Alibaba-Backed MiniMax China's AI Giants MiniMax and Zhipu Target Hong Kong IPOs
- Chinese AI unicorns MiniMax and Zhipu are planning Hong Kong IPOs as soon as January to raise capital and compete with global rivals like OpenAI.
- Both startups are backed by tech giants Alibaba and Tencent and are racing to capitalize on renewed investor interest in Chinese equities following the success of DeepSeek
- MiniMax is valued at roughly $4 billion and has gained traction with its "Talkie" chatbot app while claiming its new M1 model offers superior efficiency over competitors.
Two of China’s most prominent artificial intelligence startups are racing to list on the Hong Kong Stock Exchange as they seek to capitalize on the global AI boom. MiniMax and Zhipu, both of which have been dubbed potential rivals to OpenAI, are reportedly targeting initial public offerings (IPOs) as early as January. The move underscores the intense competition within China’s tech sector where securing capital has become a critical priority for survival and expansion. Both companies are backed by heavyweights Alibaba and Tencent which signals strong institutional confidence in their long term prospects despite the crowded marketplace.
Shanghai based MiniMax has already filed confidentially for its IPO and is aiming for a valuation north of $4 billion. The company has gained significant traction with its consumer facing apps like Talkie which allows users to chat with AI generated characters. Talkie has found success in international markets including the US where it ranked among the most downloaded entertainment apps in mid 2024. MiniMax also operates the Hailuo AI platform which offers text to video and music generation tools that compete with Western counterparts like Runway and Luma Labs.
Zhipu is also eyeing a listing around the same time having pivoted from earlier plans to list on the mainland. The Beijing based firm is navigating a strategic shift as investors increasingly look for tangible paths to profitability rather than just technological promise. The urgency to go public is partly driven by the success of another Chinese player DeepSeek whose low cost high performance models have disrupted the industry and reignited interest in Chinese tech stocks.
The technological rivalry is fierce. MiniMax recently released its M1 reasoning model which it claims is far more efficient than DeepSeek’s R1 requiring only about 30 percent of the computing power for similar tasks. This focus on efficiency is crucial as companies grapple with the massive costs of training and running advanced AI models. Zhipu meanwhile continues to refine its large language models to serve enterprise clients and state owned entities in line with Beijing’s push for AI adoption across the economy.
Hong Kong’s IPO market is experiencing a renaissance with roughly $35 billion raised in 2025 marking a four year high. For Chinese tech firms locked out of US capital markets due to geopolitical tensions Hong Kong offers a vital lifeline. The success of these listings will likely serve as a bellwether for the broader Chinese AI ecosystem which faces skepticism about over investment and the long road to monetization.
Ultimately this dual IPO bid represents a maturing of China’s AI sector. Companies are moving from the laboratory to the stock market and facing the scrutiny of public investors for the first time. Whether MiniMax and Zhipu can translate their technological achievements into sustainable businesses will determine if China can truly challenge US dominance in the age of artificial intelligence.