Chinese AI Startups MiniMax and Zhipu Plan Hong Kong IPOs in Early 2026

Tech

Chinese AI Startups MiniMax and Zhipu Plan Hong Kong IPOs in Early 2026

Chinese AI startups MiniMax and Zhipu are gearing up for initial public offerings on the Hong Kong Stock Exchange in early 2026, backed by giants like Alibaba and Tencent. This move follows approval from the China Securities Regulatory Commission and highlights Hong Kongs rising appeal as a global listing hub for tech firms.

• Backed by tech leaders: MiniMax and Zhipu receive support from Alibaba and Tencent, fueling their rapid growth in AI innovation.
• Valuation and funding: MiniMax boasts a $2.5 billion valuation after raising $850 million, while Zhipu secures $140 million from state funds.
• Competitive edge: Their large language models rival U.S. counterparts like OpenAIs GPT-4, with benchmarks showing superior performance in key areas.

What Are MiniMax and Zhipu Planning with Their Hong Kong IPOs？

Chinese AI startups MiniMax and Zhipu are preparing to debut on the Hong Kong Stock Exchange through initial public offerings targeted for early 2026. These listings aim to raise substantial capital, potentially hundreds of millions of dollars, to fuel further development in artificial intelligence technologies. Backed by major players like Alibaba and Tencent, the companies have secured regulatory nods from the China Securities Regulatory Commission, positioning them at the forefront of Asias tech evolution.

How Do These AI Firms Compare to U.S. Competitors？

MiniMax and Zhipu stand out in the global AI landscape by developing advanced large language models that directly challenge American frontrunners. MiniMax‘s MiniMax-Text-01 model, for example, reportedly outperforms Google’s Gemini 2.0 Flash in multiple benchmarks, handling an impressive context window of 4 million tokens—equivalent to processing about 3 million words simultaneously. This capability enables sophisticated applications in natural language processing and beyond.

Zhipu‘s GLM4 model has been touted as surpassing OpenAI’s GPT-4 in efficiency and output quality, while its GLM-130B variant earned recognition as Asia‘s top performer in Stanford University’s 2022 global LLM benchmark. These achievements underscore Chinas growing prowess in AI, driven by substantial investments and a focus on scalable, high-performance systems.

Supporting this competitiveness are diverse product offerings. MiniMax operates Talkie, a popular AI role-playing platform that ranked among the top free entertainment apps in the U.S. in June 2024, boasting over 11 million monthly active users, more than half from America. Additionally, Hailuo AI from MiniMax delivers cutting-edge text-to-video generation, expanding into creative industries.

Zhipu, originating from Tsinghua University in 2019, benefits from academic roots that emphasize research-driven innovation. The company‘s funding, including $140 million from Shanghai state-backed funds, has enabled it to build robust infrastructure for AI deployment. Industry observers note that such developments are revitalizing interest in Chinese tech stocks, especially following milestones like DeepSeek’s launch in January 2025.

Hong Kong‘s regulatory environment plays a pivotal role here. The exchange’s Technology Enterprises Channel, introduced in May 2025, streamlines IPO processes for tech and biotech firms, attracting over 200 applicants from sectors like AI and telecommunications. This channel reduces barriers, allowing companies to tap into Asias capital pools while mitigating U.S. regulatory uncertainties—many U.S.-listed Chinese firms are pursuing secondary listings in Hong Kong for similar reasons.

Economically, Hong Kong‘s IPO market is booming. It has already raised $35 billion in 2025, with projections reaching $300 billion by 2026, potentially eclipsing Nasdaq and the New York Stock Exchange as the world’s premier listing venue. UBS Vice Chairman Li Zhenguo forecasts 150 to 200 companies listing there next year, signaling strong momentum for innovators like MiniMax and Zhipu.