AIAnalysis
AI SHIFT:
Zhipu AI’s Record Hong Kong Rally Tests China’s AI Valuation Boom
Zhipu AI briefly reached HK$1,993, lifting its market capitalization above HK$880 billion, or about $112 billion.
Caixin reported 2025 revenue of 724 million yuan, adjusted net loss of 3.2 billion yuan and open API ARR of 1.7 billion yuan.
The rally reflects scarcity premiums for listed Chinese AI developers despite price competition and compute-cost pressure.
