Zhipu AI (GLM)

Zhipu GLM-5 supports MetaX and other domestic chips.

Both are among China's leading LLM startups (the so-called "six tigers"), competing directly in foundation model development, valuation and Hong Kong IPO progress. Zhipu listed on HKEX in January 2026 with a valuation topping RMB 500 billion, while StepFun closed a B+ round of over RMB 5 billion and plans a 2026 Hong Kong listing.

Zhipu AI and MiniMax compete in China's large-model market but follow different commercial paths: Zhipu focuses on enterprise models and localized deployment, while MiniMax emphasizes consumer multimodal applications and overseas markets. The report notes that their paths may converge over time.

Zhipu AI and Baichuan AI are both members of China's so-called "six little dragons" of large models (Zhipu, MiniMax, Moonshot AI, Baichuan, 01.AI and StepFun), and compete directly in the Chinese foundation-model market and its commercial applications, including healthcare-related verticals.

Zhipu AI and Moonshot AI compete in China's foundation-model and developer-services market, where both are releasing increasingly capable models and vying for enterprise customers and developer adoption.

Zhipu AI and iFlytek compete in enterprise LLMs

Zhipu AI and 4Paradigm compete in enterprise LLMs

Zhipu AI and Kunlun compete in the general LLM market