https://www.scmp.com/rss/523764/feed The latest news and top stories on MiniMax. A China-based entity in the artificial intelligence sector, MiniMax specialises in developing multimodal AI models, including large language models, text-to-speech and video generation. It primarily serves users, developers and businesses and is known for its open-sourcing efforts and focus on computational efficiency. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Ann Cao Ann Cao OpenClaw, the open-source autonomous artificial intelligence agent, is stepping up efforts to tap into China’s user base as it works more closely with Chinese tech giants including Tencent Holdings and ByteDance. A version update of OpenClaw released on Tuesday included Tencent’s QQ, making the long-standing messaging app the first Chinese social media platform to be natively integrated with OpenClaw’s official platform. QQ bot, a versatile bridging service that connects the popular messaging... https://www.scmp.com/tech/tech-trends/article/3348829/openclaw-deepens-china-footprint-through-native-tencent-bytedance-integrations?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3348829/openclaw-deepens-china-footprint-through-native-tencent-bytedance-integrations?utm_source=rss_feed Thu, 02 Apr 2026 11:11:13 +0000 Vincent Chow Vincent Chow Chinese artificial intelligence start-ups Zhipu AI and MiniMax have shown early signs of sustainable commercialisation of their AI models, analysts said, as investors continue to pump up their Hong Kong stocks despite widening losses. That assessment comes as the companies reported their first earnings since their respective initial public offerings in early January, providing a glimpse into the business models of an industry still in its infancy globally. The South China Morning Post takes a... https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3348699/what-zhipu-and-minimaxs-first-post-ipo-earnings-say-about-2-chinese-ai-start-ups?utm_source=rss_feed Thu, 02 Apr 2026 02:00:09 +0000 Enoch Yiu Enoch Yiu Hong Kong has retained its top position in terms of initial public offering (IPO) funds raised in the first quarter of this year but industry experts said the city could lose its lead to the US over the full year given the number of mega IPOs expected there, from OpenAI to Elon Musk’s SpaceX. A total of 37 companies raised about US$13.26 billion on the Hong Kong stock exchange’s main board in the three months ended March 31, according to data released on Tuesday by LSEG Data and Analytics. That... https://www.scmp.com/business/banking-finance/article/3348536/hong-kong-retains-global-ipo-crown-first-quarter-faces-us-mega-listings?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3348536/hong-kong-retains-global-ipo-crown-first-quarter-faces-us-mega-listings?utm_source=rss_feed Tue, 31 Mar 2026 11:30:12 +0000 Vincent Chow Vincent Chow Chinese artificial intelligence company Zhipu AI posted worse-than-expected annual revenue growth in its first earnings report since its initial public offering (IPO) in Hong Kong in January. Revenue rose 131.9 per cent year on year to 724.33 million yuan (US$104.8 million) for the year ended December 2025, the Beijing-based company said on Tuesday, lagging an estimate of 756 million yuan by analysts polled by Bloomberg. Zhipu, the first foundational AI model start-up in the world to launch an... https://www.scmp.com/tech/tech-trends/article/3348555/zhipu-ai-revenue-jumps-132-first-post-ipo-report-missing-estimates?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3348555/zhipu-ai-revenue-jumps-132-first-post-ipo-report-missing-estimates?utm_source=rss_feed Tue, 31 Mar 2026 10:36:26 +0000 Ben Jiang Ben Jiang Chinese artificial intelligence start-up DeepSeek suffered a prolonged outage overnight that extended into early Monday morning, disrupting service for hundreds of millions of users, according to a company notice and user feedback. The Hangzhou-based AI lab’s namesake chatbot website and app were offline from Sunday evening, with the company continuing to investigate while issuing fixes from between 1am and 9am on Monday, according to service maintenance records the company published online. The... https://www.scmp.com/tech/big-tech/article/3348345/deepseek-outage-leaves-millions-cut-and-sparks-complaints-rivals-gain-ground?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3348345/deepseek-outage-leaves-millions-cut-and-sparks-complaints-rivals-gain-ground?utm_source=rss_feed Mon, 30 Mar 2026 03:41:43 +0000 Lucy Quaggin Lucy Quaggin China’s strategy of promoting open artificial intelligence (AI) models and leveraging manufacturing dominance is “mutually reinforcing”, forming a feedback loop that could challenge US dominance in AI, according to a new report by a US congressional advisory body. “It is the intersection of these two loops – one digital, one physical – that gives China’s open strategy its compounding force and poses the most serious long-term challenge to US AI leadership,” the United States-China Economic and... https://www.scmp.com/news/us/diplomacy/article/3347645/us-panel-credits-chinas-ai-edge-open-source-models-manufacturing-dominance?utm_source=rss_feed https://www.scmp.com/news/us/diplomacy/article/3347645/us-panel-credits-chinas-ai-edge-open-source-models-manufacturing-dominance?utm_source=rss_feed Mon, 23 Mar 2026 22:34:03 +0000 Wency Chen Wency Chen “Tokens are the new commodity,” said Nvidia CEO Jensen Huang, clad in his iconic leather jacket, at the company’s annual flagship developer conference, GTC, last week in San Jose, California. The chip designer’s helmsman wants to recast his company not as a silicon vendor but as the architect of what he calls “AI [artificial intelligence] factories”, whose standard product is “token”. While Nvidia is busy writing the rules of a new token economy, a parallel debate is emerging in China around the... https://www.scmp.com/tech/big-tech/article/3347495/how-china-could-dominate-ai-eras-tokenomics-vast-power-grids-and-low-cost-models?