Shares of Zhipu AI (HK:2513) fell 3.4% and Minimax Group (HK:0100) dropped 10% after DeepSeek’s new model launch.
DeepSeek unveiled open‑source V4 model, claiming near‑closed‑source performance with 90% API price cut and 75% discount until May 5.
Tencent Holdings (HK:0700) also announced its flagship AI model Hy3, developed with a former OpenAI researcher, intensifying sector competition.
The price cuts and model releases signal a brewing AI price war, prompting investor concerns over market share battles.