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MiniMax

MiniMax
The latest news and top stories on MiniMax. A China-based entity in the artificial intelligence sector, MiniMax specialises in developing multimodal AI models, including large language models, text-to-speech and video generation. It primarily serves users, developers and businesses and is known for its open-sourcing efforts and focus on computational efficiency.
The Alipay logo is displayed next to a QR payment code on the app. Photo: Reuters
Ant Group

Alipay’s AI Wallet and Token Pay a big bet on the future by Ant Group

Chinese fintech giant looks to dominate the transaction layer of the emerging ‘agent economy’ as AI evolves to executing real-world tasks.

Hong Kong stock market

Hang Seng Index review to boost market capitalisation by 4.5%: analysts

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Artificial intelligence

DeepSeek V4 Pro tops global bang-for-buck ranking after 75% price cut

Hong Kong stock market

China AI firms Zhipu, MiniMax to join Hong Kong’s Hang Seng Tech Index

Additions to the benchmark Hang Seng Index, meanwhile, increase the number of constituents to 93 as the bourse operator presses ahead with expansion to 100.

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People wait to cross a road in front of a sign showing the Hang Seng Index in Hong Kong on March 4. Photo: AFP
Artificial intelligence

China’s AI start-up funding triples in first quarter amid bets on LLMs, robotics

The fundraising boom follows years of state-led efforts to channel capital into strategic sectors such as chips, AI and manufacturing.

Artificial intelligence

How Chinese developers bypass restrictions to access top US AI models

One high-volume seller on Xianyu advertises ‘low-latency, no-VPN’ access to the full Claude 3.5 suite.

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Artificial intelligence

Kimi developer Moonshot AI valued at US$20b as it navigates new IPO rules

Firm raised US$2 billion from investors including Meituan’s venture and China Mobile, taking total to US$3.9 billion in the last six months.

Moonshot AI, best known for its Kimi chatbot, saw its annual recurring revenue exceed US$200 million in April. Photo: Shutterstock
Hong Kong stock market

Chinese AI stocks are surging. So why is Hong Kong’s tech index still falling?

Hong Kong has seen a string of blockbuster listings by Chinese AI firms in recent months. Yet the Hang Seng Tech Index remains deep in a slump.

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China stock market

Who could gain from DeepSeek’s V4 with China chips poised for stronger demand?

Breakthrough launch could lift stocks from chipmakers to model developers as demand for computing power builds and adoption widens: analysts.

DeepSeek

China’s DeepSeek prices new V4 AI model at 97% below OpenAI’s GPT-5.5

DeepSeek’s move aims to attract more enterprise clients, developers and agent-based users, according to an academic.

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The DeepSeek app is seen on a mobile phone screen in Beijing on January 27, 2025. Photo: AFP
Artificial intelligence

Investors rotate to China’s chipmakers as DeepSeek intensifies AI competition

Efficient new model boosts outlook for computing power demand but pressures valuations of AI application developers.

Investors rotated into semiconductor stocks on expectations of stronger demand for computing power following a new model release by start-up DeepSeek. Photo: Shutterstock
Artificial intelligence

Can ‘token exports’ give China an edge in the AI era?

As AI tokens emerge as a new commodity, China’s cost advantage is reshaping global model competition, though monetisation gaps remain.

Artificial intelligence

DeepSeek isn’t short of cash: so why has it decided to raise funds anyway?

DeepSeek is raising a small funding round not for cash, but to set a valuation benchmark and retain talent as rivals ramp up poaching.

China stock market

Outlook for China stocks brightens on capital flows, rebounding home prices

Resilience shown since start of Middle East war likely to continue amid haven demand, according to fund managers and investment banks.

People walk near a screen showing stock exchange and economic data in Shanghai on April 20, 2026. Photo: EPA
Hong Kong economy

Which global firms are being attracted by Hong Kong’s strategic enterprise scheme?

The South China Morning Post examines 22 firms opening or expanding in the city, with HK$73 billion in investment and 25,000 jobs expected.

Pfizer, a leading global research‑based pharmaceutical and biotechnology company, is among the biggest names in the latest cohort. Photo: Reuters
Artificial intelligence

Chinese software firms defy ‘SaaSpocalypse’ with strategic AI partnerships

Legacy Chinese SaaS firms are integrating AI into their offerings and seeing ‘significant robust growth’ as a result, Liu said.

US-China tech war

‘Horrible’ for US if DeepSeek AI models run on Huawei chips: Nvidia CEO

DeepSeek on Huawei chips could help China – powered by ‘abundant’ energy and large pool of researchers – catch up with US in AI: Nvidia CEO.

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Artificial intelligence

How the rise of AI agents could finally make China’s open-source models pay

Free models helped Chinese firms find rapid success – but thin margins are forcing a shift towards hybrid business strategies.

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Illustration: Henry Wong
Artificial intelligence

China’s Li Qiang hosts Moonshot AI chief, urges faster industrial AI roll-out

Beijing signals stronger push to embed AI in manufacturing as premier meets rising start-up founders and industry leaders.

Artificial intelligence

Alibaba’s Qwen family captures over 50% of global open-source downloads: report

Qwen hits nearly 1 billion cumulative downloads, far surpassing rivals like Meta Platforms’ Llama and DeepSeek, researchers say.

Artificial intelligence

China’s Zhipu AI open-sources GLM-5.1, raises prices to trim gap with US rivals

The company’s second price increase this year signals a push to monetise advanced AI models while keeping costs below US peers.

The move marks Zhipu’s second price increase this year, following a broader overhaul in February that lifted rates by more than 30 per cent. Photo: Shutterstock
OpenClaw

Chinese AI rivals clash over Anthropic’s OpenClaw exit amid global token crunch

Chinese companies are competing to offer the cheapest alternatives to premium US services from the likes of OpenAI and Anthropic.

A lobster-shaped cutout representing OpenClaw stands outside the Baidu offices in Beijing, March 17, 2026. Photo: Reuters
Artificial intelligence

OpenClaw deepens China footprint through native Tencent, ByteDance integrations

Tencent is actively seeking cooperation with OpenClaw as it moves to capitalise on the agent’s popularity to win over domestic users.

Artificial intelligence

What Zhipu and MiniMax’s first post-IPO earnings say about the 2 AI start-ups

The two Chinese start-ups show promising commercialisation of AI models, which are reflected in rising demand and revenue.

IPO

Hong Kong retains IPO crown but may lose to US mega listings over full year

Second place for IPO funds raised is Nasdaq, with US$5.65 billion from 18 listings, while the New York Stock Exchange ranks third.

An exterior view of the Hong Kong stock exchange in Central, February 6, 2026. Photo: Jonathan Wong
Artificial intelligence

Zhipu AI revenue jumps 132% in first post-IPO report, missing estimates

Total losses soar 59.5 per cent to 4.72 billion yuan driven by mounting research and development spending.

The Zhipu AI booth at the World Artificial Intelligence Conference in Shanghai in 2024. Photo: Handout
DeepSeek

‘I no longer knew how to work without it’: DeepSeek outage cuts off millions

Chinese AI start-up restores chatbot service by Monday morning after overnight disruption affects millions of users.

US-China trade war

US panel credits China’s AI edge to open-source models, manufacturing dominance

American Congressional commission concludes China’s open ecosystem has seen performance gaps narrowed with top Western large language models.

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