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3347495/how-china-could-dominate-ai-eras-tokenomics-vast-power-grids-and-low-cost-models?utm_source=rss_feed Sun, 22 Mar 2026 23:30:22 +0000 Themis Qi,Enoch Yiu Themis Qi,Enoch Yiu A memo circulating in mainland China’s financial community has raised concerns that Beijing plans to ban certain Chinese companies from listing in Hong Kong via a red-chip structure, with analysts fearing that this could create uncertainty for new listings in the city. According to a memo seen by the South China Morning Post, some red-chip companies – entities registered overseas but with assets and businesses within China – seeking regulatory approval for an initial public offering (IPO) in... https://www.scmp.com/business/banking-finance/article/3346903/chinas-tightened-listing-rules-some-red-chips-hong-kong-raise-concerns?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3346903/chinas-tightened-listing-rules-some-red-chips-hong-kong-raise-concerns?utm_source=rss_feed Tue, 17 Mar 2026 11:10:08 +0000 Iris Deng Iris Deng Chinese tech giant Tencent Holdings has become a sponsor of OpenClaw after public complaints from the creator of the popular open-source artificial intelligence agent. Tencent and its cloud computing unit officially became sponsors of OpenClaw on Monday, as featured on the project’s GitHub page alongside OpenAI and Chinese AI giant Baidu. The GitHub page has a section that lists the project’s sponsors. Earlier on Sunday, an account belonging to Tencent Cloud Lighthouse – the tech giant’s team... https://www.scmp.com/tech/tech-trends/article/3346796/tencent-sponsors-openclaw-after-creators-complaints-copying?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3346796/tencent-sponsors-openclaw-after-creators-complaints-copying?utm_source=rss_feed Mon, 16 Mar 2026 14:44:50 +0000 Aileen Chuang Aileen Chuang Chinese technology stocks are gaining momentum as they emerge largely unscathed from the US-Iran conflict and artificial intelligence “scare trades”, with agentic AI breakthroughs like OpenClaw sparking fresh monetisation hopes, according to investment experts. Global markets have been hit in recent weeks by an oil-price shock linked to the war in the Middle East, as well as an AI-driven sell-off over fears the technology could wipe out white-collar jobs. However, Chinese tech stocks remained... https://www.scmp.com/business/markets/article/3346604/hopes-ai-monetisation-boost-china-tech-stocks-amid-war-market-scares?utm_source=rss_feed https://www.scmp.com/business/markets/article/3346604/hopes-ai-monetisation-boost-china-tech-stocks-amid-war-market-scares?utm_source=rss_feed Mon, 16 Mar 2026 00:30:13 +0000 Ben Jiang Ben Jiang By the time software programmer Guo Cancan realised something had gone horribly wrong with OpenClaw – the task-executing AI agent that has ignited a fervour across China – the damage was already done. While on holiday over the Chinese New Year, Guo was tinkering with the autonomous open-source program. When he attempted to resolve an error that it had made, OpenClaw responded by deleting nearly everything on his computer’s D: drive – a major storage partition – wiping out years of personal data... https://www.scmp.com/tech/tech-trends/article/3346513/inside-openclaw-mania-gripping-china-security-fears-surge-alongside-enthusiasm?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3346513/inside-openclaw-mania-gripping-china-security-fears-surge-alongside-enthusiasm?utm_source=rss_feed Fri, 13 Mar 2026 22:00:14 +0000 Wency Chen,Ann Cao Wency Chen,Ann Cao A wave of caution is sweeping through China’s financial and state institutions over OpenClaw, the open-source artificial intelligence (AI) agent that has recently gone viral. Several brokerages, banks and government bodies have moved to restrict staff access. At one of China’s leading brokerages, an employee, who asked not to be named, said the firm had issued an explicit risk warning earlier this week, banning OpenClaw from company computers. Staff who had already installed it were told to... https://www.scmp.com/tech/tech-trends/article/3346331/chinas-financial-institutions-regulators-draw-line-openclaw-ai-frenzy-spreads?