Chinese AI firms Zhipu, MiniMax to debut in HK IPOs this week

Zhipu and MiniMax, two of China’s largest generative AI startups, are set to debut on the Hong Kong stock exchange this week, with Zhipu listing on January 8, and followed by MiniMax on January 9.

Zhipu, founded by Tsinghua University professors and based in Beijing and reported 312.4 million yuan (US$44.7 million) in revenue for 2024.

MiniMax, based in Shanghai and backed by Alibaba and Abu Dhabi’s sovereign wealth fund, generated US$30.5 million in revenue last year.

Zhipu and MiniMax are valued at about US$4 billion each ahead of their Hong Kong listings.

🔗 Source: Bloomberg

🧠 Food for thought

Implications, context, and why it matters.

Limited financial disclosures obscure these firms’ path to profitability

Zhipu spent renminbi (RMB) 6.238 billion over three and a half years 1 2. MiniMax lost U.S. dollars (USD) 1.32 billion over roughly three and three-quarter years 1 2. R&D outlays run several times revenue 1 2.
Training (building models) and inference (running models to serve users) drive most spending 1. These items take a larger share of total costs over time 1.
By the end of the first three quarters of 2025, MiniMax held about RMB 7.15 billion in cash and trading financial assets 1. By the end of the first half of 2025, Zhipu had about RMB 2.55 billion in cash and cash equivalents 1. MiniMax has more time before cash runs out, even with higher losses 1.
At the top of its IPO range, MiniMax would be valued near USD 6.5 billion 3 1. Both firms face rising competition from larger Chinese players such as Baidu and Alibaba 3 1.

Hong Kong’s AI IPO lineup creates near-term service opportunities

More than 300 companies are in the initial public offering (IPO) queue at Hong Kong Exchanges and Clearing (HKEX) for 2026 4 5. In 2025, 106 listings raised Hong Kong dollars (HK$) 274.6 billion 4 5.
Four of the world’s top 10 IPOs in 2025 listed on HKEX 3 5. More Chinese AI and chip firms choose Hong Kong amid Beijing’s tech support 3 5.
Investor relations firms; legal advisors; cloud compute suppliers; and executive recruiters can target the AI IPO queue. They can map HKEX applications and sponsor ties (listing advisors/underwriters) to flag likely issuers and timing.
Institutional plus other professional investors can buy early in firms like Shanghai Iluvatar CoreX Semiconductor (a Chinese chip company) and Edge Medical (a healthcare technology firm) 3. These firms are also listing in Hong Kong alongside Zhipu and MiniMax 3.