According to sources cited by Bloomberg, Chinese artificial intelligence startups MiniMax and Zhitu are planning to advance their IPOs in Hong Kong in the coming weeks. Both companies are seen as potential competitors to OpenAI.
The report indicates that MiniMax, headquartered in Shanghai and supported by Alibaba (9988), Tencent (700), and others, plans to conduct its IPO as early as January next year, potentially raising hundreds of millions of dollars.
Similarly, Zhitu, which has also received support from tech giants Alibaba, Tencent, and other companies, is planning to IPO around the same time. Bloomberg reported in July this year that Zhitu was considering moving its IPO from its previous plan in mainland China to Hong Kong.
Insiders have stated that the details of these two IPOs are still under discussion and still require approval from the China Securities Regulatory Commission.
Related article: Chinese AI startup Zhitu may shift its listing location to Hong Kong, raising over 2.3 billion yuan

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Chinese artificial intelligence startups MiniMax and Zhipu plan to advance their IPOs in Hong Kong in the coming weeks, with the earliest expected to take place in January next year. Both MiniMax and Zhipu have received support from tech giants such as Alibaba and Tencent, and plan to raise hundreds of millions of dollars respectively. According to informed sources, the details of these two IPOs are still under discussion and require approval from the China Securities Regulatory Commission

- Chinese AI startups MiniMax and Zhitu are planning to advance their IPOs in Hong Kong within the coming weeks.  
- MiniMax, backed by Alibaba and Tencent, aims for an IPO as early as January 2026, potentially raising hundreds of millions of dollars, while Zhitu is also considering a similar timeline.  
- Both companies are still discussing IPO details and require approval from the China Securities Regulatory Commission.

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Chinese AI startup MiniMax and Zhipu Technology will IPO in Hong Kong in January next year