Two Chinese mainland artificial-intelligence startups seen as possible rivals to OpenAI aim to complete their Hong Kong initial public offerings in the coming weeks.

Shanghai-based MiniMax, backed by Alibaba Group Holding Ltd, Tencent Holdings Ltd and others, plans for its IPO to take place as soon as January, people familiar with the matter said. The listing could raise hundreds of millions of dollars, they said, asking not to be identified discussing private information.

Zhipu, which is also backed by the tech giants Alibaba, Tencent and several more, is targeting a listing by around that time too, the people said. Bloomberg News reported in July that Zhipu was considering moving its IPO to the Hong Kong Special Administrative Region from a previous plan to sell shares in the mainland.

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Details of both offerings are under discussion and may change, the people said. They also still need approval from the China Securities Regulatory Commission.

Representatives for MiniMax and Zhipu declined to comment.

The race to go public underscores the stiff competition in the mainland’s AI sector, where the likes of MiniMax and Zhipu vie with larger tech companies aiming to take on US leaders such as OpenAI. With many rivals jostling for position, securing funding for growth is a pressing task.

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Hong Kong’s stock market is going strong though, and IPOs are on a tear, with about $35 billion raised in 2025 — on track for a four-year high, data compiled by Bloomberg show. The emergence of DeepSeek in January helped fire up interest in mainland equities and lay the ground for a rebound in share sales.