MiniMax · 2026-05-29 · major
MiniMax Files A-Share IPO Guidance With Shanghai CSRC — Star Market Dual Listing Aims to Beat Zhipu, Citic Securities Leads, ARR Tops $300M After 400% Hong Kong Surge
MiniMax filed IPO mentorship guidance with the Shanghai CSRC on May 29, kicking off a dual A+H listing. The Hong Kong-traded AI startup is valued at HK$264B (~$33.7B) after a 400% rally and reports ARR above $300M.
China's MiniMax kicks off a Shanghai Star Market listing after a 400% Hong Kong rally, racing Zhipu to be the first big-model A-share IPO.
Key specs
| Hong kong valuation | HK$264B (~$33.7B) |
|---|---|
| Annualized revenue (arr) | > $300M |
| Hong kong share price | HK$840 |
| Rally since january ipo | 400% |
| Filing date | 2026-05-29 |
What is it?
MiniMax is the Shanghai-based generative AI company behind the MiniMax M-series open-weight models, the MMX-CLI agent, and consumer products like Hailuo and Talkie. After completing a January Hong Kong IPO at HK$165, it is now adding a yuan-denominated A-share leg on the Shanghai Star Market for a dual A+H structure.
How does it work?
On May 29 MiniMax signed an IPO guidance agreement with Citic Securities and filed a mentorship report with the Shanghai office of the China Securities Regulatory Commission. Commerce & Finance Law Offices is acting as legal counsel and Ernst & Young Hua Ming as auditor. CSRC counseling is the first formal stage of a multi-step review process before MiniMax can launch a Star Market book-build; existing Hong Kong shares (0100.HK) continue to trade separately and are now changing hands around HK$840.
Why does it matter?
The Hong Kong shares have surged roughly 400% from the January IPO price, taking MiniMax's market cap to about HK$264B (~$33.7B). Reuters Breakingviews and 36Kr report annualized revenue has more than doubled in two months to above $300M, up from $150M in February. A successful Star Market leg would give MiniMax access to onshore yuan capital and put it ahead of Zhipu, the only other Chinese big-model lab with a CSRC counseling filing on record, in the race for the first A-share AI foundation-model listing.
Who is it for?
AI investors and China public-markets watchers