Company chairman Liu Debing (5th R) and attendees pose during the initial public offering (IPO) launch of one of the largest large language model developers in China, Zhipu AI, or Knowledge Atlas Technology, at the Hong Kong Stock Exchange (HKEX) on January 8, 2026. Leading Chinese artificial intelligence startup Zhipu AI rose as it went public in Hong Kong on January 8, a day before rival MiniMax also makes its market debut in a litmus test for the country's rapidly developing sector. (Photo by Tommy WANG / AFP via Getty Images)