China’s MiniMax Group Inc, a Shanghai-based AI company that builds large models for text, images, audio, and video, has begun preparing for a domestic initial public offering.

China’s securities regulator published a pre-listing tutoring filing for the company on May 30.

The move is an early step as Chinese AI companies seek funding to develop models and expand.

MiniMax said it would keep investing in development, commercialization, and cloud infrastructure, and warned of sustained losses and intensifying competition.

The company also said it had more than 1 million users of its AI-based enterprise services.

President Yun Yeyi told Bloomberg Television that MiniMax’s annual recurring revenue had risen to at least US$300 million.

🔗 Source: Bloomberg

Recent MiniMax Group developments