Shanghai-based AI startup MiniMax filed for an initial public offering in mainland China on May 29. The filing with the China Securities Regulatory Commission positions the firm to compete with Zhipu AI for the first large-model AI listing on the A-share market.
The company completed a Hong Kong IPO in January 2026. Annual recurring revenue recently surpassed $300 million. This revenue figure doubled over the last two months.
Alibaba backs the startup in China's competitive AI landscape. The sector is currently defined by the war of a hundred models.