China's two publicly listed AI model companies, Zhipu AI and MiniMax, now face a valuation gap exceeding 7x. Zhipu AI, listed on Hong Kong's stock exchange earlier this year, has seen its market capitalization surge past the trillion-HKD mark, rising approximately 20x since its debut. MiniMax, which also went public this year, briefly reached a market cap exceeding 400 billion HKD but has since retreated more than 60% from its peak. The primary driver of this divergence has been coding benchmark performance: Zhipu's GLM-5.2 model, released in mid-June, scored 62.1% on SWE-bench Pro, surpassing GPT-5.5's 58.6%. MiniMax's M3, released on June 1, delivered scores of 59.0% on SWE-bench Pro and 83.5 on BrowseComp, but its launch was overshadowed by a controversial concurrent adjustment to its token plan pricing. Zhipu reported 2025 revenue of 724 million RMB versus MiniMax's approximately 560 million RMB. Zhipu's API pricing increased 83% in Q1 while call volume grew 400%. M3, with 428B parameters versus GLM-5.2's 744B, delivered competitive scores with superior efficiency.