Zhipu and MiniMax are making strategic moves in the capital markets, with Zhipu's market capitalization briefly reaching HK$800 billion and MiniMax filing for an A-share listing. Both companies, initially listed on the Hong Kong Stock Exchange in January, have seen significant valuation increases, with Zhipu surging thirteenfold and MiniMax quadrupling. This shift highlights a strategic decision to leverage Hong Kong's liquidity for valuation benchmarks before transitioning to the A-share market, which offers strategic positioning and long-term capital support. The decision to pursue A-share listings follows regulatory changes in China, including the CSRC's expanded listing standards for AI companies on the STAR Market. This move allows Zhipu and MiniMax to capitalize on national strategy benefits, long-term patient capital, and industrial support, positioning them as strategic national technology assets. The dual listing strategy reflects a broader trend among Chinese AI companies to secure global valuations through Hong Kong while establishing a strategic foothold in the domestic market.