On January 8th, Zhipu Huazhang was listed on the Hong Kong Stock Exchange; On the same day, MiniMax (Xiyu Technology) announced its pricing results and will be issued with a pricing cap of HKD 165, and will be listed for trading on January 9th. Recently, AI companies have been active in the capital market, not only welcoming the "first domestic large model stock", but also accelerating the pace and intensive listing of AI chip, server and other industrial chain enterprises. The interviewee stated that the activity of the capital market reflects a new stage of AI industry's development from technological exploration to scale and commercialization, and drives the complete industry chain from bottom computing power to upper level applications, ushering in new opportunities for development. According to data from Oriental Fortune, on January 8th, AI big model company Zhipu Huazhang saw a 13.17% increase on its first day of listing, at HKD 131.5 per share, with a market value of nearly HKD 58 billion. On the same day, AI big model enterprise MiniMax announced its pricing results, with the final financing subscription amount exceeding HKD 283.1 billion, and the oversubscription multiple of the public offering exceeding 1837 times. The capital market performance of companies such as AI chips is also impressive. On the same day as the listing of Zhipu Huazhang, Tiantian Zhixin, a provider of general-purpose GPU chips and AI computing solutions, was also listed on the main board of the Hong Kong Stock Exchange. Its Hong Kong public offering received 414.24 times the subscription. Biren Technology was listed on the Hong Kong Stock Exchange on January 2nd, and its products have been applied in key industries such as AI data centers, telecommunications, AI solutions, energy, and utilities. In addition, on January 6th, the official website of the China Securities Regulatory Commission disclosed that domestic server company Super Fusion Digital Technology Co., Ltd. submitted a listing guidance filing with the Henan Securities Regulatory Bureau. In response to the wave of AI industry companies going public, Chang'an Yun, Deputy Director of the Artificial Intelligence Research Institute of the Intelligence Industry Research Institute, told reporters that the capital market's recognition of the AI field has shifted from early concept verification to more rational commercial acceptance. The clustering of AI companies going public not only marks the industry's transition from a 'technological narrative' to a 'commercial verification' stage, but also means that investors no longer simply value AI companies based on technical indicators such as model parameters and scale, but rather value their actual ability to transform technology into stable revenue and cash flow. The effectiveness of commercialization has become the core criterion for measuring enterprise value. ”Li Jiaqing, President of Junlian Capital, stated in an interview with reporters that the evaluation criteria for the AI industry in the capital market have shifted from describing "AI disruptive vision and long-term potential" to expecting "feasibility" as a key dimension. A group of AI companies, including Zhipu Huazhang, have gone public, driven by the market's deep recognition of technological originality, commercial closed-loop capabilities, and sustainable growth potential. ”As experts have pointed out, the exploration and implementation of business models are becoming the key to the development of large model enterprises. The relevant person in charge of Zhipu Huazhang stated that its business model is mainly based on MaaS (Large Model API Call), which empowers intelligence in scenarios at low cost. At present, there are over 2.7 million enterprises and application developers on the Zhipu MaaS open platform (bigmodel. cn). MiniMax's revenue sources mainly include AI native product revenue and open platform and AI based enterprise service revenue. The former has been growing rapidly since 2024 and has reached $38.02 million from January to September 2025, a year-on-year increase of 181%. The latter has revenue of $15.417 million from January to September 2025, a year-on-year increase of 160%. Analysis suggests that the current rapid iteration of artificial intelligence technology is at a critical turning point from technological innovation to the transformation of real productivity. The latest research data from the China Academy of Information and Communications Technology shows that by 2024, the scale of China's core artificial intelligence industry will exceed 900 billion yuan, with a growth rate of 24%. Preliminary estimates suggest that it is expected to exceed 1.2 trillion yuan by 2025. Looking ahead, the recognition of the capital market is expected to provide more assistance for the development of the AI industry. An Yun believes that this not only provides indispensable financial fuel to ensure that top enterprises maintain huge computing power investment, but also can use performance pressure to accelerate the transformation of technology into commercial applications, promote the substantial popularization of artificial intelligence in the B-end and C-end, and accelerate the survival of the fittest and integration of the industrial chain through capital advantages. With the help of capital, the spillover of big model capabilities will also bring a new round of innovation opportunities in AI software, AI consumer terminals, embodied intelligence and other fields. How to efficiently convert this wave of dividends, build AI products that meet user pain points and achieve scale growth, will become the core issue of market focus. ”Mi Lei, founding partner of Zhongke Chuangxing, told reporters. (New Society)