MiniMax Joins Year-End IPO Rush as Chinese AI Firms Turn to Hong Kong for Capital

Generative AI startups accelerate listings amid tighter regulation, rising competition and renewed investor appetite

MiniMax Group has launched its Hong Kong initial public offering, seeking to raise up to HK$4.19 billion (US$538 million) as Chinese artificial intelligence companies move quickly to tap public markets before the end of the year. The Shanghai-based generative AI firm plans to offer 25.39 million shares globally, with about 5% allocated to Hong Kong retail investors and the remainder to international buyers, according to exchange filings.

The listing reflects growing urgency among mainland AI startups as competition intensifies and regulatory scrutiny tightens. Investor orders are expected ahead of a January listing, people familiar with the matter said, as companies race to secure funding to scale computing power, talent and model development in a fast-moving market.

Pricing, structure and deal details

Shares are priced at up to HK$165 each, implying a maximum fundraising size of HK$4.19 billion before any greenshoe option. MiniMax said trading is scheduled to begin on January 9, with final pricing set for January 7, under stock code 0100. The deal includes a 15% overallotment option, which could lift total proceeds if demand is strong.

The IPO is jointly sponsored by China International Capital Corporation and UBS, with Goldman Sachs and Morgan Stanley acting as global coordinators. Bankers say investor interest has been buoyed by the scarcity of large, pure-play AI listings in Hong Kong.

A crowded and fast-evolving AI field

Established in 2022 by Yan Junjie, a former executive at SenseTime, MiniMax builds multimodal AI systems designed to handle text, audio, image and video inputs. The company counts Alibaba Group Holding and Tencent Holdings among its investors, placing it within a small cohort of heavily backed Chinese generative AI startups.

MiniMax is frequently mentioned alongside peers such as Zhipu, Baichuan and Moonshot AI, a group of emerging Chinese generative AI companies seeking to narrow the technology gap with US players including OpenAI.

Timing shaped by regulation and competition

MiniMax’s IPO comes as Chinese regulators move to tighten oversight of AI services. Proposed new rules from the Cyberspace Administration of China would place limits on how human-like AI chatbots interact emotionally with users, adding compliance costs and uncertainty for consumer-facing AI platforms.

At the same time, competition has intensified following the launch of DeepSeek, a lower-cost domestic alternative to ChatGPT that renewed investor interest in mainland AI firms earlier this year. Analysts say the twin pressures of regulation and rivalry are pushing companies to secure capital sooner rather than later.

Rival listings and a coordinated push

MiniMax is not alone in heading to market. Rival Zhipu plans to raise up to HK$4.35 billion in a Hong Kong debut scheduled for January 8, according to filings. Both companies released new flagship AI models last week, almost simultaneously, in what market watchers see as an effort to demonstrate technical momentum ahead of their listings.

This pattern highlights how product announcements, funding rounds and IPO timing are becoming closely linked in China’s AI sector, where scale and speed are increasingly seen as competitive advantages.

Hong Kong’s IPO window reopens

The AI listings are part of a broader year-end rush that has helped revive Hong Kong’s IPO market, particularly for mainland technology firms. As of mid-December, 114 companies had either listed or announced plans to go public in the city, raising nearly HK$286.3 billion, according to Deloitte. Technology, media and telecommunications companies accounted for the largest share of applicants.

Market participants say Hong Kong’s regulatory clarity and access to global capital are once again making it an attractive venue, especially as US listings remain difficult for many Chinese firms.

Conclusion

MiniMax’s IPO underscores a pivotal moment for China’s generative AI sector. As regulation tightens and competition accelerates, startups are turning to public markets to fund the costly race for computing power, talent and market share. For investors, the listings offer rare exposure to China’s next generation of AI companies—but also come with heightened regulatory and execution risks.

Whether MiniMax and its peers can translate fresh capital into durable advantages will help shape not only their own fortunes, but also Hong Kong’s role as a financing hub for Asia’s AI ambitions.

Quick Takeaways

• IPO launched: MiniMax Group has kicked off its Hong Kong IPO, targeting up to HK$4.19 billion (US$538 million) in proceeds as mainland AI firms rush to market before year-end.
• Deal structure: The company is offering 25.39 million shares, with about 5% for Hong Kong retail investors and the rest for international buyers; shares are priced at up to HK$165.
• Tight timeline: Pricing is expected on January 7, with trading set to begin on January 9, including a 15% greenshoe option.
• Competitive context: The listing comes amid intensified rivalry in China’s generative AI sector and ahead of proposed rules from the Cyberspace Administration of China governing human-like AI chatbots.
• Peer pressure: Rival Zhipu is also heading to Hong Kong with a near-term IPO, underscoring a coordinated push by AI firms to secure capital.
• Market signal: The deal adds momentum to Hong Kong’s year-end IPO rebound, particularly for mainland tech companies seeking global capital amid regulatory and funding uncertainty.