China Defies Global AI Scare Trade as MiniMax and Zhipu Stocks Surge

Summary

While U.S. and European markets are gripped by an "AI scare trade" — investors selling software firms on fears that rapid AI advances will erode established SaaS business models — Chinese AI stocks are surging on the Hong Kong exchange. Bloomberg reported on February 22 that MiniMax Group Inc. and Zhipu (Knowledge Atlas Technology) have seen dramatic stock appreciation since their January Hong Kong IPOs: Zhipu shares climbed 524% and MiniMax stock rose 488% in February, as investors in China vie