Z.ai and MiniMax diverge financially months after Hong Kong IPOs

Z.ai (Zhipu AI) and MiniMax, both listed in Hong Kong in January, are showing divergent financial trajectories in their first-half earnings. Z.ai is gaining analyst favor with surging revenue and strong model performance, while MiniMax faces challenges. The split suggests the shared growth narrative pitched at IPO is fracturing, with implications for China's AI sector competitiveness.