TECH

MiniMax Eyes Shanghai Listing as China AI Firms Chase Capital

Published: Jun. 1, 2026 11:10 p.m. GMT+8

00:00

00:00/00:00

Listen to this article 1x

MiniMax has signed an IPO tutoring agreement with CITIC Securities on May 29, 2026. Photo: VCG

Hong Kong-listed artificial intelligence startup MiniMax has begun preparations for a dual listing on Shanghai’s Nasdaq-style STAR Market, just six months after its blockbuster Hong Kong debut.

The move underscores the intense capital demands facing China’s leading generative AI developers, which are racing to secure higher domestic valuations as soaring computing costs and persistent losses pressure balance sheets.

You've accessed an article available only to subscribers

Subscribe today for just $.99.

VIEW OPTIONS

Unlock exclusive discounts with a Caixin group subscription — ideal for teams and organizations.

Save an extra $50. Introductory offer for new readers. Subscribe now.

Share this article

Open WeChat and scan the QR code

DIGEST HUB

Digest Hub

Back

Explore the story in 30 seconds

MiniMax is preparing for a Shanghai STAR Market dual listing; its Hong Kong stock surged over 400% since Jan. 9 IPO.
Launched M3 model with 1M token context and higher API pricing; trails Chinese rivals like DeepSeek on token consumption.
Reported 2025 net loss of $250M on $79M revenue; competitor Zhipu AI also plans STAR Market listing.

AI generated, for reference only

Who’s Who

MiniMax: MiniMax is a Hong Kong-listed AI startup preparing for a dual listing on Shanghai's STAR Market. It launched the MiniMax M3 multimodal model with up to 1M token context. Despite rapid revenue growth, it reported a $250M net loss on $79M revenue in 2025. Its user base exceeds 300 million.

Zhipu AI: Zhipu AI is preparing for a STAR Market listing in Shanghai. It went public in Hong Kong one day before MiniMax, with shares surging over 1,600% from its IPO price, reaching a market value of HK$880 billion as of May 29. The company has hired Guotai Junan Haitong Securities and CICC for its mainland listing preparations.

DeepSeek: DeepSeek is a Chinese AI startup competing in the large language model space. Its models, including DeepSeek-V4-Flash, DeepSeek-V4-Pro, and DeepSeek-V3.2, outperformed MiniMax on OpenRouter's token-consumption rankings. DeepSeek also offers discounted API pricing compared to MiniMax's new M3 model.

Xiaomi Corp.: According to the article, Xiaomi Corp. is a Chinese rival in the AI space that offers discounted pricing on its AI models, competing with MiniMax's higher-priced M3 model. No further details about Xiaomi Corp. are provided in the article.

OpenAI: OpenAI is mentioned in the article as a developer of flagship overseas AI models. Its GPT-5.5 is noted to be more expensive than MiniMax's M3, despite MiniMax's higher pricing compared to Chinese rivals. No other details about OpenAI are provided.

Anthropic: Anthropic is an overseas AI company mentioned as a competitor in the large language model space. Its flagship model is Claude Opus 4.7, which is priced higher than MiniMax's M3 model but remains a leading option among global AI developers.

Google: In the article, Google is mentioned as offering the Gemini 3.1 Pro model, a flagship overseas AI system that is more expensive than MiniMax's M3. The comparison highlights competitive pricing among leading AI developers.

CITIC Securities Co. Ltd.: CITIC Securities Co. Ltd. is the investment bank hired by MiniMax to advise on its planned dual listing on Shanghai's STAR Market. The agreement is part of MiniMax's preparations, as disclosed in a May 29 filing with the China Securities Regulatory Commission.

Guotai Junan Haitong Securities Co. Ltd.: Guotai Junan Haitong Securities Co. Ltd. was hired by Zhipu AI, a Chinese AI startup, to guide its preparations for a Shanghai STAR Market listing. The firm is assisting with the dual-listing process alongside China International Capital Corp.

China International Capital Corp. Ltd.: China International Capital Corp. Ltd. (CICC) is a Chinese investment bank involved in guiding Zhipu AI’s preparations for a STAR Market listing in Shanghai, as mentioned in the article.

Bloomberg: Bloomberg is referenced in the article as the source of an interview with MiniMax co-founder Yun Yeyi, published on May 28. The interview provided details about MiniMax’s user base and growth, highlighting Bloomberg's role in reporting on the AI startup's commercial expansion and financial performance.

OpenRouter: OpenRouter is an AI model marketplace that tracks weekly token consumption rankings. According to the article, MiniMax M2.7 placed 18th with 526 billion tokens consumed, trailing several Chinese models like DeepSeek-V4-Flash and Kimi K2.6 on OpenRouter's platform.

AI generated, for reference only

What Happened When