In the Hong Kong stock market, Minimax hasn't sold a single share. From a financial perspective, the revenue is only 30 million USD, and the loss is as high as 450 million USD, with a valuation exceeding 13 billion. Why am I firmly not selling? The reason is the lesson learned from Circle last year: the scarcity of the asset. After its listing, Circle, as the only stablecoin asset, surged nearly threefold. Minimax and Zhipu, as the best representatives of domestic large models, have very strong scarcity and irreplaceability as short-term assets. If you're speculating on domestic large models, you can only speculate on these two.