Everything we know about Z.ai, the Chinese company behind the mysterious Ox Alpha model

Z.ai chairman and cofounder Liu Debing marks the company's debut on the Hong Kong Stock Exchange in January 2026. Lam Yik/Bloomberg/Getty Images Chinese tech firm Z.ai revealed that mystery AI model Ox Alpha was actually its new GLM-5.3-Flash model. The Tsinghua University spinout went public in Hong Kong in January and its shares have since surged. Z.ai says all traffic from the Ox Alpha test ran on Chinese AI chips despite US technology restrictions. For days, one of the most popular AI m...