Both, and the anchor has moved: Zhipu and MiniMax already report interims under HKEX rules, and the A-share STAR Market is the second and harder anchor, priced by policy. On 6/17 the CSRC extended the STAR Market's fifth listing standard to AI foundation models; Zhipu promptly planned a RMB 15 billion STAR raise and MiniMax started an A-share IPO.
The consensus prices Chinese models off dollar rounds and Hong Kong comparables. The diary says the valuation anchor has migrated: 'bilateral nationalization' has reached the exit end, and where a company lists and who prices it is increasingly a product of national capital-market policy. Assets locked into dollar rounds and offshore exits get a channel discount.
On 6/17 the CSRC extended the STAR Market's fifth standard (which allows unprofitable companies to list) to AI foundation models; Zhipu planned a RMB 15 billion STAR raise and MiniMax started an A-share IPO (ENTRY 88). HKEX filings: MiniMax first-half 2026 revenue $116.6 million with 60.8% from outside mainland China; Zhipu first-half revenue RMB 954 million, API RMB 825 million, no regional split (ENTRY 135). Reuters reported on 9/3 that Moonshot had confidentially filed in Hong Kong.
For investors: before backing a Chinese model company, ask which market this deal exits through; the premium for RMB funds with onshore exits should rise, and assets tied to dollar rounds and offshore exits take a channel discount; MiniMax is sixty percent outside the mainland and Moonshot has not disclosed, so ask. For founders: if you build on Chinese models, write into contracts whose model answers and where the data goes.