A recent listing boom among Chinese large language model (LLM) developers indicates the industry's transformation from technological exploration to commercial application, according to experts.
Knowledge Atlas Technology Joint Stock Co. Ltd., a Chinese artificial intelligence firm known as Zhipu, began trading in Hong Kong on Thursday, followed by the listing of another AI startup, MiniMax, on Friday.
Both listings have garnered significant market attention.
Experts say Hong Kong is an ideal listing venue for large language model developers, which spend heavily on research and development and are still refining their business models, because the city's stock exchange has relatively flexible revenue and profitability requirements.
Meanwhile, the Hong Kong stock market's global reach, they add, will enable the AI upstarts to connect with international investors.
China's six leading LLM companies -- including Zhipu and MiniMax -- have taken different paths in technology and commercialization.
Zhipu focuses on enterprise-level and industry applications, centered on an artificial general intelligence foundation model, while MiniMax relies on multimodal models and targets the consumer market with AI-native products.
Meanwhile, Moonshot AI and Stepfun continue to update their model technologies and applications. Baichuan AI and 01.AI are focusing on medical and enterprise commercialization, respectively.
Industry insiders say this wave of IPOs by Chinese large language model developers may mark the sector's shift from pure research and development toward the parallel advancement of technology and commercialization, as business models become clearer.
The shift will provide a basis for future financing and valuations of LLM companies.
From a longer-term perspective, the AI sector is still undergoing rapid growth.
According to a report by market research firm Frost and Sullivan, China's LLM market reached 5.3 billion yuan (about 758.90 million U.S. dollars) in 2024 and is estimated to grow to 101.1 billion yuan by 2030, representing a compound annual growth rate of 63.5 percent.
Chinese LLM developers' listing boom signals shift to commercial application
Breaking long-standing Western heroic narrative conventions in filmmaking, the trending Chinese anti-war film "Once Upon a Time in the Middle East", is reshaping global cinematic discourse on war and peace.
The summer blockbuster was released on Tuesday nationwide and had earned box office revenue of more than 536 million yuan (around 79.5 million U.S. dollars) as of 22:00 Friday.
The story centers on Xu Fu, a down-on-his-luck Chinese chef portrayed by celebrated comedian Shen Teng, who travels to the Middle East to settle his debts. There, he joins forces with a local restaurant manager to operate a bustling restaurant, bringing authentic Chinese culinary traditions to a war-torn foreign land.
As a distinct Chinese anti-war feature, "Once Upon a Time in the Middle East" abandons timeworn Western heroic storytelling. The film adopts the humble viewpoint of Xu Fu, an ordinary cook. Through his eyes as a neutral bystander, it portrays the struggles and sufferings of ordinary people trapped in conflict and uses food and everyday life to explore survival, compassion and the value of peace, rather than focusing on the battlefield.
Such a narrative perspective is quite pioneering among global anti-war film productions.
"It realistically reflects the turmoil of war. Therefore, we desire peace and oppose the suffering that wars of aggression inflict upon the people," a moviegoer praised.
Meanwhile, the blockbuster has garnered massive overseas anticipation prior to its international debut. Many global film enthusiasts agree that the production epitomizes a transformative shift in Chinese film industry, which is overhauling Hollywood's established narrative paradigms and reinterpreting the global narrative of war and peace at a higher level.
"Just imagine how this story would unfold if Hollywood were to film it. It would almost certainly follow the standard formula of superheroes, super-soldiers, or elite operatives swooping in, resolving the crisis in a flash, and then disappearing. What does the 'Once Upon a Time in the Middle East' offer? The idea that the best days are those spent sharing a meal together. Conversely, what drives people to fight instead of dining together? Anyone who has seen the film knows the answer. That is why some netizens have said that if this movie were to compete for a U.S. Oscar award, it would be a voice representing the Global South," said Zuo Heng, a researcher at the China Film Archive.
Many scholars also hold the view that war narratives on international screens have long revolved around contests of victory and military conquest, but "Once Upon a Time in the Middle East" does not stoke hatred nor glorify victory by force. Instead, it hides the key to peace amid the mundane routines of daily meals.
This vision of peace, rooted in the moderation and inclusiveness of Chinese civilization, blazes a new trail of expression for global anti-war films.
It constitutes an innovation in film creation and enables the world to see perceptions of peace different from those of the West.
"The film delivers an anti-war perspective that diverges from the Hollywood paradigm. It abandons Hollywood-style individualism, and quietly challenges the 'America First' mindset. 'Once Upon a Time in the Middle East' keeps exploring innovative approaches to shape contemporary Chinese discourse and narrative systems," said Sun Jiashan, a researcher with the Department of Chinese Culture Education and Research under the Central Institute of Socialism.
Chinese anti-war film offers new cinematic narrative on war and peace