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3346331/chinas-financial-institutions-regulators-draw-line-openclaw-ai-frenzy-spreads?utm_source=rss_feed Thu, 12 Mar 2026 07:20:55 +0000 Yuanyue Dang Yuanyue Dang China’s highest court says that while it handles AI-related cases with care it has allowed room for the country’s artificial intelligence industry to innovate and make mistakes, according to its annual report. Supreme People’s Court president Zhang Jun told the National People’s Congress (NPC), China’s top legislative body, on Monday that the court had “promoted the orderly development of artificial intelligence” last year. Delivering the supreme court’s work report, Zhang said China’s courts... https://www.scmp.com/news/china/politics/article/3345999/chinas-top-court-says-it-treats-ai-cases-care-without-stifling-growth-or-innovation?utm_source=rss_feed https://www.scmp.com/news/china/politics/article/3345999/chinas-top-court-says-it-treats-ai-cases-care-without-stifling-growth-or-innovation?utm_source=rss_feed Mon, 09 Mar 2026 11:12:01 +0000 Letters Letters Feel strongly about these letters, or any other aspects of the news? Share your views by emailing us your Letter to the Editor at letters@scmp.com or filling in this Google form. Submissions should not exceed 400 words Artificial intelligence in 2026 is moving from a passive tool to an active partner. Big tech companies are throwing more money at capex to stand out in the AI race. Meanwhile, tech firms are raising funds to make technological breakthroughs and solidify their competitive edge.... https://www.scmp.com/opinion/letters/article/3345673/hong-kong-can-do-more-connect-mainland-funds-tech-stocks?utm_source=rss_feed https://www.scmp.com/opinion/letters/article/3345673/hong-kong-can-do-more-connect-mainland-funds-tech-stocks?utm_source=rss_feed Mon, 09 Mar 2026 03:30:08 +0000 Zhu Wenqian Zhu Wenqian More of the world’s billionaires live in China than anywhere else, after stock market gains and artificial intelligence generated a record number of billionaires globally, according to the latest Hurun Global Rich List. China overtook the United States to recapture bragging rights on the annual report released by Hurun Group on Thursday, with 1,110 billionaires out of 4,020 globally. China added 287 billionaires since the previous edition of the report, more than recouping its losses over the... https://www.scmp.com/business/china-business/article/3345577/china-worlds-billionaire-capital-again-hurun-rich-list-swells-stock-surge?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3345577/china-worlds-billionaire-capital-again-hurun-rich-list-swells-stock-surge?utm_source=rss_feed Thu, 05 Mar 2026 10:30:13 +0000 Victoria Bela Victoria Bela Artificial intelligence will be a focal point of the scientific agenda at Beijing’s annual legislative meeting and coming five-year plan, as China and the US pursue divergent AI paths putting their tech ecosystems at odds. Just over a year ago, Chinese start-up DeepSeek released an open-source AI model that changed how the world viewed the country’s AI capabilities and ambitions. Chinese companies have embraced an open-source approach to AI development, which has rapidly scaled usage of their... https://www.scmp.com/news/china/science/article/3345440/two-sessions-two-paths-china-prioritises-ai-integration-amid-us-tech-rivalry?utm_source=rss_feed https://www.scmp.com/news/china/science/article/3345440/two-sessions-two-paths-china-prioritises-ai-integration-amid-us-tech-rivalry?utm_source=rss_feed Wed, 04 Mar 2026 15:55:08 +0000 Vincent Chow Vincent Chow Chinese artificial intelligence company MiniMax Group posted better-than-expected annual revenue growth in its first earnings report since its blockbuster Hong Kong listing, as its CEO predicted a doubling in revenue this year. Revenue rose nearly 159 per cent year on year to US$79 million for the year ended December 2025, the Shanghai-based company said on Monday, beating an estimate of US$71.39 million by analysts polled by Bloomberg. Meanwhile, CEO Yan Junjie said in a post-earnings call that... https://www.scmp.com/tech/article/3345116/chinese-ai-firm-minimaxs-revenue-jumps-159-us79-million-strong-demand?utm_source=rss_feed https://www.scmp.com/tech/article/3345116/chinese-ai-firm-minimaxs-revenue-jumps-159-us79-million-strong-demand?utm_source=rss_feed Mon, 02 Mar 2026 10:39:54 +0000 Yeon Woo Lee Yeon Woo Lee South Korean retail investors, known for their aggressive trading style, are ramping up exposure to Chinese artificial intelligence-related stocks, even as their home market ranks among the world’s top performers. Data from SEIBro, a portal operated by the Korea Securities Depository, showed that South Korean retail investors bought US$507 million worth of Hong Kong-listed shares and US$154 million of mainland-listed shares between January 2 and Monday. The data showed that total purchases had... https://www.scmp.com/business/markets/article/3344586/south-korean-investors-pour-millions-minimax-other-chinese-ai-and-chip-stocks?utm_source=rss_feed https://www.scmp.com/business/markets/article/3344586/south-korean-investors-pour-millions-minimax-other-chinese-ai-and-chip-stocks?utm_source=rss_feed Wed, 25 Feb 2026 22:00:09 +0000 Ben Jiang Ben Jiang Chinese open-source artificial intelligence models, led by those from MiniMax AI and Moonshot AI, have topped global token usage, ending a year of market dominance for US developers, according to data from OpenRouter. Online AI hosting platform OpenRouter’s latest ranking reflected the increased international demand for Chinese open-source models on its site following a series of new releases. Launched around two weeks ago, the M2.5 from Shanghai-based MiniMax emerged as the most popular AI... https://www.scmp.com/tech/tech-trends/article/3344587/chinas-minimax-moonshot-top-ai-token-use-ranking-ending-year-us-dominance?