Chinese large-model startup MiniMax has begun the formal process for an A-share IPO. The company signed a listing tutoring agreement with CITIC Securities on May 29, marking the start of its mainland listing plan just five months after its January 9 debut in Hong Kong. The move puts MiniMax on track for a dual H+A listing structure.
MiniMax trades in Hong Kong under 00100.HK. According to the source material, the stock rose more than 60% on its first trading day, and its market value once climbed above HK$900 billion. Zhipu AI, another Chinese large-model unicorn, has taken a similar route. It listed in Hong Kong on January 8 under 2513.HK, then signed STAR Market tutoring agreements in February with Guotai Haitong and CICC. With both firms moving from Hong Kong toward mainland listings, the race for capital in China’s AI model sector is shifting to a new venue.
2025 revenue reached $79.038 million, with overseas markets contributing over 70%
MiniMax also disclosed updated operating figures. Its number of global enterprise and developer clients has surpassed 1 million, a fivefold increase in six months. Global users have reached 300 million. The company said annualized recurring revenue grew by more than 100% in the past two months.
Its 2025 financial report showed revenue of $79.038 million, up 158.9% year over year. More than 70% came from overseas markets. Its main products include video generation tool Hailuo AI and social AI app Talkie. Gross profit came in at $20.079 million, up 437.2%, while gross margin rose from 12.2% to 25.4%. Adjusted net loss for the year was $250 million, and the loss ratio narrowed from a year earlier.
Founded in 2022, backed by Alibaba, Tencent and others
MiniMax was founded in early 2022 by Yan Junjie, a former vice president at SenseTime. The company completed seven funding rounds in four years, raising about $1.5 billion in total. Investors listed in the source include Alibaba, Mihoyo, Sequoia China and Tencent, with stakes of 12.52%, 5.87%, 3.49% and 2.37%, respectively.
The source said MiniMax was valued at about HK$461 billion in its Hong Kong IPO, making it one of the fastest AI companies globally to go from founding to listing. S&P Global estimates its revenue could reach $219 million in 2026 and $5.8 billion by 2030.
China’s large-model startups keep lining up for listings
The broader field is moving quickly as well. The source said Moonshot AI was reported in May to be seeking a new $2 billion funding round while holding off on an IPO. DeepSeek was reported to have reached a valuation of RMB 300 billion, while Baichuan Intelligence has shifted toward AI healthcare.
For MiniMax and Zhipu AI, the disclosed strategy is clear: keep access to international price discovery through Hong Kong while also seeking policy support and RMB fundraising channels on Shanghai’s STAR Market.