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 overseas 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 continuously attracting net inflows of cross-border funds from regions like the Middle East, Singapore, and South Korea. For example, in the Korean market, data from KSD’s SEIbro shows that as of February 26, Korean investors have net purchased a total of $23.36 million worth of MiniMax-WP on the Hong Kong Stock Exchange 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 accumulation.

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 on paper but has become 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 nearly 20 days surpassed that of the entire 2025 year, with overseas API revenue and paying users increasing significantly, leading the global developer platform in call volume, marking a speed-up in 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 are entering global developer and consumer markets through multimodal capabilities, high cost-performance, and efficient iteration speed. 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 in calls, surpassing the US models’ 29.4 trillion tokens for the first time. In the following week, Chinese models’ weekly call volume further surged to 51.6 trillion tokens, a 127% increase over three weeks.

Third, a valuation arbitrage zone has formed, creating a clear global comparative advantage. After multiple valuation adjustments, Chinese AI assets now show a significant cost-performance advantage, with a valuation gap compared to US tech stocks. For global investors seeking both flexibility and safety margins, investing at this point offers obvious benefits.

Fourth, international investment banks are forming a consensus on a bullish outlook. Recently, Goldman Sachs, Citigroup, and other institutions have frequently upgraded Chinese stock ratings, explicitly viewing AI as the most important structural opportunity for the next decade, and predicting that global funds will continue to migrate toward Chinese tech assets. For example, Goldman Sachs recently recommended increasing the allocation of Chinese stocks in Asia-Pacific, expecting Chinese listed companies’ earnings growth to reach about 14% in 2026, driven mainly by AI and tech sectors.

It is worth noting that the signals behind this wave of capital accumulation go far beyond mere fund flows. It not only confirms that China’s large-model industry’s development strength and commercialization prospects are rapidly gaining global capital recognition but also marks an increasing status of Chinese tech assets in global allocation.

In the future, 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 empowerment, becoming an important bridge connecting China’s technology with global capital.

(Source: Securities Daily)