Are Z.ai and MiniMax heading down opposite financial paths months after Hong Kong IPOs?

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...