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 MiniMax 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.
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.
