Chinese AI startup ModelBest has begun pre-IPO tutoring for a mainland listing after hiring Citic Securities, according to a filing with China’s securities regulator.

The move could let the company submit an IPO application next year.

Beijing-based ModelBest, founded in August 2022 and led by chief executive Li Dahai, develops compact AI models for smartphones, laptops, cars, and other devices.

It has released the MiniCPM on-device model series.

The company said in December 2025 it had closed a financing round worth several hundred million yuan, but it has not disclosed an IPO fundraising target, timeline, or listing venue.

In mainland China, pre-IPO tutoring is a mandatory stage before a company can formally file for an IPO.

A licensed sponsor, usually a securities firm or investment bank, guides the company on listing standards such as corporate governance, risk management, audit readiness, and information disclosure.

🔗 Source: South China Morning Post