The domestic large model sector has witnessed another major capital move. On May 31, the general artificial intelligence technology company MiniMax announced that after successfully listing on the Hong Kong Stock Exchange, the company is currently actively evaluating the capital market and plans to apply for an IPO on the Sci-Tech Innovation Board (STAR Market) in China's A-share market.

Official information disclosed by the China Securities Regulatory Commission shows that MiniMax has formally signed a listing consultation agreement with CITIC Securities on May 29, marking the official start of its A-share IPO process. After Zhipu and Peking University's Pattern Intelligence, MiniMax has become another leading company in China's AI large model industry to embark on a "A+H" dual-platform capital strategy.

Founded in June 2021, MiniMax is a globally leading general artificial intelligence company. With solid technical accumulation and commercialization efforts, it is known as one of the "big model giants" in the industry along with Zhipu.

In the just-ended year of 2025, MiniMax delivered an impressive performance. Financial data shows that the company's total revenue for 2025 reached $790.38 million, achieving a staggering 158.9% year-over-year growth. In terms of business structure, its AI-native product revenue was $530.75 million, up 143.4% year-over-year; while the revenue from B-end open platforms and enterprise services grew even faster, surging 197.8% year-over-year to reach $259.63 million.

In terms of capital market performance, MiniMax officially listed on the Hong Kong Stock Exchange on January 9 this year, with an issue price of HKD 165 per share. After the listing, the stock surged continuously in the secondary market, reaching as high as HKD 1,330. As of the latest closing, MiniMax's stock price remained stable at HKD 840 per share, with the overall market value exceeding HKD 260 billion. This planned cross-sea return to the A-share market and embracing the STAR Market will undoubtedly provide more ample financial support for the continuous R&D of its underlying technology and industrial applications.