MiniMax prepara IPO na Ações na B3 de inovação tecnológica! Lançamento simultâneo na Zhipu para atrair capital de IA

China's large 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's 2025 revenue is 79.04 million USD, with over 70% 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 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, and the two AI unicorns are expected to meet in A-shares
• MiniMax's 2025 revenue is 79.04 million USD (+158.9%), with over 70% from overseas, and a global user base of 300 million

Before the Hong Kong market even warmed up, it turned back. China’s large model unicorn MiniMax (00100.HK), listed on the Hong Kong Stock Exchange on January 9, saw its first-day share price rise by over 60%, with a market value once surpassing 900 billion HKD. On May 29, it signed a listing guidance agreement with CITIC Securities, officially initiating its A-share IPO process, moving towards 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 went to Hong Kong first, then back to A-shares, fighting for the title of "First Large Model Stock" in a second battleground.

Revenue of 79.04 million USD, 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, growing fivefold in six months; the global user scale 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 USD, an increase of 158.9%, with more than 70% from overseas markets. The main products are the video generation tool Hailuo AI and social AI application Talkie. Gross profit is 20.08 million USD, up 437.2% year-over-year, with gross margin rising from 12.2% to 25.4%. The full-year adjusted net loss is 250 million USD, with a narrower loss rate compared to the previous year. S&P Global estimates MiniMax's 2026 revenue will reach 219 million USD, and by 2030, it could reach 5.8 billion USD.

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 USD. Investors include Alibaba (12.52%), MiHoYo (5.87%), Sequoia China (3.49%), and Tencent (2.37%). Its IPO valuation in Hong Kong is about 461 billion HKD, 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 track is accelerating. In May, Moonlight announced a new round of 2 billion USD funding but has not yet listed; DeepSeek reportedly reached a valuation of 300 billion RMB; Baichuan Intelligence is transforming towards AI medical care.

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

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 application Talkie. It has 300 million users worldwide and projected revenue of 79.04 million USD 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 listed on the Hong Kong Stock Exchange and are moving towards dual H+H listings.