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Chinese Tech Firms Surge on Stock Exchange Debuts

1/12/2026

49 11 Full Breakdown

Summary

Story summary

On January 9, 2026, MiniMax Group debuted on the Hong Kong Stock Exchange, with its shares rising 109% on day one and a valuation above HK$100 billion.
Zhipu AI went public on January 8, 2026, the day before MiniMax, and closed well above its offering price.
Analysts attribute the surge to China's push for technological independence in artificial intelligence (AI) and semiconductors, with the government supporting local firms.

History

Historical Context

The Hong Kong Stock Exchange, formally established in 1986, has evolved significantly since its origins in 1891. By 1997, it boasted a market capitalization exceeding HK$1 trillion, attracting global investors. Recent IPOs from MiniMax Group and Zhipu AI highlight China's renewed focus on technological independence, reflecting the economic reforms initiated in the late 20th century that continue to shape the region's financial landscape.

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Story summary

On January 9, 2026, MiniMax Group debuted on the Hong Kong Stock Exchange, with its shares rising 109% on day one and a valuation above HK$100 billion.
Zhipu AI went public on January 8, 2026, the day before MiniMax, and closed well above its offering price.
Analysts attribute the surge to China's push for technological independence in artificial intelligence (AI) and semiconductors, with the government supporting local firms.

1 / 2