Zhipu soars and Minimax stumbles as China's AI stocks diverge

State support, recurring revenue key factors as investors become more choosy

Chinese AI startup Zhipu's share price has surged thanks in part to strong government ties, while rival Minimax has not seen the same stock market performance. (Source photos by Getty Images)

HONG KONG -- A valuation gap is widening between shares of Zhipu and Minimax, China's two top large-language model startups, in a sign that investors in the country's AI sector have turned increasingly selective amid a heated rally.