Chinese AI stocks rally on demand optimism and policy support

What happened

Chinese AI equities surged Tuesday June 22 as investors react to supportive signals from Beijing and continued global demand for Chinese models.

Context and impact

The rally lands in the middle of a geopolitical storm: Washington just curbed Anthropic, Europe is hunting for its own sovereign layer, and China is positioning GLM-5.2 as a cheaper Opus 4.8 alternative. Markets are treating the combination of cheap models plus political cover as an asymmetric long.

Details

• Zhipu and MiniMax up 23%+ on the day in Hong Kong
• YTD: Zhipu ~+2,000%, MiniMax ~+260%
• SMIC and Yuanjie Semiconductor also gained
• Goldman Sachs forecasts +20% for the MSCI China Index in 2026
• Also reacts to Beijing's recent softer tone toward tech