MiniMax Launches A-Share IPO: Hong Kong Stock Market Giants Expected to Join Forces

According to Dongcha Beating monitoring, China's large model unicorn is accelerating its move towards the secondary market. According to the official website of the China Securities Regulatory Commission, the large model enterprise MiniMax signed a listing guidance agreement with Citic Securities on May 29, 2026, officially initiating the A-share IPO process. This marks MiniMax's potential A-share debut alongside another large model unicorn, Zhipu AI. Zhipu AI had signed guidance agreements with Guotai Junan and CICC in February of this year to jointly participate in the guidance work for its listing on the Sci-Tech Innovation Board.

Driven by rapid business growth, MiniMax has disclosed its latest data. As of now, the number of global enterprise and developer customers has exceeded 1 million, a five-fold increase from six months ago, with a global user base of 300 million. In the past two months, annualized recurring revenue has grown by over 100%. According to the 2025 financial report, total revenue reached $79.038 million, a year-on-year growth of 158.9%, with over 70% of the revenue coming from international markets. Gross profit was $20.079 million, a significant year-on-year increase of 437.2%, raising the gross margin by 13.2 percentage points to 25.4%. The full-year adjusted net loss was $250 million, with a significantly narrowed loss rate year-on-year.

In terms of corporate strategy, founder and CEO Yan Junjie, at the press exchange event "Fifteenth Five-Year Plan for Private Enterprises' Bold Responsibility" hosted by the Information Office of the State Council on May 28, pointed out that artificial intelligence is accelerating its close integration with the semiconductor chip, software, and cloud platform industries. He mentioned that technology is shifting from simple applications to deep penetration into the real economy. Yan Junjie stated that the next three years of technological advancement will continue the high-speed trend of the past three years, aiming to lower costs through openness and inclusiveness to benefit the public. In 2026, the team plans to transition from a single large model developer to a platform company, deepen global commercial layout, and continuously improve the infrastructure's token throughput and scalable infrastructure capabilities.