This article only represents the author's own views.
Investor enthusiasm for AI stocks was in overdrive earlier this year, when Knowledge Atlas Technology Joint Stock Co. Ltd. (2513.HK), better known as Zhipu, and MiniMax Group Holdings Ltd. (0100.HK) made their Hong Kong stock market debuts amid sentiment reminiscent of the most exuberant days of China's internet and electric vehicle booms.
As some of the first large language model (LLM) developers to reach public markets, both companies quickly became investor darlings. On May 29, Zhipu's shares surged to an intraday high of HK$1,993, more than 17 times their IPO price, giving the company a market value of more than HK$880 billion ($112 billion). MiniMax closed the same day at HK$840, more than four times its listing price, with a market value exceeding HK$260 billion.