MiniMax prepares for A-share IPO on STAR Market! Listing simultaneously with Zhipu to attract AI capital

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Chinese large model unicorn MiniMax signed an A-share listing counseling agreement with CITIC Securities on May 29, officially launching its A-share IPO, just 5 months after its Hong Kong stock listing (00100.HK). Zhipu AI signed a STAR Market counseling agreement with Guotai Junan and CICC in February this year, and the two major AI unicorns are expected to meet on the A-share market. MiniMax's 2025 revenue was $79.04 million, with over 70% coming from overseas, and it has reached 300 million global users. (Previous coverage: Chinese Henan PhD student founds MiniMax, building a 300 billion market cap AI platform with less than 1% of OpenAI's funding) (Background supplement: Anthropic's 1 trillion vs. DeepSeek's 10 billion) Key Highlights - MiniMax signed an A-share listing counseling agreement with CITIC Securities on 5/29, just 5 months after its Hong Kong listing (00100.HK) - Zhipu AI signed a STAR Market counseling agreement with Guotai Junan and CICC in February; the two major AI unicorns are expected to meet on the A-share market - MiniMax's 2025 revenue was $79.04 million (+158.9%), with over 70% from overseas, reaching 300 million global users Barely settled in the Hong Kong market, MiniMax (00100.HK), the Chinese large model unicorn that listed on the HKEX on January 9, saw its stock rise over 60% on the first day with a market cap briefly exceeding HK$900 billion. On May 29, it signed a listing counseling agreement with CITIC Securities, officially initiating the A-share IPO process and moving toward a dual H+A listing. The script for another large model unicorn, Zhipu AI, is almost identical: it listed on the Hong Kong stock market (2513.HK) on January 8, one day earlier than MiniMax; it then signed a STAR Market counseling agreement with Guotai Junan and CICC this February. With both companies heading to Hong Kong first and then returning to the A-share market, the title of "First AI Stock" has moved to a second battlefield. Revenue of $79.04 Million, 70% from Overseas MiniMax also disclosed its latest operational data. To date, the number of global enterprise and developer clients has exceeded 1 million, a 5-fold increase in six months; the global user base has reached 300 million. Annualized recurring revenue has grown by over 100% in the last two months. The 2025 financial report shows annual revenue of $79.038 million, a year-on-year increase of 158.9%, with over 70% coming from overseas markets. Its flagship products are the video generation tool Hailuo AI and the social AI application Talkie. Gross profit was $20.079 million, up 437.2% year-on-year, with the gross margin rising from 12.2% to 25.4%. The annual adjusted net loss was $250 million, with the loss ratio narrowing year-on-year. S&P Global estimates that MiniMax's 2026 revenue will reach $219 million, with a potential of $5.8 billion by 2030. Founded in early 2022 by former SenseTime Vice President Yan Junjie, MiniMax has completed 7 rounds of financing totaling approximately $1.5 billion within 4 years. Investors include Alibaba (12.52%), miHoYo (5.87%), Sequoia China (3.49%), and Tencent (2.37%). Its Hong Kong IPO valuation was approximately HK$461 billion, making it one of the fastest AI companies in the world to go from founding to listing. Chinese AI Unicorns Queue Up for IPOs The IPO race in China's large model sector is accelerating. Moonshot AI was rumored in May to be raising a new round of $2 billion but is not listing for now; DeepSeek is reportedly valued at 300 billion RMB; Baichuan AI is pivoting toward AI healthcare. MiniMax and Zhipu AI have chosen a dual H+A listing to capture both the international capital pricing of the Hong Kong stock market and the policy dividends and RMB financing channels of the STAR Market. FAQ What kind of company is MiniMax? MiniMax is a Chinese large model unicorn founded in

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