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Are Z.ai and MiniMax heading down opposite financial paths months after Hong Kong IPOs?
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Minxiao Changin ShenzhenandXinmei Shenin Hong KongPublished: 6:38pm, 3 Sep 2026Updated: 7:09pm, 3 Sep 2026
When two of China’s leading AI pioneers went public in Hong Kong in January, they pitched investors on a shared promise: capturing the explosive demand for artificial intelligence at home and abroad. Their first-half earnings, however, suggest that narrative could be splintering into two different trajectories.
While Beijing-based Z.ai, also known as Zhipu AI, is winning over market analysts on the back of surging revenue and top-tier model performance, its Shanghai rival MiniMax is facing mounting scepticism over lagging technical benchmarks and questions about its growth projections.
Z.ai on Monday reported a nearly 400 per cent year-on-year surge in first-half revenue to 953.9 million yuan (US$142 million). By contrast, MiniMax’s revenue grew 283 per cent to US$116.6 million, according to its financial report released last week.
The commercial gap appeared even wider when measured by annual recurring revenue (ARR), a metric used by software companies to project 12-month revenue based on current monthly subscriptions.
Z.ai co-founder and chief scientist Tang Jie said during an earnings call that the company’s ARR had reached US$1.6 billion based on August’s results. MiniMax founder and CEO Yan Junjie, meanwhile, said its ARR had reached US$800 million in August – half that of Z.ai.
However, Yan later acknowledged in a private post-earnings call that MiniMax had calculated the figure by taking revenue from a single week in August and multiplying it by 52, according to a person familiar with the matter.
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