MiniMax prepares for A-shares IPO on the STAR Market! Listing simultaneously with Zhipu to attract AI capital

Chinese Large Model Unicorn MiniMax Signs A-Share Listing Guidance Agreement with CITIC Securities on May 29, Officially Launching A-Share IPO, Only 5 Months After Listing in Hong Kong (00100.HK). Zhipu AI Signed Guidance Agreements for STAR Market with Cathay Securities and CICC in February, Potentially Meeting in A-Share Market. MiniMax Projected 2025 Revenue of $79.04 Million, Over 70% from Overseas, with 300 Million Global Users.
(Background: Chinese PhD Student in Henan Founded MiniMax, Built a $300 Billion Valuation AI Platform with Less Than 1% of OpenAI’s Funding)
(Additional Context: Anthropic’s Valuation of One Trillion, DeepSeek’s $10B)

Key Highlights

• MiniMax signed A-Share listing guidance agreement with CITIC Securities on 5/29, only 5 months after Hong Kong listing (00100.HK)
• Zhipu AI signed STAR Market guidance agreements with Cathay Securities and CICC in February, with two major AI unicorns potentially converging in A-Share market
• MiniMax’s 2025 revenue of $79.04 million (+158.9%), over 70% from overseas, with 300 million users worldwide

The Hong Kong stock market had barely warmed up before turning back. Chinese large model unicorn MiniMax (00100.HK), listed on HKEX on January 9, saw its first-day share price jump over 60%, with a market cap briefly surpassing HKD 900 billion. On May 29, it signed a listing guidance agreement with CITIC Securities, officially initiating its A-Share IPO process, moving toward dual H+H listing.

Another large model unicorn, Zhipu AI, has a nearly identical script, listed on HKEX on January 8 (2513.HK), one day earlier than MiniMax; in February, it also signed STAR Market guidance agreements with Cathay Securities and CICC. Both companies first listed in Hong Kong and then returned to A-Share, competing for the title of “First Large Model Stock” in a second battleground.

Revenue of $79.04 Million, Over 70% from Overseas

MiniMax also disclosed the latest operational data. As of now, the number of global enterprise and developer clients has exceeded 1 million, a fivefold increase in half a year; global users reach 300 million. In the past two months, annualized recurring revenue has grown by over 100%.

The 2025 financial report shows total revenue of $79.04 million, a 158.9% increase year-over-year, with more than 70% from overseas markets. Main products include the video generation tool Hailuo AI and social AI application Talkie. Gross profit reached $20.08 million, up 437.2% year-over-year, with gross margin rising from 12.2% to 25.4%. The full-year adjusted net loss was $250 million, with a narrower loss rate compared to the previous year. S&P Global estimates MiniMax’s 2026 revenue will reach $219 million, and by 2030, it could hit $5.8 billion.

Founded in early 2022 by former SenseTime Vice President Yan Junjie, MiniMax completed seven rounds of financing within four years, totaling approximately $1.5 billion. Investors include Alibaba (12.52%), MiHoYo (5.87%), Sequoia China (3.49%), and Tencent (2.37%). Its HKEX IPO valuation is approximately HKD 461 billion, making it one of the fastest AI companies globally from founding to listing.

Chinese AI Unicorns Queue for Listing

The IPO race in China’s large model sector is accelerating. In May, Moonlight announced a new round of $2 billion funding but has not yet gone public; DeepSeek reportedly reached a valuation of RMB 300 billion; Baichuan Intelligence is pivoting toward AI medical applications.

MiniMax and Zhipu AI are choosing dual H+H listings, aiming to benefit from Hong Kong’s international capital valuation and the policy advantages and RMB financing channels of the STAR Market.

Frequently Asked Questions

What is MiniMax?

MiniMax is a Chinese large model unicorn, founded in 2022 by former SenseTime Vice President Yan Junjie. Its products include the video generation tool Hailuo AI and social AI app Talkie. It has 300 million users worldwide and projected 2025 revenue of $79.04 million.

What is the progress of MiniMax and Zhipu AI’s A-Share listing?

Zhipu AI signed STAR Market guidance agreements with Cathay Securities and CICC in February this year. MiniMax signed an A-Share guidance agreement with CITIC Securities on May 29. Both companies are already listed in Hong Kong and are moving toward dual H+H listings.