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3344587/chinas-minimax-moonshot-top-ai-token-use-ranking-ending-year-us-dominance?utm_source=rss_feed Wed, 25 Feb 2026 11:30:07 +0000 Vincent Chow,Ben Jiang Vincent Chow,Ben Jiang US artificial intelligence lab Anthropic’s allegation that Chinese AI firms were “distilling” its Claude models has exposed a widely used AI training technique, sparking heated debate over its accepted boundaries, an analyst said. Anthropic said in a blog post on Monday that DeepSeek, Moonshot AI and MiniMax AI used roughly 24,000 fraudulent accounts to generate more than 16 million exchanges with its Claude models. The US firm said the activity amounted to unauthorised “distillation” of its... https://www.scmp.com/tech/tech-war/article/3344499/anthropics-distilling-charges-against-chinese-firms-expose-ai-training-grey-area?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3344499/anthropics-distilling-charges-against-chinese-firms-expose-ai-training-grey-area?utm_source=rss_feed Tue, 24 Feb 2026 13:05:35 +0000 Themis Qi Themis Qi Hong Kong’s tech equity benchmark is struggling to balance the artificial intelligence frenzy and picking the right industry leaders, leading to its underperformance this year, according to analysts. The Hang Seng Tech Index, which comprises 30 technology-related companies including Tencent Holdings, Alibaba Group Holding and Meituan, has fallen 5.5 per cent this year up to Friday, giving up some of last year’s 23.5 per cent gains. In contrast, the broad-based Hang Seng Index has risen 0.3 per... https://www.scmp.com/business/markets/article/3344255/why-hang-seng-tech-index-doldrums-while-ai-shares-are-soaring?utm_source=rss_feed https://www.scmp.com/business/markets/article/3344255/why-hang-seng-tech-index-doldrums-while-ai-shares-are-soaring?utm_source=rss_feed Mon, 23 Feb 2026 01:15:07 +0000 Coco Feng Coco Feng Major Chinese technology companies, including ByteDance and Baidu, are aggressively expanding their US-based research and development teams, targeting high-level artificial intelligence and semiconductor recruits in key American tech hubs. The overseas hiring spree underscores these “big tech” firms’ growing ambitions to build up their skilled workforce in AI systems development and semiconductor design amid increased competition in their home market. Social media giant ByteDance, the parent... https://www.scmp.com/tech/big-tech/article/3344212/chinas-tech-giants-pursue-ai-semiconductor-talent-us-competition-intensifies?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3344212/chinas-tech-giants-pursue-ai-semiconductor-talent-us-competition-intensifies?utm_source=rss_feed Sat, 21 Feb 2026 13:00:09 +0000 Vincent Chow Vincent Chow Moonshot AI, the Chinese start-up behind the powerful Kimi artificial intelligence models, has added at least another US$700 million to its war chest after launching another funding round that could value it at up to US$12 billion. The new round, which comes just over a month after its last one, could almost triple Moonshot’s previous valuation of US$4.3 billion amid exploding investor interest in China’s AI enterprises. It was jointly led by existing investors including Alibaba Group Holding,... https://www.scmp.com/tech/tech-trends/article/3343927/moonshot-ai-targets-us12-billion-valuation-overseas-revenue-surges-kimi-models?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3343927/moonshot-ai-targets-us12-billion-valuation-overseas-revenue-surges-kimi-models?utm_source=rss_feed Wed, 18 Feb 2026 12:00:09 +0000 Yulu Ao Yulu Ao South Korean investors returned to mainland equities at the start of 2026, ramping up purchases of Hong Kong-listed players in artificial intelligence and semiconductors amid enduring enthusiasm for the tech sector. They bought US$92.5 million worth of Hong Kong-listed shares this year as of February 13, according to data from SEIBro, a portal maintained by the Korea Securities Depository. The buying was concentrated in newly listed technology companies and exchange-traded funds (ETFs) tracking... https://www.scmp.com/business/china-business/article/3343628/korean-investors-pour-us925-million-hong-kong-listed-ai-tech-stocks?