Two of China's leading artificial intelligence startups, MiniMax and Zhipu AI, have recently disclosed their financial performances as they prepare for highly anticipated initial public offerings (IPOs) on the Hong Kong Stock Exchange in early 2026.
This move signals a significant step for both companies, which are often compared to global AI pioneers like OpenAI, as they aim to secure substantial capital to fuel their growth in a competitive tech landscape.
Financial Insights and Market Positioning
MiniMax reported a revenue of $30.5 million in 2024, while Zhipu AI outperformed with $44.4 million, highlighting their growing traction in the AI sector.
Despite these impressive figures, both firms are still operating at a loss, with MiniMax facing significant financial challenges as it scales its operations, a common hurdle for tech startups in the AI space.
Their decision to list in Hong Kong reflects a broader trend among Chinese tech firms seeking international visibility and access to global investors, especially under Hong Kong's increasingly accommodating regulatory environment for tech IPOs.
Historical Context and Growth Trajectory
Founded in 2021, MiniMax has quickly risen as a key player by open-sourcing models like the MiniMax-M2, which ranks among the top globally, showcasing China's rapid advancements in AI technology.
Zhipu AI, established in 2019 from Tsinghua University research, has focused on developer tools and API services, with plans to double its revenue in 2025 and increase its API business share to 50%, as stated by CEO Zhang Peng.
Impact on the Global AI Landscape
The IPOs of these firms could reshape the competitive dynamics of the global AI industry, positioning China as a formidable rival to Western tech giants amid ongoing geopolitical tensions over technology dominance.
With Hong Kong aiming to raise $300 billion through its IPO market by 2026, the listings of MiniMax and Zhipu AI could attract significant foreign investment, further boosting the city's status as a tech innovation hub.
Future Prospects and Challenges
Looking ahead, both companies face the challenge of achieving profitability while competing with well-funded global players, but their innovative models and strategic focus on scalable services offer a promising outlook.
The success of these IPOs could inspire other Chinese AI startups to follow suit, potentially creating a wave of tech listings that strengthen China's position in the global AI race.
As MiniMax and Zhipu AI gear up for their public debuts, the tech world watches closely, eager to see how these rising stars will navigate the complex interplay of innovation, finance, and international markets.
Andrew Lee
