Securities Daily: The Fourfold Logic Behind International Capital's Bullish Stance on China's Leading Large Model Companies

Since 2026, global capital has tacitly chosen to buy shares of leading Chinese large-model companies.

In the primary market, MiniMax-WP (Xiyu Technology) and Zhipu have successively listed on the Hong Kong Stock Exchange, both receiving oversubscriptions from international capital such as sovereign wealth funds. Kimi (Moon’s Dark Side) and Leap Star also continue to attract top global tech investors. Meanwhile, the secondary market remains hot, with leading Chinese large-model stocks consistently drawing net inflows from regions like the Middle East, Singapore, and South Korea. For example, in South Korea, data from KSD’s SEIbro shows that by February 26, Korean investors had net purchased a total of $23.36 million worth of MiniMax-WP on the HKEX this year, making it the top buy among Korean funds in Hong Kong stocks.

In my view, there are four supporting reasons behind this wave of concentrated buying.

First, China’s large-model industry has entered a commercialization cycle. After years of technological breakthroughs, leading companies have built a complete commercial closed-loop from laboratory models to “models + platforms + applications.” AI is no longer just a conceptual story but a new productivity tool capable of generating real revenue and stable profits. For example, MiniMax-WP relies on self-developed multimodal models to build a global product matrix. By the end of September 2025, it had 27.6 million monthly active users, over 212 million total users, and about 1.77 million paying users. Similarly, Kimi experienced explosive growth; after launching the K2.5 model, its revenue in just 20 days surpassed that of the entire 2025 year, with overseas API revenue and paying users increasing significantly. It leads global developer platform calls and has become a flagship case of accelerated large-model commercialization.

Second, the “going global” progress of Chinese large-model leaders has exceeded expectations. Their products are no longer limited to Chinese language scenarios but leverage multimodal capabilities, cost-effectiveness, and rapid iteration to penetrate global developer and consumer markets. This has become a core logic for overseas capital to allocate to Chinese AI. Data from OpenRouter shows that from February 9 to 15, Chinese models handled 41.2 trillion tokens, surpassing U.S. models’ 29.4 trillion tokens for the first time. In the following week, Chinese models’ weekly calls surged further to 51.6 trillion tokens, a 127% increase over three weeks.

Third, a valuation gap has created a clear global valuation advantage. After multiple valuation adjustments, Chinese AI assets now show a significant cost-performance advantage, with a stark valuation difference compared to U.S. tech stocks. For global investors seeking both flexibility and safety margins, investing now offers a distinct advantage.

Fourth, international investment banks are forming a consensus on the bullish outlook. Recently, Goldman Sachs, Citibank, and others have frequently upgraded Chinese stocks, explicitly viewing AI as the most important structural opportunity for the next decade. They predict that global capital will continue to shift toward Chinese tech assets. For example, Goldman Sachs recently recommended increasing Chinese stock allocations in the Asia-Pacific region, expecting Chinese listed companies’ earnings growth to reach about 14% in 2026, driven mainly by AI and tech sectors.

It’s worth noting that the signals behind this wave of capital inflows go far beyond mere fund movements. They confirm that China’s large-model industry’s development strength and commercialization prospects are rapidly gaining global capital recognition. Moreover, they mark an increasing status of Chinese tech assets in global allocations.

Looking ahead, as China’s large-model commercialization deepens and global consensus further consolidates, overseas capital is likely to continue increasing its allocation to China’s cutting-edge tech sectors. Leading Chinese large-model companies will accelerate their global competitiveness under capital support, becoming an important bridge connecting Chinese technology with global capital.

(Source: Securities Daily)