Key Points
- MiniMax Group Inc. is pursuing a potential listing on Shanghai’s STAR Market, a strategic move following its Hong Kong debut, aiming for an “A+H dual-listing structure”.
- The company, founded in June 2021, is considered one of the “Twin Titans of Large Models” in China, positioning it alongside Zhipu AI.
- MiniMax demonstrated impressive financial growth in 2025 with total revenue of $79.038 million USD, a 158.9% year-on-year increase, signifying strong market demand.
- Its Hong Kong debut on January 9, 2026, saw an initial offering price of $165 HKD per share, and it has since reached a market capitalization of over $260 billion HKD.
- Led by founder and CEO Yan Junjie (闫俊杰), MiniMax’s vision is “Intelligence for Everyone,” focusing on democratizing AI access.
- Access to mainland China’s massive capital pool
- Regulatory credibility and legitimacy in the Chinese market
- Ability to raise capital in RMB-denominated shares
- Diversified investor base across two major markets
China’s artificial intelligence landscape just got more interesting.
MiniMax Group Inc., one of the country’s most prominent Large Language Model (LLM) companies, has officially announced plans to explore a potential listing on Shanghai’s STAR Market—China’s answer to the NASDAQ.
This move represents a strategic shift toward what’s known as an “A+H dual-listing structure,” allowing the company to tap into both Mainland China and Hong Kong capital markets simultaneously.
Let’s break down what this means for investors, founders, and anyone paying attention to China’s tech sector.
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The Official A-Share IPO Process Has Launched
On May 29, 2026, MiniMax Group Inc. signed a formal tutoring agreement with CITIC Securities (Zhongxin Zhengquan 中信证券), officially kicking off its A-share IPO process.
This makes MiniMax the latest heavyweight player in China’s LLM sector to pursue an “A+H” dual-platform strategy.
The company is now in direct competition with other major AI players who’ve already made similar moves:
- Zhipu AI (Zhipu 智谱) — launched dual listings earlier
- 4Paradigm (Fanshi Zhineng 范式智能) — also pursuing A+H dual-listing
MiniMax is following a familiar playbook that’s becoming standard for China’s most ambitious tech companies.
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Why the STAR Market? Understanding MiniMax’s Strategic Move
The Science and Technology Innovation Board (STAR Market) on the Shanghai Stock Exchange is designed specifically for high-growth tech and innovation companies.
MiniMax has already engaged professional consultants and signed formal tutoring agreements to navigate the complex listing requirements.
Here’s what makes this strategic:
- Access to mainland China’s massive capital pool
- Regulatory credibility and legitimacy in the Chinese market
- Ability to raise capital in RMB-denominated shares
- Diversified investor base across two major markets
The company’s Board of Directors has officially resolved to explore the issuance of RMB-denominated shares, though the final move remains subject to market conditions and regulatory approvals.
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Meet MiniMax: The “Twin Titans” of Large Language Models
Founded in June 2021, MiniMax has established itself as a world-leading Artificial Intelligence technology company.
The company has earned a nickname in industry circles: one of the “Twin Titans of Large Models” alongside Zhipu AI.
This positioning matters.
MiniMax and Zhipu AI were among the first two LLM companies in China to go public, making them pioneers in a rapidly evolving sector.
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The Financial Numbers Tell a Compelling Story
MiniMax’s financial performance demonstrates why investors are paying attention.
For the full year of 2025:
- Total Revenue: $79.038 million USD (approx. ¥573.03 million RMB)
- Year-on-Year Growth: 158.9% increase
Breaking down the revenue streams:
- AI-Native Products: $53.075 million USD (approx. ¥384.79 million RMB) — up 143.4% YoY
- Open Platform & Enterprise Services: $25.963 million USD (approx. ¥188.23 million RMB) — up 197.8% YoY
That 197.8% growth in enterprise services is particularly telling.
It signals strong demand from businesses ready to integrate AI into their operations.
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Hong Kong Debut: Strong Market Reception
MiniMax’s story on the Hong Kong Stock Exchange provides valuable context for its mainland ambitions.
January 9, 2026: MiniMax debuted on HKEX with an initial offering price of $165 HKD per share (approx. $21.15 USD / ¥153.45 RMB).
Since then, the stock has demonstrated strong momentum:
- Peak Price: $1,330 HKD
- Current Price: $840 HKD (approx. $107.69 USD / ¥780.64 RMB)
- Market Cap: Over $260 billion HKD (approx. $33.33 billion USD / ¥241.80 billion RMB)
Even with some pullback from peak levels, the valuation reflects significant investor confidence in the company’s growth trajectory and AI sector prospects.
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Meet Yan Junjie: The Visionary Behind MiniMax
At the center of MiniMax’s strategy is Yan Junjie (闫俊杰), the founder and CEO.
Here’s his background:
- Born: 1989 in Shangqiu, Henan
- Education: PhD from the Institute of Automation of the Chinese Academy of Sciences
- Profile: Technical entrepreneur with deep AI/ML expertise
On May 28, 2026, Yan represented private entrepreneurs at a State Council Information Office press conference—a significant platform for shaping China’s AI narrative.
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“Intelligence for Everyone”: MiniMax’s Grand Vision
During his State Council appearance, Yan articulated MiniMax’s core mission: “Intelligence for Everyone.”
This isn’t just corporate fluff.
It reflects a genuine strategic focus on democratizing AI access—moving advanced AI capabilities beyond elite tech companies and into the hands of everyday users and businesses.
This vision aligns with broader trends in the global AI industry:
- Shift from AI as a luxury to AI as a utility
- Focus on accessibility and ease of use
- Building platforms, not just models
- Enterprise adoption and democratization
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What This Means for the Chinese Tech Ecosystem
MiniMax’s dual-listing strategy signals something important about China’s AI sector:
The best Chinese AI companies are going global and going public.
By pursuing both Hong Kong and Shanghai listings, MiniMax is:
- Signaling confidence in its long-term growth prospects
- Diversifying its investor base across two major markets
- Building regulatory credibility at home
- Positioning itself for the next phase of AI adoption in China
This move follows the blueprint established by other successful tech companies and suggests we’ll see more dual-listing announcements from China’s AI leaders in the coming months.
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Key Takeaways for Investors and Founders
MiniMax Group Inc. is pursuing a strategic STAR Market listing, making bold moves in China’s competitive AI landscape.
- Financial Performance: 159% revenue growth in 2025 demonstrates strong market demand
- Market Position: One of two “Twin Titans” in China’s LLM sector
- Strategic Vision: Pursuing “Intelligence for Everyone” through platform democratization
- Dual-Listing Trend: Part of a broader trend of Chinese AI companies tapping both mainland and Hong Kong markets
- Leadership: Backed by a PhD-trained technical founder with deep AI expertise
The STAR Market listing could be transformative—both for MiniMax’s capital raising capabilities and for signaling confidence in China’s AI future.
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