Chinese AI stocks rise after OpenAI launches Astra, MiniMax jumps 6%

On Friday, Chinese artificial intelligence stocks surged after OpenAI introduced its latest model, GPT-6 Astra, fueling a recent sector-wide rally. MiniMax shares climbed 6.5% to HK$378, while Baidu, Kuaishou Technology, JD.com, and Xiaomi all saw gains of 4.6%, 4.2%, 4.1%, and 3.9% respectively. Z.AI, also known as Zhipu AI, increased marginally by HK$1,108.

The market reaction followed OpenAI's announcement of Astra, the company's most advanced model yet, touted for its ability to handle complex tasks in computer and browser environments, including software development and research. This launch reignited investor interest in Chinese AI developers, whose companies have been closely followed amid the country's rapid AI development.

Chinese AI model developers MiniMax and Z.AI have been particularly scrutinized by investors due to their significant contributions to the industry. MiniMax reported a staggering 283% increase in first-half revenue, while Z.AI experienced an impressive 400% year-over-year growth to 953.9 million yuan. Both companies' model development and product expansion efforts have driven further investment in AI capabilities.

The broader Hong Kong technology market also contributed to the positive sentiment, with the Hang Seng Index opening 1.2% higher and the Hang Seng Tech Index up 1.5%.