MiniMax prepara IPO na Ações na B3 e na Science and Technology Innovation Board! Lançamento simultâneo com Zhipu para atrair capital de IA

China's large-scale model unicorn MiniMax signed an A-share listing guidance agreement with CITIC Securities on May 29, officially launching its A-share IPO, only five months after its Hong Kong listing (00100.HK). Zhipu AI had already signed a Sci-Tech Innovation Board guidance agreement with Cathay Securities and CICC in February this year, and the two AI unicorns are expected to meet in A-shares. MiniMax is projected to have a revenue of $79.04 million in 2025, with over 70% coming from overseas, and a global user base of 300 million.
（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, and DeepSeek's 1 billion）

Key Summary

• MiniMax signed an A-share listing guidance agreement with CITIC Securities on 5/29, only 5 months after its Hong Kong listing (00100.HK)
• Zhipu AI had already signed a Sci-Tech Innovation Board guidance agreement with Cathay Securities and CICC in February, and the two AI unicorns are expected to meet in A-shares
• MiniMax's 2025 revenue is projected at $79.04 million (+158.9%), with over 70% from overseas, and a total of 300 million users worldwide

Before the Hong Kong market even warmed up, it turned back. China’s large-scale model unicorn MiniMax (00100.HK), listed on the Hong Kong Stock Exchange on January 9, saw its first-day share price rise over 60%, with a market capitalization once surpassing HKD 900 billion. On May 29, it signed an IPO 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 the Hong Kong Stock Exchange on January 8 (2513.HK), one day earlier than MiniMax; in February this year, it also signed a Sci-Tech Innovation Board guidance agreement with Cathay Securities and CICC. The two companies, one heading to Hong Kong first and then returning to A-shares, have secured the title of "First Large Model Stock" in both markets.

Revenue of $79.04 million, over 70% from overseas

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

The 2025 financial report shows an annual revenue of $79.038 million, an increase of 158.9%, with more than 70% from overseas markets. Its main products are 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 revenue will reach $219 million in 2026 and up to $5.8 billion by 2030.

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 IPO valuation in Hong Kong is approximately HKD 461 billion, making it one of the fastest AI companies from founding to listing globally.

Chinese AI unicorns queue for listing

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

MiniMax and Zhipu AI have chosen dual H+H listings, aiming to benefit from Hong Kong’s international capital pricing and the policy bonuses and RMB financing channels of the Sci-Tech Innovation Board.

Frequently Asked Questions

What is MiniMax?

MiniMax is a Chinese large-scale 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 is projected to have a revenue of $79.04 million in 2025.

What is the progress of MiniMax and Zhipu AI’s A-share listings?

Zhipu AI signed a Sci-Tech Innovation Board guidance agreement 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 on the Hong Kong Stock Exchange and are moving toward dual H+H listings.