MiniMax explores Star Market listing after Hong Kong debut
Chinese AI company MiniMax is exploring a potential listing on Shanghai’s STAR Market, just months after its debut in Hong Kong. The board has approved a preliminary proposal to issue RMB-denominated shares, and the company has already engaged advisors to assess its eligibility and signed a listing guidance agreement. While the plan is in its early stages and requires further approvals, this move follows MiniMax’s recent Hong Kong IPO, where proceeds were earmarked for R&D and global expansion. Backed by investors like Alibaba and Tencent, MiniMax is a significant player in China’s generative AI landscape, recently launching its M3 open-weight model and reporting substantial revenue growth, with international markets contributing 70% to its USD 79 million revenue in 2025.
MiniMax's exploration of a dual listing on the STAR Market, following its Hong Kong IPO, signals a strategic maneuver to tap into mainland China's robust capital markets. This move is particularly significant for a high-growth AI company, as it could provide additional funding for its ambitious R&D and global expansion plans, especially given its rapid revenue growth and substantial adjusted net loss. Accessing a broader investor base in China could enhance its valuation and provide liquidity for future investments in AI model development, such as its recently launched M3, and monetization efforts through products like Hailuo AI and Talkie. The company's strong performance, with international markets driving 70% of its revenue and analysts projecting significant future growth, underscores its potential.
This decision also highlights a broader trend among Chinese tech companies to diversify their listing venues, potentially mitigating geopolitical risks or capitalizing on domestic investor appetite for cutting-edge technologies. For Asia's tech ecosystem, MiniMax's dual listing could set a precedent for other AI startups seeking to maximize their funding opportunities across different markets. It also reinforces China's commitment to fostering its domestic AI champions, providing them with the necessary capital to compete on a global scale and further solidify its position as a leader in generative AI innovation.
