Chinese AI firm MiniMax prepares mainland listing after Hong Kong surge
MiniMax Group has hired Citic Securities to prepare a yuan-denominated share sale on mainland China's stock markets. The Shanghai-based AI model company signed the agreement on Friday, expanding beyond its Hong Kong listing where shares have jumped 400 percent since January.
The company is expected to list on the Star Market, the Shanghai Stock Exchange's technology board dominated by AI chipmakers and semiconductor manufacturers. A specific listing date has not been announced.
MiniMax's move reflects growing appetite for AI stocks beyond chip suppliers. The Star Market 50 index hit a record last week and has gained roughly 30 percent this year. Global investors are betting heavily on AI infrastructure as the Nasdaq-100 and markets in South Korea and Taiwan also hit all-time highs.
Other AI and chip companies are moving toward mainland listings. ChangXin Memory Technologies received approval for a 29.5 billion yuan ($4.4 billion) initial public offering last week, while Unitree Robotics has an IPO application under review by the Shanghai exchange scheduled for June 1.
MiniMax shares closed at HK$840 on Friday, valuing the company at HK$264 billion ($33.7 billion). The stock has gained 0.4 percent this week.
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