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3343628/korean-investors-pour-us925-million-hong-kong-listed-ai-tech-stocks?utm_source=rss_feed Mon, 16 Feb 2026 00:30:13 +0000 Ben Jiang,Vincent Chow Ben Jiang,Vincent Chow Artificial intelligence is already reshaping industries and markets, even though artificial general intelligence (AGI) – a still theoretical form of AI capable of humanlike reasoning across many tasks rather than single specialised functions – has yet to be achieved. That was the message of a recent essay posted on X by start-up founder Matt Shumer, titled “Something Big Is Happening”. He likened the current moment to the period just before the Covid-19 pandemic, arguing that the disruption... https://www.scmp.com/tech/article/3343568/ai-rattles-us-investors-while-chinas-tech-stocks-hold-steady-now?utm_source=rss_feed https://www.scmp.com/tech/article/3343568/ai-rattles-us-investors-while-chinas-tech-stocks-hold-steady-now?utm_source=rss_feed Sat, 14 Feb 2026 10:00:08 +0000 Vincent Chow Vincent Chow Chinese artificial intelligence (AI) company MiniMax has released a new model “designed for real-world productivity”, hot on the heels of new releases from its domestic rivals in a frenetic week for China’s AI industry. The update to its M2 large language model comes as investor interest in smaller Chinese AI companies hits new heights, with global investors looking to capitalise on China’s rapid progress in AI beyond the traditional tech giants. Citing in-house benchmark scores, MiniMax said on... https://www.scmp.com/tech/article/3343395/chinas-minimax-releases-cheap-ai-model-designed-real-world-productivity?utm_source=rss_feed https://www.scmp.com/tech/article/3343395/chinas-minimax-releases-cheap-ai-model-designed-real-world-productivity?utm_source=rss_feed Fri, 13 Feb 2026 02:11:32 +0000 Vincent Chow Vincent Chow Chinese artificial intelligence company Zhipu AI has launched its latest flagship model, the GLM-5, with a leap in coding capabilities amid a heated race among Chinese tech firms to roll out major new models ahead of the Spring Festival holiday. Zhipu AI, known internationally as Z.ai, said that the GLM-5 represented a shift in AI development from “vibe coding” to “agentic engineering” – AI-automated coding at a larger scale – thanks to its latest model’s enhanced performance. The model’s... https://www.scmp.com/tech/article/3343239/chinas-zhipu-ai-launches-new-major-model-glm-5-challenge-its-rivals?utm_source=rss_feed https://www.scmp.com/tech/article/3343239/chinas-zhipu-ai-launches-new-major-model-glm-5-challenge-its-rivals?utm_source=rss_feed Wed, 11 Feb 2026 21:22:50 +0000 Vincent Chow Vincent Chow China’s AI sector is bracing for a monumental week, with a flurry of new models – including a potent “stealth” contender – emerging as domestic tech giants prepare to unveil their flagship products. The race to release new models ahead of the Lunar New Year holiday underscores the intense global competition between frontier companies for users’ attention amid a rapid acceleration of AI progress at the start of 2026, following high-profile releases from US heavyweights Anthropic and OpenAI. On... https://www.scmp.com/news/article/3342951/chinas-ai-arms-race-sees-sector-brace-major-flagship-model-launch-week?utm_source=rss_feed https://www.scmp.com/news/article/3342951/chinas-ai-arms-race-sees-sector-brace-major-flagship-model-launch-week?utm_source=rss_feed Mon, 09 Feb 2026 12:02:58 +0000 Ben Jiang,Yulu Ao Ben Jiang,Yulu Ao Search-engine leader Baidu introduced its first-ever dividend policy and unveiled a three-year share buy-back programme of US$5 billion on Thursday, briefly sending its shares sharply higher, as the Chinese artificial intelligence heavyweight sought to shore up investor confidence amid intensifying competition. The company said in a stock exchange filing that its board had approved a share repurchase programme running through the end of 2028. Baidu also declared its first-ever dividend payment... https://www.scmp.com/tech/article/3342462/baidu-unveils-first-ever-dividend-and-us5-billion-buy-back-amid-ai-race?utm_source=rss_feed https://www.scmp.com/tech/article/3342462/baidu-unveils-first-ever-dividend-and-us5-billion-buy-back-amid-ai-race?utm_source=rss_feed Thu, 05 Feb 2026 04:30:30 +0000 Julie Zhang Julie Zhang Cathy Zhang, head of Asia-Pacific equity capital markets at Morgan Stanley, sounded hoarse after a day of back-to-back meetings with companies keen to go public in Hong Kong. “It’s very possible that the value and number may exceed last year’s IPO figures, given the momentum we have seen in January,” Zhang said in an interview on January 30. Nearly 100 companies filed for stock offerings in the city last month, more than triple the same period in 2025, a year which saw Hong Kong crowned as the... https://www.scmp.com/business/banking-finance/article/3342365/morgan-stanley-sees-another-record-year-hong-kong-ipos-pipeline-hits-450?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3342365/morgan-stanley-sees-another-record-year-hong-kong-ipos-pipeline-hits-450?utm_source=rss_feed Wed, 04 Feb 2026 23:30:38 +0000 Ben Jiang Ben Jiang Chinese artificial intelligence start-up StepFun has unveiled a lightweight AI model that it says punches above its weight, rivalling larger systems from domestic competitors including DeepSeek and Moonshot AI as competition intensifies in the country’s AI sector. The Shanghai-based AI lab said on Monday its latest Step 3.5 Flash model was designed to deliver advanced reasoning and agentic capabilities while maintaining efficiency. Despite its relatively modest size of about 196 billion... https://www.scmp.com/tech/article/3342222/punches-above-its-weight-compact-ai-model-chinas-stepfun-outshines-larger-rivals?utm_source=rss_feed https://www.scmp.com/tech/article/3342222/punches-above-its-weight-compact-ai-model-chinas-stepfun-outshines-larger-rivals?utm_source=rss_feed Tue, 03 Feb 2026 09:30:37 +0000 Ben Jiang Ben Jiang Chinese open-source artificial intelligence models