MiniMax eyes a Shanghai listing after a 400% run in Hong Kong
MiniMax went public in Hong Kong less than five months ago. Its shares have since roughly quadrupled. Now the Chinese AI startup wants to do it again, closer to home.
In a filing to the Hong Kong stock exchange on Sunday, MiniMax said it is exploring a listing on Shanghai’s STAR Market, the mainland’s tech-focused board, and has entered a tutoring agreement, the formal first step Chinese regulators require before an IPO.
The move would turn MiniMax’s Hong Kong debut into a so-called A+H structure, with yuan-denominated shares on the mainland alongside its Hong Kong listing.
The company has hired advisers to guide it through the STAR Market’s requirements. Any share sale, it cautioned, would depend on market conditions and regulatory approvals, the standard hedge that keeps an early-stage exploration from reading as a done deal.
The numbers behind the ambition explain the timing. MiniMax raised about $619 million in...
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