Shanghai-based MiniMax, plans to raise US$2 billion for frontier AI development.

Founder Yan Junjie said he would stop taking a salary until the company reaches artificial general intelligence.

He planned to transfer personal shares equal to 4% of the company’s total equity to reward employees. He also pledged another 1% from his holdings to support open-source developer communities.

MiniMax listed on the Hong Kong Stock Exchange in January 2026.

Its shares fell nearly 18% on July 9 and another 12% on July 10 after a six-month post-initial public offering lock-up period expired earlier that week.

🔗 Source: South China Morning Post

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