MiniMax and Zhipu Lead Overseas Token Applications, New Investment Cycle Begins

China’s large language models are rapidly expanding into overseas developer markets.

According to the latest statistics from OpenRouter, the total token usage of the top ten models on the platform last week was approximately 14 trillion. Among them, MiniMax M 2.5 ranked first with 2.57 trillion, followed by Kimi K2.5 with 1.04 trillion. Zhipu GLM 5 and DeepSeekV 3.2 ranked fourth and fifth, respectively. This indicates that China’s AI large models are being widely adopted by overseas technology companies and are gradually gaining a competitive edge in underlying infrastructure.

As direct beneficiaries of overseas token applications, Zhipu and MINIMAX-WP, both listed on the Hong Kong Stock Exchange, have seen cumulative gains exceeding 400% since their listing, becoming the market-recognized twin giants of AI models.

Notably, JPMorgan recently issued a research report providing initial coverage of two Chinese general large model companies, Zhipu and MiniMax, with an “overweight” rating. This not only reflects an upgrade in investment sentiment but also signifies international capital’s strategic recognition of China’s AI model manufacturers, marking the first systematic bullish signal from foreign investors.

Amid the escalating technological competition between China and the United States, the Hong Kong stock market is playing a “buffer zone” role, serving as a key node connecting Chinese AI enterprises with global capital.

In this context, entering 2026, the Hong Kong Stock Exchange has witnessed a wave of listings by Chinese AI companies: In the hardware sector, GPU enterprises such as Biren Technology and Tianshu Zhixin have successively gone public, filling gaps in core computing power for Hong Kong stocks; in the software sector, large model companies like Zhipu and MiniMax have shown strong performance. Data shows that as more AI companies enter the capital market, Hong Kong stocks are expected to become a “high ground for hard-tech financing.”

Currently, there are over 40 Hong Kong-listed companies related to artificial intelligence, which can be divided into four major sectors: AI computing power industry chain, AI software (including large models), AI hardware (covering terminal devices such as smartphones, automobiles, and robots), and large internet enterprises.

Driven by policy support and market demand, relevant concept stocks are entering a new growth cycle.

Below is a summary of the concept stocks:

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