OpenAI launched its latest large language model, GPT‑6 Astra, which it describes as its most capable model to date and capable of handling complex software‑development, research and professional tasks directly within computer and browser environments. The launch sparked a rally in Chinese artificial‑intelligence equities on Friday, with the Hang Seng Index opening 1.2% higher and the Hang Seng Tech Index climbing 1.5%.
MiniMax led the price gains, jumping 6.5% to HK$378 per share. Baidu added 4.6%, Kuaishou Technology rose 4.2%, JD.com increased 4.1%, and Xiaomi advanced 3.9%. Z.AI (Zhipu AI) moved marginally, trading at HK$1,108.
Revenue data released for the first half of the year showed Z.AI achieving an almost 400% year‑over‑year increase, reporting ¥953.9 million in revenue. MiniMax disclosed a 283% growth in first‑half revenue, underscoring the rapid expansion of China’s listed AI developers.
Investor activity remained robust: mainland Chinese investors purchased a net HK$10.1 billion of MiniMax shares through the Stock Connect programme in August, representing the largest net inflow among Hong Kong‑listed companies accessible to onshore investors, according to Wind data.
Analysts noted that while both MiniMax and Z.AI are among the most closely watched beneficiaries of China’s fast‑growing AI sector, they differ in revenue growth trajectories, annual recurring revenue levels and model performance, factors that continue to shape investor sentiment.