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MiniMax Group, the Shanghai-based generative AI company, has formally kicked off the process to list on Shanghai’s STAR Market. The company signed a mentorship agreement with CITIC Securities on May 29 and submitted its filing to the Shanghai office of the China Securities Regulatory Commission.
If successful, MiniMax would land a dual A+H listing structure, pairing its existing Hong Kong shares with a new mainland China offering.
From IPO to powerhouse in five months
The company raised approximately $619 million in its Hong Kong IPO at HK$165 per share. By May 29, those shares were trading at HK$840.
That’s roughly a 400% gain. In English: if you bought $10,000 worth of MiniMax at IPO, you’d be sitting on about $50,000 five months later.
The surge has pushed MiniMax’s market capitalization to approximately HK$264 billion, or about $33.7 billion. For context, that puts the company in the same valuation neighborhood as some well-established US tech firms, despite being founded just four years ago in January 2022.
Revenue has kept pace with the stock price enthusiasm. MiniMax’s post-IPO revenue more than doubled year-over-year, reaching $79 million in 2025. The growth has been driven by AI-native applications, including video generation tools.
Founded by Yan Junjie, the company specializes in large language models and generative AI. It competes directly with other Chinese LLM developers like Zhipu AI, which is also pursuing its own A-share listing.
Why the STAR Market matters
Shanghai’s STAR Market was specifically designed for technology-focused companies, launched in 2019 to give homegrown tech firms a domestic venue that doesn’t require the profitability track record demanded by traditional exchanges.
For MiniMax, listing there opens the door to mainland Chinese investors who may not have access to Hong Kong-listed shares. The CSRC filing represents the first formal step in what will be a multi-stage review process before shares can actually begin trading.
A broader trend in Chinese AI
MiniMax isn’t the only Chinese AI company eyeing public markets. Zhipu AI, another large language model developer, is pursuing a similar A-share listing path.
What this means for investors
At a $33.7 billion market cap on $79 million in annual revenue, MiniMax is trading at a revenue multiple north of 400x.
On the risk side, dual-listed shares can create pricing complexities. A+H listed companies in China frequently trade at different valuations on each exchange, sometimes with significant premiums or discounts between the two.
There’s also the regulatory dimension. MiniMax will need to satisfy CSRC requirements around financial disclosure, corporate governance, and technology IP ownership.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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