August 23, 2026 06:31 PM GMT China AI Foundation Models | Asia Pacific 1H26 Results Preview As China open-weight models gain market share with improved commercialization, we see potential ARR upside and upcoming model releases as near-term catalysts. Reiterate OW on MiniMax/Z.ai, and highlight MiniMax's recent ARR boost by H3, multiple model releases upcoming, and cheap valuations. Key Takeaways MiniMax: Z.ai: Greater China IT Services and Software Asia Pacific Industry View In-Line Morgan Stanley does and ...