Chinese AI Startup MiniMax Files for Hong Kong IPO, Sources Say
Shanghai-based MiniMax, valued at around $4 billion after a recent financing round, is targeting a stock market debut as soon as this year
- MiniMax, a Shanghai-based AI start-up valued at $4 billion, has confidentially filed for an IPO in Hong Kong.
- China is trying to reinforce its domestic AI industry through government funding and policy incentives.
- Zhipu AI, another large-language-model developer, is planning a public listing and considering where to list.
MiniMax has confidentially filed for an initial public offering in Hong Kong, according to people familiar with the matter, signaling the onset of a race among China’s generative AI startups to tap public markets.
Shanghai-based MiniMax, which was valued at around $4 billion after a recent financing round, is targeting a stock market debut as soon as this year, one of the people said. The company has also filed its Hong Kong listing plan with China’s securities regulator for review, another person said.
The move comes as China seeks to bolster its homegrown artificial-intelligence industry with state funding and policy stimulus. Chinese leaders have made AI a national priority, incentivizing faster adoption of the technology among government agencies and companies.
Beijing-based Zhipu AI, another large-language-model developer, has also been preparing for a public listing. The company has hired banks but is still weighing the listing location, people familiar with the matter said. Both MiniMax and Zhipu count Alibaba and Tencent as investors.