised model prices for a second time this year.
- MiniMax advanced as sector momentum and shifts in third-party tool support created demand spillovers.
- Global and domestic AI model releases helped sustain positive investor sentiment for China-focused AI names.
Sectors affected: Technology, software, and Hong Kong equity markets.