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China’s AI Race Spurs Emergence of Winner-Laggard Pair Trade

China’s AI Race Spurs Emergence of Winner-Laggard Pair Trade
Bloomberg Technology Thursday 18 June 2026, 00:45 UTC By Jeanny Yu 1 min read
Key Points

China’s AI Race Spurs Emergence of Winner-Laggard Pair Trade A pair trade is emerging in China’s artificial intelligence sector, with investors piling into the perceived winner and betting against its rival seen as losing ground in the race to build commercially viable AI models. Shares of Zhipu, formally known as Knowledge Atlas Technology JSC Ltd., are up 139% since the end of March in Hong Kong while MiniMax Group Inc.’s are down 52%. A long Zhipu/short MiniMax pair trade may gain...

China’s AI Race Spurs Emergence of Winner-Laggard Pair Trade A pair trade is emerging in China’s artificial intelligence sector, with investors piling into the perceived winner and betting against its rival seen as losing ground in the race to build commercially viable AI models. Shares of Zhipu, formally known as Knowledge Atlas Technology JSC Ltd., are up 139% since the end of March in Hong Kong while MiniMax Group Inc.’s are down 52%. A long Zhipu/short MiniMax pair trade may gain momentum in early July, analysts say, when a larger chunk of the latter’s stock will be released from an IPO lockup.
China (LOCATION) AI Race Spurs Emergence (ORG) AI (ORG) Zhipu (LOCATION) Knowledge Atlas Technology JSC Ltd. (ORG) Hong Kong (LOCATION) MiniMax Group Inc.’s (ORG) MiniMax (PERSON) IPO (ORG)
Originally published by Bloomberg Technology Read original →

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