MiniMax and Zhipu AI have seen their stock prices soar on the Hong Kong Stock Exchange, with their combined market capitalization exceeding HK$300 billion. On February 20, Zhipu's stock surged 42.72% to HK$725 per share, while MiniMax rose over 14% to HK$970 per share. This remarkable growth places their market value above that of JD.com, highlighting the significant impact of AI in the market. Zhipu, which debuted on January 8, 2026, has experienced a cumulative stock price increase of over 524%, driven by the release of its next-generation model, GLM-5. MiniMax, listed on January 9, has seen its stock price rise nearly 90% since early February, bolstered by the launch of its MiniMax M2.5 model. Both companies have attracted substantial investment from major firms like Alibaba, Tencent, and Sequoia Capital, with early investors seeing significant returns. The success of MiniMax and Zhipu reflects a broader trend in the AI sector, with other companies like Moonshot AI and Jiepoin星辰 also securing large funding rounds. As AI technology continues to advance, the market is witnessing a concentration of capital and resources among leading firms, signaling a promising future for the industry.