China’s OpenAI Rivals Unveil Sales Details Ahead of Stock Debuts

Chinese OpenAI contenders MiniMax and Zhipu AI offered the first look into their business models and profit prospects in listing filings, revealing revenue constraints compared with their deep-pocketed Silicon Valley peers.

The two outfits, which count Alibaba Group Holding Ltd. and Tencent Holdings Ltd. among their common backers, are in a heated race to become the first domestic generative AI startups to go public. Among the survivors of a brutal price war once dubbed the “Battle of One Hundred Models,” each could raise hundreds of millions of dollars in Hong Kong debuts in the coming weeks.