Summary of Key Points
AI giants Zhipu and MiniMax initially went public on the Hong Kong Stock Exchange (HKEX) to obtain a real valuation from global capital (Zhipu’s market value soared to HK$80 billion, while MiniMax’s value increased by four times). Now they are turning to the A-share market (MiniMax has submitted its guidance documents for listing, and Zhipu has adjusted its guidance direction to target the STAR Market). It’s not that they lack funds; rather, they aim to use the global liquidity of the HKEX as a “reference price” and then leverage the A-share market to gain national strategic support, long-term capital, and industrial resources. This marks a shift in the capitalization path for Chinese AI companies. Unlike internet firms in the past, which scrambled to list on the US stock market, the new approach is “HKEX first, then A-share.” Behind this change lies the deep integration of the AI industry with national policies, as well as the A-share market’s favorable policies for high-tech enterprises.
1. Why Wait Until Now to Return to the A-share Market? Letting HKEX Set the Price First Is Crucial
Previously, the A-share market lacked clear valuation standards for unprofitable AI companies, and regulators and institutions were hesitant to approve their listings. By going public on HKEX first, Zhipu and MiniMax allowed global capital (such as Middle Eastern sovereign funds and the Norwegian central bank) to determine a “real price” for their assets (Zhipu’s value increased by 13 times after listing), providing a reference for the A-share market. Additionally, in July 2025, the China Securities Regulatory Commission relaxed the listing rules for AI companies on the STAR Market (allowing unprofitable high-tech firms to list), making the timing ripe. For example, Zhipu had submitted its guidance documents for an A-share listing as early as April 2025 but later withdrew them due to uncertainties in HKEX’s valuation process; now that HKEX has established a reliable price, the A-share market is ready to welcome these companies.
2. HKEX Provides “Capital,” While A-share Market Offers “Identity” – Different Needs for Each Platform
The HKEX offers real global investment: large funds from entities like the Abu Dhabi Investment Authority and Singapore’s GIC are entering the market, and the inclusion of Hong Kong Tech Indexes in various indices brings automatic capital allocation, resulting in high liquidity. However, these funds are “smart but impatient” and may withdraw quickly in times of market volatility.
The A-share market provides an irreplaceable strategic advantage:
- National Recognition: Listing on the STAR Market signifies recognition as a leading high-tech company, granting priority access to government procurement orders and computing resources.
- Long-Term Patient Capital: Funds from social security and state-owned assets are less likely to be affected by short-term price fluctuations, providing stability for capital-intensive AI companies.
- Industrial Support: A-share companies can receive support in areas such as data compliance and industry standard setting, which HKEX companies do not have access to.
In simple terms, while HKEX funds can be used for further financing, the “identity” associated with an A-share listing is unique and cannot be easily obtained elsewhere.
3. Unlike Internet Companies: Moving from US/HKEX to the A-share Market Voluntarily
Ten years ago, companies like Tencent and Alibaba went public in the US or HKEX because the A-share market did not allow losses at the time, nor did it accept VIE structures (a common foreign investment vehicle). AI companies are different; their core assets—computing power, data, and model weights—are closely tied to national policies, making them more suitable for domestic listings. Moreover, the A-share market now accepts unprofitable high-tech firms, reducing the appeal of the NASDAQ.
Even a company like MiniMax, with 70% of its revenue coming from overseas, has chosen to return to the A-share market because AI success ultimately depends on national industrial support, which the A-share market offers more significantly.
4. This Is a Major Trend: More AI Companies Will Follow the “HKEX First, Then A-share” Path
Zhipu and MiniMax are not exceptions; other AI unicorns such as Yuezhiànmiàn and Baichuan ZhiNéng are likely to follow this path. There is also a sign of this trend in the increasing valuation of Chinese high-tech companies on HKEX (some even trading at higher prices than on the A-share market), indicating a clear division of roles between the two markets: HKEX for global pricing and the A-share market for strategic support.
This creates a “capital bridge” where AI companies can first raise funds globally on HKEX and then access national resources in the A-share market, benefiting both.
In Conclusion
In the past, internet companies used the US stock market to thrive during the golden decade. Now, AI companies are embracing the national strategy by following the “HKEX first, then A-share” approach. This is not accidental but a necessary choice for Chinese technology firms in the AI era. What truly matters is not their stock prices but their ability to position themselves correctly in this rapidly changing landscape.