Dual-listing push by AI developers highlights sector's rapid growth

Chinese artificial intelligence company MiniMax has begun preparations for an initial public offering on the Chinese mainland just months after its Hong Kong debut, setting the stage for a potential A-share rivalry with fellow large language model developer Zhipu AI.

The parallel IPO drives by Mini-Max and Zhipu underscore how China's AI sector is entering a new phase, with leading model developers seeking not only technological leadership, but also long-term access to public market financing to help cover the costs of increasingly expensive competition in computing power, model training and global expansion.

China's securities regulator said on Saturday that MiniMax signed a listing guidance agreement on Friday, formally launching the process toward an A-share IPO.

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Asked about when MiniMax could become profitable, its founder and CEO Yan Junjie told China Daily at a State Council Information Office briefing on Thursday that the industry's immediate priority remained accelerating development rather than focusing solely on profitability.

"The core issue for the large language model sector is still how to accelerate development. China's AI sector, including MiniMax, will see a major leap forward this year," Yan said.

The move makes MiniMax the latest major Chinese AI developer to pursue a dual-listing structure, following Zhipu AI, which earlier this year began preparations for a STAR Market listing after becoming the world's first publicly traded LLM company.

The race highlights growing investor appetite for China's AI sector, as Beijing increasingly views LLMs as a strategic tech area comparable to semiconductors and advanced manufacturing.

Founded in 2022, MiniMax was listed in Hong Kong in January and has since become one of the market's strongest performers. Shares have risen more than fourfold since their debut, giving the company a market value of roughly HK $263.5 billion ($33.6 billion).

MiniMax said it now serves more than 1 million enterprise and developer customers globally, five times the level reported six months ago. Its global user base has reached approximately 300 million.

Revenue growth has accelerated sharply as companies increasingly adopt AI models and related services.

MiniMax reported revenue of 24 million yuan ($3.3 million) in 2023, which rose to 208 million yuan in 2024 before climbing to 539 million yuan in 2025, representing year-on-year growth of roughly 160 percent.

Like many AI startups, however, MiniMax remains deeply unprofitable due to heavy investment in model development and computing infrastructure.

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The company reported a net loss attributable to shareholders of 12.76 billion yuan in 2025. Excluding fair value changes on financial liabilities recorded through profit and loss, the adjusted loss stood at 1.92 billion yuan.

Zhipu AI, often regarded as one of China's leading LLM companies alongside MiniMax, was listed in Hong Kong in January and subsequently initiated preparations for a STAR Market listing.

Wei Kai, head of the AI research institute at the China Academy of Information and Communications Technology, said in a separate interview that the rapid development of Chinese AI LLM companies reflects "a systemic upgrade in China's overall AI capabilities".

Wei said: "It is the result of sustained investment, open ecosystems and the ability to integrate models with real-world scenarios at scale."

Contact the writers at chengyu@chinadaily.com.cn