Smart Spectrum AI and MiniMax went public in Hong Kong to set off the AI circuit, leading companies such as Wanxing Technology (300624.SZ) attracted attention

The Zhitong Finance App learned that recently, the much-publicized Zhipu AI Hong Kong stock offering came to an end and will be officially listed on the Hong Kong Stock Exchange under the stock code “2513” on January 8. At that time, the “First Global Model Stock” will be officially launched, and the valuation is expected to reach HK$51.1 billion. On the same day, MiniMax, another major AI model company, plans to go to Hong Kong to set an IPO price. It plans to issue new shares at HK$165 per share, and subscription demand is strong.

According to reports, Zhi Spectrum AI was founded in 2019 and is the earliest company established in the “Big Model Six Dragons”. In terms of revenue in 2024, it ranks first among independent general model developers in China. MiniMax is the world's leading general artificial intelligence technology company. It has launched products such as MiniMax, MiniMax Voice, and Conch AI. In the first nine months of 2025, the company's revenue increased by more than 170% year over year.

The two major AI companies have entered Hong Kong stocks, once again detonating the AI circuit. According to the UNCTAD report, the global AI market is expected to soar from $189 billion in 2023 to $4.8 trillion in 2033. As a typical representative of the AI application layer, leading AI companies such as Wanxing Technology (300624.SZ), an A-share listed company of AIGC Software, have once again received market attention.

From the perspective of the AI industry, the big model is driving the development and differentiation of AI companies. General-purpose model manufacturers, represented by intelligent spectrum AI, focus on consolidating the model base and outputting general intelligence capabilities to developers and enterprises through API calls; MiniMax focuses on the collaborative development of text, voice, and video capabilities. Wanxing Technology's AI development revolves around the high-frequency scenario of digital creative content production. Its self-developed model focuses on the field of audio and video, and is deeply integrated with its own software products to cover a complete creative flow. AIGC applications can cover core scenarios such as film and television production, advertising and marketing, media organizations, and the digital transformation of enterprises, and has the characteristics of continuous and high-frequency use.

According to public information, Wanxing Technology is an A-share listed company with a wide product coverage, large revenue volume, and high degree of globalization in the field of digital creative software in China. Its business covers more than 200 countries and regions, and has accumulated more than 2 billion active users, and is regarded as the “Chinese version of Adobe.” In June 2025, Wanxing Technology launched Wanxing Tianmu Audio and Video Multimedia Model 2.0. Its overseas version, Wondershare Tomoviee 2.0 AI, ranked among the top three in the world in the vBench-2.0 Wensheng video evaluation. According to Frost & Sullivan data, the average cost for users to generate a 5-second 1080P video clip using Wanxing Technology's models is one of the lowest in the industry. At the same time, according to 2024 revenue, Wanxing Technology ranked first among third-party independent providers in China in the global AIGC video creative software market.

Overall, Intelligent Spectrum AI, MiniMax, and Wanxing Technology represent three different development paths in the big model era: general models continuously raise the upper limit of capabilities, multi-modal platforms expand the breadth of applications, and application enterprises focus on continuously transforming model capabilities into tool productivity. The focus of industrial competition is no longer “whose model is stronger”, but rather whether it can combine its own strengths to develop in depth and transform model capabilities into replicable and sustainable advanced product and service capabilities.