are being adopted by OpenClaw, the global hit AI agent, for their favourable balance of cost and performance, according to industry experts. OpenClaw, which has been a runaway success since its late 2025 launch, announced on Friday that it was offering Chinese start-up Moonshot AI’s latest Kimi K2.5 and Kimi Coding agent for free in its service, while adding support for MiniMax, another Chinese foundational AI developer. Analysts said Chinese... https://www.scmp.com/tech/article/3342137/value-money-ai-agent-openclaw-adopts-chinese-models-cost-edge-over-us-rivals?utm_source=rss_feed https://www.scmp.com/tech/article/3342137/value-money-ai-agent-openclaw-adopts-chinese-models-cost-edge-over-us-rivals?utm_source=rss_feed Tue, 03 Feb 2026 00:00:17 +0000 Ben Jiang Ben Jiang China’s frontier artificial intelligence labs are ending the lunar year on a high note, racing to release a series of new AI models in the last few weeks of the Year of the Snake as the country gears up to celebrate the start of the Year of the Horse. Beijing-based Zhipu AI and Shanghai-quartered MiniMax, which just made their stock exchange debuts in Hong Kong, would be the next to update their flagship AI systems with across-the-board enhancements, according to sources familiar with their... https://www.scmp.com/tech/big-tech/article/3342051/chinas-ai-labs-race-debut-latest-models-lunar-new-year?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3342051/chinas-ai-labs-race-debut-latest-models-lunar-new-year?utm_source=rss_feed Mon, 02 Feb 2026 06:00:11 +0000 Cao Li Cao Li Nearly 100 companies filed new listing applications in Hong Kong in January, marking a strong start to 2026 for initial public offering (IPO) activity. A total of 95 companies applied to list on Hong Kong’s main board, while one sought a place on the Growth Enterprise Market, which primarily served smaller and growth-stage firms, according to a report from Hong Kong Exchanges and Clearing (HKEX) on Friday. The 96 applications were more than triple the 29 recorded a year earlier, and roughly... https://www.scmp.com/business/article/3342003/hong-kong-back-global-ipo-spotlight-after-strongest-january-years?utm_source=rss_feed https://www.scmp.com/business/article/3342003/hong-kong-back-global-ipo-spotlight-after-strongest-january-years?utm_source=rss_feed Sun, 01 Feb 2026 12:00:08 +0000 Wency Chen Wency Chen As AI video generation has evolved from a curiosity to a productivity tool embraced by serious creators, the Kling platform developed by China’s Kuaishou has landed firmly in the top tier alongside Google’s Veo and OpenAI’s Sora. Kling has rapidly grown into a meaningful new business line for the company – long a runner-up to TikTok owner ByteDance in China’s short video arena – since its launch in June 2024, reaching about 12 million monthly active users and annual recurring revenue of roughly... https://www.scmp.com/tech/big-tech/article/3341164/ai-video-generation-how-chinas-kling-challenges-googles-veo-openais-sora?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3341164/ai-video-generation-how-chinas-kling-challenges-googles-veo-openais-sora?utm_source=rss_feed Mon, 26 Jan 2026 13:30:10 +0000 Ben Jiang,Coco Feng Ben Jiang,Coco Feng The new year kicked off with the blockbuster public market debuts of two Chinese artificial intelligence high-flyers – Zhipu AI and MiniMax – making them the world’s first publicly listed large language model (LLM) start-ups. The listings put them ahead of US rivals including Microsoft-backed OpenAI and Amazon.com-supported Anthropic, which have yet to reach public markets. Both Chinese companies have been backed by heavyweight investors, including state-linked funds and big tech groups such as... https://www.scmp.com/tech/tech-trends/article/3341063/next-level-why-chinas-game-makers-are-quietly-bankrolling-generative-ai?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3341063/next-level-why-chinas-game-makers-are-quietly-bankrolling-generative-ai?utm_source=rss_feed Sun, 25 Jan 2026 01:00:12 +0000 Themis Qi,Zhang Shidong Themis Qi,Zhang Shidong The US-China tech rivalry is no longer confined to the laboratories, fabs and boardrooms of the industry’s biggest names – the artificial intelligence battlefield has now expanded into the capital markets, where ambition is priced in real time. As Washington and Beijing push rival technology ecosystems, initial public offerings and listings are becoming a high-stakes referendum on who gets funding, credibility and, most of all, the runway to scale. Across the Pacific, the contest has been... https://www.scmp.com/business/china-business/article/3340999/labs-listings-us-china-ai-race-makes-capital-markets-new-battleground?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3340999/labs-listings-us-china-ai-race-makes-capital-markets-new-battleground?utm_source=rss_feed Sat, 24 Jan 2026 02:00:14 +0000 Wency Chen Wency Chen Baidu on Thursday unveiled Ernie 5.0, a multimodal artificial intelligence model with 2.4 trillion parameters, as use of the Chinese tech giant’s AI-powered namesake assistant climbed to 200 million monthly active users. The omni-modal foundation model, capable of processing text, images, audio and video, is the Beijing-based company’s most advanced to date. The model was first previewed in November and has since climbed the rankings. A leaderboard published last week by LMArena showed... https://www.scmp.com/tech/tech-trends/article/3340866/baidu-launches-ernie-50-firms-ai-assistant-users-reach-200-million-month?