Chinese artificial intelligence start-up MiniMax plans to channel funds from its proposed Hong Kong initial public offering (IPO) into research and development as it seeks to compete with global and domestic rivals, according to a person familiar with the matter.
The Shanghai-based firm, backed by Alibaba Group Holding and Tencent Holdings, was aiming for a listing as early as January, the person said. The IPO size had not been finalised, despite a July media report suggesting a range between HK$4 billion (US$514 million) and HK$5 billion, another source said. Alibaba owns the South China Morning Post.
The listing is pending approval from the China Securities Regulatory Commission after the company filed its listing application with the Hong Kong stock exchange confidentially.
Domestic rival Zhipu was reportedly considering a Hong Kong listing around the same time. MiniMax and Zhipu are among the four new generative AI tigers of China – along with Baichuan and Moonshot AI.
MiniMax and Ziphu declined to comment.
