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Chinese AI Stocks Surge as Zhipu, MiniMax Jump More Than 23%

June 22, 2026 at 01:10 EDT

Funding & M&A
Policy & Regulation
Foundation Models

Chinese AI-related stocks surged on June 22, 2026, lifted by a more supportive policy tone from Beijing, with Hong Kong-listed Zhipu (Knowledge Atlas Technology, 2513:HK) and MiniMax Group (100:HK) each climbing at least 23%. Mainland-listed chipmakers Semiconductor Manufacturing International Corp. (SMIC, 688981:CH) and Yuanjie Semiconductor Technology (688498:CH) rose in tandem, while continued global demand for AI technology added to the bid.

June 17–18 · Lujiazui Forum, Shanghai

Beijing Opens the IPO Door for AI Chipmakers — Stocks Jump

CSRC Chairman Wu Qing unveiled reforms letting pre-profit AI developers list on the STAR Market and ChiNext board. A "more supportive policy tone from Beijing" sent domestic AI chip stocks broadly higher.

~13%

Cambricon, afternoon trading

+4.87%

MetaX

+3.9%

Moore Threads

2025 Revenue Growth — Year over Year

Each column scaled to YoY growth rate. Domestic data-center demand is surging.

+453%

Cambricon

6.497bn yuan

+243%

Moore Threads

1.5bn yuan

+121%

MetaX

1.6bn yuan

Moore Threads — Debut Day Surge

IPO price vs. first-day close on the STAR Market — up more than 425%.

114.28

IPO price (yuan)

600.50

Day-1 close (yuan)

MetaX is said to have surged nearly 700% at its open · Cambricon turned profitable (2.059bn yuan).

The Case For

Domestic GPU and AI-chip makers reduce reliance on Nvidia, and pre-profit listing rules give them fresh capital to expand supply capacity — a tailwind amid U.S. export controls.

The Concern

Listing pre-profit firms raises sustainability worries; domestic chips still lag Nvidia on performance. The regulator itself vows to curb hype and market manipulation.

The open question: whether these companies can translate policy support into real demand and earnings.

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