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3340866/baidu-launches-ernie-50-firms-ai-assistant-users-reach-200-million-month?utm_source=rss_feed Thu, 22 Jan 2026 12:30:15 +0000 Enoch Yiu Enoch Yiu New energy, artificial intelligence, electric vehicle (EV) and biotechnology companies will remain the driving force behind Hong Kong’s initial public offering (IPO) market in the coming years, according to the head of bourse operator Hong Kong Exchanges and Clearing (HKEX). “In the past year, dozens of new companies in green energy, automation and other sectors have listed in Hong Kong, enabling them to scale their research and global impact,” wrote Bonnie Chan Yiting, CEO of HKEX, in an... https://www.scmp.com/business/banking-finance/article/3340575/new-energy-ai-ev-and-biotech-drive-hong-kong-ipo-growth-hkex?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3340575/new-energy-ai-ev-and-biotech-drive-hong-kong-ipo-growth-hkex?utm_source=rss_feed Tue, 20 Jan 2026 11:15:06 +0000 Vincent Chow,Xinyi Wu Vincent Chow,Xinyi Wu The CEO of Chinese artificial intelligence company MiniMax met Premier Li Qiang on Monday, becoming the second representative from a foundational AI model developer to meet with the national leader after Liang Wenfeng, founder of DeepSeek, a year ago. The appearance of 36-year-old Yan Junjie along with eight other leading figures from China’s business, culture and education spheres underscored the rapid ascent of the newly minted billionaire, who steered his company founded just four years ago... https://www.scmp.com/tech/policy/article/3340515/china-signals-global-ai-push-minimax-ceo-joins-meeting-premier-li-qiang?utm_source=rss_feed https://www.scmp.com/tech/policy/article/3340515/china-signals-global-ai-push-minimax-ceo-joins-meeting-premier-li-qiang?utm_source=rss_feed Tue, 20 Jan 2026 06:17:18 +0000 Ben Jiang Ben Jiang One year ago, a little-known Chinese start-up called DeepSeek burst onto the scene with a new artificial intelligence model that challenged assumptions about China’s ability to innovate under US technology curbs. In what became known as the “DeepSeek moment”, the Hangzhou-based firm kicked off what some likened as a modern-day “Sputnik moment” for China’s AI ambitions. Just as the Soviet Union’s 1957 launch of Sputnik, the world’s first artificial satellite, shocked the US and triggered the... https://www.scmp.com/tech/tech-war/article/3340422/deepseek-year-how-little-known-chinese-start-sparked-global-ai-arms-race?utm_source=rss_feed https://www.scmp.com/tech/tech-war/article/3340422/deepseek-year-how-little-known-chinese-start-sparked-global-ai-arms-race?utm_source=rss_feed Mon, 19 Jan 2026 14:00:13 +0000 Bloomberg Bloomberg Chinese chip designer Montage Technology is set to enlist Alibaba Group Holding and JPMorgan Asset Management among the key investors in its upcoming Hong Kong listing, according to people familiar with the matter, in a sign of promising demand for the city’s latest share sale related to artificial intelligence. Alibaba and the JPMorgan Chase asset manager were participating as cornerstone investors, which get guaranteed allocation in exchange for holding the shares for a period of time, the... https://www.scmp.com/business/banking-finance/article/3339916/alibaba-jpmorgan-said-invest-chinese-chip-designer-montages-hong-kong-listing?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339916/alibaba-jpmorgan-said-invest-chinese-chip-designer-montages-hong-kong-listing?utm_source=rss_feed Wed, 14 Jan 2026 13:30:14 +0000 Aileen Chuang Aileen Chuang Growth in sovereign investors’ exposure to mainland China in 2025 slowed amid rising political sensitivities, but experts said selective opportunities and closer bilateral ties could support the outlook. The world’s second-largest economy received US$4.3 billion in investments from sovereign wealth funds, public pension funds and central banks, down 58 per cent from US$10.3 billion in 2024, according to Global SWF, which tracks 792 such state-owned investors. “Sovereign investment activity has... https://www.scmp.com/business/banking-finance/article/3339836/sovereign-investors-cut-mainland-china-exposure-political-sensitivities-rise?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339836/sovereign-investors-cut-mainland-china-exposure-political-sensitivities-rise?utm_source=rss_feed Wed, 14 Jan 2026 09:00:13 +0000 Zhang Shidong,Daniel Ren Zhang Shidong,Daniel Ren The valuation expansion that elevated Chinese stocks to world-leading gains last year will continue to galvanize equity financing by artificial intelligence companies in 2026 after a slew of eye-popping listings by key players, according to analysts. More AI players will capitalise on the rich valuations of mainland China’s technology boards to raise funds to drive research and expansion, as China and the US compete for dominance in the world’s cutting-edge technologies. After a solid run in... https://www.scmp.com/business/china-business/article/3339859/chinas-valuation-driven-stock-rally-ai-optimism-stretch-fundraising-frenzy-2026?