Two of China's leading artificial intelligence startups, MiniMax and Zhipu AI, are reportedly planning initial public offerings (IPOs) in Hong Kong, signaling a significant step for the country's burgeoning AI sector.
This move comes as both companies aim to capitalize on the growing investor interest in AI technologies, positioning themselves as formidable contenders in the global tech landscape.
The Rise of Chinese AI Innovators
Backed by tech giants like Alibaba and Tencent, MiniMax has emerged as a key player with a valuation of over $4 billion, focusing on generative AI solutions that rival Western counterparts.
Zhipu AI, often compared to OpenAI, has seen rapid growth in revenue and user base, making it a potential frontrunner for China’s first major AI IPO.
Why Hong Kong for IPOs?
Hong Kong's status as a financial hub with favorable listing rules for tech firms, including the recently launched Technology Enterprises Channel, makes it an attractive destination for these AI unicorns.
Amid geopolitical tensions and regulatory scrutiny in the U.S., many Chinese tech firms are opting for Hong Kong over Western markets, a trend exemplified by over 40 companies preparing for 2025 IPOs in the city.
Historical Context and Market Impact
China's AI industry has evolved rapidly since the government identified it as a strategic priority in 2017, with investments pouring into startups to close the gap with global leaders like the U.S.
The potential listings of MiniMax and Zhipu could inject significant capital into Hong Kong's IPO market, which has already seen a 711% surge in fundraising year-over-year by mid-2025.
Future Prospects for AI in China
Looking ahead, successful IPOs could accelerate innovation in China's AI sector, potentially positioning MiniMax and Zhipu as global leaders in areas like generative AI and enterprise intelligence.
However, concerns about an AI investment bubble loom large, with analysts cautioning that valuations may face scrutiny if market conditions shift in 2026.
For now, the upcoming IPOs are a testament to the growing confidence in Chinese tech, with MiniMax reportedly aiming to raise between HK$4 billion and HK$5 billion.
As the world watches, these listings could redefine the competitive landscape, underscoring Hong Kong's role as a gateway for Asia's AI renaissance.
Maria Lourdes
