Goldman Sachs In-Depth Report: Who Will Emerge as the Long-Term Winner in China's AI Large Language Model Industry?

In the foundational large language model segment, Zhipu and DeepSeek are viewed as the most competitive in the long term, while ByteDance leads in multimodal AI. Goldman Sachs believes China’s AI large models have evolved from 'low-cost' to 'highly intelligent,' with open-source models such as Zhipu’s GLM and DeepSeek approaching the performance of the world’s leading closed-source models. Supported by cost advantages, an expanding open-source ecosystem, and international expansion, these models are expected to drive rapid growth in China’s AI market.

wallstreetcnJul 10 22:33

AI Giant Duopoly Raises Funds via Rights Issues: State Capital Enthusiastic About Zhipu, Foreign Investors Cautious on MiniMax

Both financing rounds fell within the six-month lock-up period for IPO cornerstone shares, yet they diverged significantly in terms of financing instruments, discount levels, and share dilution structures: Zhipu opted for a full placement of new shares, with a single fundraising amount setting a new record for equity financing by AI companies listed on the Hong Kong Stock Exchange; MiniMax adopted a hybrid financing structure combining new share placement with zero-coupon convertible bonds.

Barron's Chinese EditionJul 11 16:38

CLSA Upgrades Knowledge Atlas Technology Joint Stock Company Limited Class H (2513) to a Buy

TipRanksJul 11 08:45 · Ratings

Knowledge Atlas Technology Joint Stock Company Limited Class H (2513) Receives a Hold From Goldman Sachs

TipRanksJul 10 20:56 · Ratings

Fund Flows | Southbound capital adds over HK$2.8 billion to Zhipu AI, records net purchases of Alibaba for five consecutive days

Track the latest developments of southbound capital flows.

Gelonghui FinanceJul 10 19:49

Zhitong HK Connect Active Trading | July 10

Stock Connect Active Trading | July 10, 2026

Zhitong FinanceJul 10 19:00