The Anthropic news is SOO bullish for Chinese AI btw One government letter forced Anthropic to pull its two most powerful models in 90 minutes. Closed-source US models are a single point of failure. Chinese labs ship open-source models you can self-host on your own infra. HKEX: 2513 — Knowledge Atlas (Zhipu) -> China's leading pure play AI lab out of Tsinghua, IPO'd jan 2026 -> US cut off their nvidia chip access entirely in jan 2025. -> instead they rebuilt on chinese hardware and shipped GLM-5, a 744B parameter model now beating claude on coding benchmarks. sanctions made them more efficient than labs -> cloud ARR hit $250M in march, targeting $1B by year end. stock up 1,600% since IPO HKEX: 00100 — MiniMax -> shanghai lab IPO'd jan 2026, oversubscribed 1,837x -> M2.5 is beating claude opus on SWE-bench verified, the coding benchmark that actually matters -> Hailuo AI their video gen product is going viral globally, 212M users across 200+ countries -> ARR went from $150M in feb to $300M by end of may. targeting $1B EOY $BABA — Alibaba -> Qwen 3 is kinda competing with the best US frontier models and most people haven't priced this in -> IF(very big if) enterprises rotate out of US AI they need somewhere to land. Alibaba has the models and cloud infra to absorb it at scale

Feels like $FUTU and $TIGR are kinda screwed? The Chinese Gov is going after their historical revenues. There's basically no fair law in China (esp. with IP), so if Gov wants something done, courts will be rigged against them. So no chance of an appeal, unless they make a hidden deal. Also don't think the brokerages are able to pull a $GOOGL like their 20 decillion fine, given local operations So TLDR: Good lesson learned to avoid Chinese exposure from $BABA to $PDD as much as possible... And (as seen with $META + Manus + this case), even if something looks cheap. There's a reason why all the US equities have premiums, even if a little high.