MiniMax aims for a listing in Shanghai following a 400% increase in Hong Kong.

      MiniMax went public in Hong Kong less than five months ago, and since then, its shares have approximately quadrupled in value. Now, the Chinese AI startup aims to pursue another listing, this time closer to its home market.

      In a filing submitted to the Hong Kong stock exchange on Sunday, MiniMax announced that it is considering a listing on Shanghai’s STAR Market, which is the mainland’s tech-centric board, and has signed a tutoring agreement, marking the official first step required by Chinese regulators prior to an IPO.

      This move would transform MiniMax’s Hong Kong launch into a so-called A+H structure, featuring yuan-denominated shares on the mainland alongside its existing Hong Kong listing. The company has recruited advisers to assist it in navigating the STAR Market’s requirements. However, it warned that any share sale would be contingent on market conditions and regulatory approvals, a common precaution to ensure that an early-stage exploration does not appear as if it is a settled matter.

      The rationale behind this ambition sheds light on the timing. MiniMax raised approximately $619 million during its January IPO in Hong Kong, pricing its shares at HK$165, which valued the company at nearly $6.5 billion. The stock more than doubled on its first trading day and continued to rise; by late May, it was trading at about HK$840, representing a roughly 400% increase from the initial offering price. Such performance exemplifies the momentum a company seeks to capitalize on for a second listing.

      Founded in 2021 by former executives from SenseTime, MiniMax develops large language and multimodal models capable of generating text, audio, video, and music, and offers access to these through APIs as well as its consumer applications. It ranks among the leading AI competitors in China, along with firms like DeepSeek, Moonshot, and Zhipu, all striving to translate their technical expertise into public-market capital ahead of their US counterparts.

      Its list of backers includes prominent firms wagering on this emerging cohort, such as Alibaba, Tencent, the gaming studio miHoYo, and IDG Capital, with cornerstone investors in the Hong Kong offering reportedly including Singapore’s GIC, Baillie Gifford, and the Abu Dhabi Investment Authority.

      A listing on the mainland would provide MiniMax with access to a broader, more domestic capital pool, as well as to investors who find it difficult to acquire shares in Hong Kong. This domestic focus is central to the decision, as Chinese AI firms are operating in a landscape where US capital is increasingly restricted, with Beijing indicating a desire for domestic funding of its champions, making a yuan-denominated listing both a political and financial choice.

      For a company whose expenses are heavily reliant on computing resources in a country striving to establish an AI ecosystem independent of American chips, raising onshore capital is also crucial.

      At present, this consideration is exploratory rather than a formal proposal, and the approval process for the STAR Market presents its own set of challenges. However, the trajectory is unmistakable. Following one of the most significant AI listings in the region, MiniMax is poised to seek further capital gains in its home market while conditions remain favorable for such ambitions.