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3339859/chinas-valuation-driven-stock-rally-ai-optimism-stretch-fundraising-frenzy-2026?utm_source=rss_feed Wed, 14 Jan 2026 08:18:19 +0000 Themis Qi,Aileen Chuang Themis Qi,Aileen Chuang Mainland chip designer GigaDevice Semiconductor jumped more than 37 per cent on its first trading day in Hong Kong on Tuesday, as the Beijing-based firm’s debut catered to investor appetite for tech companies amid China’s push for self-reliance. The firm’s shares surged 45 per cent to HK$235 at the start of trading, versus the offer price of HK$162, before ending the day up 37.5 per cent at HK$222.80. The close valued the company at around HK$155.2 billion (US$19.9 billion). Its Shanghai-listed... https://www.scmp.com/business/banking-finance/article/3339660/chip-designer-gigadevice-surges-45-hong-kong-debut-amid-chinas-self-reliance-drive?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339660/chip-designer-gigadevice-surges-45-hong-kong-debut-amid-chinas-self-reliance-drive?utm_source=rss_feed Tue, 13 Jan 2026 02:00:14 +0000 Ben Jiang Ben Jiang Alibaba Cloud’s flagship Qwen family of artificial intelligence models surpassed 700 million downloads as of January on the developer platform Hugging Face, which made it the world’s most widely used open-source AI system. According to research published by Interconnects.ai, citing data from Hugging Face, estimated Qwen downloads as of December alone exceeded the combined total of the next eight most popular models on the platform globally, including those from Meta Platforms and OpenAI, as well... https://www.scmp.com/tech/big-tech/article/3339568/alibabas-qwen-family-hits-700-million-downloads-lead-global-open-source-ai-adoption?utm_source=rss_feed https://www.scmp.com/tech/big-tech/article/3339568/alibabas-qwen-family-hits-700-million-downloads-lead-global-open-source-ai-adoption?utm_source=rss_feed Mon, 12 Jan 2026 07:01:21 +0000 Cao Li Cao Li Hong Kong stocks rallied on Monday, lifted by gains in healthcare and technology shares, while daily turnover on mainland China’s exchanges surged to a record high. The Hang Seng Index climbed 1.4 per cent to close at 26,608.48, while the Hang Seng Tech Index climbed 2.9 per cent. On the mainland, the CSI 300 Index advanced 0.65 per cent and the Shanghai Composite Index gained 1.1 per cent. Trading volume on the Shanghai and Shenzhen exchanges shares hit a record 3.58 trillion yuan (US$513.2... https://www.scmp.com/business/article/3339531/hong-kong-stocks-edge-higher-tech-and-pharmaceutical-gains?utm_source=rss_feed https://www.scmp.com/business/article/3339531/hong-kong-stocks-edge-higher-tech-and-pharmaceutical-gains?utm_source=rss_feed Mon, 12 Jan 2026 02:33:43 +0000 Eunice Xu Eunice Xu The red-hot Hong Kong initial public offerings (IPOs) of Zhipu AI and MiniMax Group, two of China’s hopefuls to take on US giants like OpenAI and Anthropic, have given a boost to Beijing’s ambitions in the artificial intelligence sector, according to executives and industry watchers. While Zhipu’s valuation of about US$9 billion and MiniMax’s market cap of US$14 billion remain tiny compared with the US giants – OpenAI is worth about US$500 billion and Anthropic’s valuation is estimated at about... https://www.scmp.com/tech/tech-trends/article/3339301/minimax-and-zhipus-stellar-hong-kong-ipos-supercharge-chinas-ai-ambitions?utm_source=rss_feed https://www.scmp.com/tech/tech-trends/article/3339301/minimax-and-zhipus-stellar-hong-kong-ipos-supercharge-chinas-ai-ambitions?utm_source=rss_feed Fri, 09 Jan 2026 09:00:09 +0000 Aileen Chuang Aileen Chuang Shares of Chinese artificial intelligence start-up MiniMax Group surged on their Hong Kong debut on Friday, reflecting investor confidence after securing substantial support from global institutional backers. The company’s shares first changed hands at HK$235.40, up 42.7 per cent from the initial public offering (IPO) price of HK$165. The stock surged as much as 113.2 per cent to HK$351.80 before ending the day 109.1 per cent higher at HK$345, valuing it at HK$106.7 billion (US$13.7... https://www.scmp.com/business/banking-finance/article/3339251/chinese-ai-start-minimax-shines-hong-kong-ipo-debut?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339251/chinese-ai-start-minimax-shines-hong-kong-ipo-debut?utm_source=rss_feed Fri, 09 Jan 2026 01:59:41 +0000 Aileen Chuang Aileen Chuang Chinese start-up Zhipu AI headlined a trio of technology new listings in Hong Kong on Thursday, in a key test of investor confidence in China’s AI industry as it goes head to head with US giants. Shares of the Beijing-based company rose 3.3 per cent to HK$120 at the open from the initial public offering (IPO) price of HK$116.20. The stock later rose as much as 16.2 per cent before ending the day 13.2 per cent higher at HK$131.50, valuing the company at HK$57.89 billion (US$7.43 billion). Zhipu... https://www.scmp.com/business/banking-finance/article/3339109/three-chinese-tech-stocks-gain-hong-kong-debuts-investors-jump-ai-robotics?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3339109/three-chinese-tech-stocks-gain-hong-kong-debuts-investors-jump-ai-robotics?utm_source=rss_feed Thu, 08 Jan 2026 01:43:13 +0000