Zhipu AI, a leading force in China's artificial intelligence sector, defied the widespread decline of AI stocks in Hong Kong and mainland China on Monday. While its rival, MiniMax, experienced a significant drop of nearly 20 percent, Zhipu managed to maintain a steady position, closing at HK$1,645 after a midday increase of over 1 percent. Since its stock market debut in January, Zhipu’s shares have impressively increased twelvefold. Over the weekend, the company reaffirmed its commitment to advancing artificial general intelligence (AGI) rather than focusing on immediate commercial opportunities.
In contrast, MiniMax's shares plummeted by 17 percent, settling at HK$222.8, marking the lowest point since its January introduction. Recently, the company's founder, Yan Junjie, expressed a strong resolve to achieve AGI, even stating that he would forgo his salary until this ambitious goal is reached.
Despite its resilience, Zhipu AI has seen a decrease from its peak valuation at the end of last month, when its market capitalization briefly exceeded HK$1 trillion (approximately US$128 billion) amid excitement over its GLM-5.2 model release. Currently, its market cap stands at HK$730 billion.
In an internal communication shared on Saturday, Tang Jie, one of Zhipu's co-founders and a prominent computer scientist from Tsinghua University, outlined plans for the company over the next two years. He emphasized that Zhipu AI would direct its resources towards cutting-edge AI research and not seek short-term profits from AI applications. Instead, the focus would be on reaching the ultimate goal of AGI, which Tang described as the synthesis of all human intelligence, as reported by the South China Morning Post.
On the broader market front, technology stocks in mainland China faced significant declines on Monday, with the semiconductor sector contributing notably to the downturn. The Shanghai Composite Index fell by 2.06 percent, while other indexes, including the Shenzhen Composite, ChiNext, and SSE Star 50, all experienced drops exceeding 3 percent.




