Chinese start-ups Zhipu AI and MiniMax have released new flagship artificial intelligence models within hours of each other, as they vie to become the world’s leading open-source AI systems supplier. The near-simultaneous release by two of China’s “AI tigers” underscored efforts to drum up interest for their respective initial public offerings in Hong Kong, after both companies passed crucial regulatory hearings over the weekend. Beijing-based Zhipu AI, known internationally as Z.