Shares of Zhipu AI, a Chinese developer of large language models, have risen more than 2,000% on the Hong Kong market since the start of the year. MiniMax, another domestic AI model maker, has gained over 260% in the same period. Both firms create LLMs comparable to ChatGPT and Anthropic's Claude and have become major beneficiaries of China's internal AI investment wave. The price rally accelerated this week after Chinese authorities announced new measures to expand AI use in consumer markets, e‑commerce, logistics and retail, while the securities regulator pledged to ease listing requirements for AI companies.