China's two leading large language model (LLM) startups, MiniMax and Zhipu AI, are simultaneously knocking on the door of the mainland stock market. After Hong Kong, the two companies are now expanding their fundraising fronts to Shanghai, intensifying the "A+H" dual-listing race.
According to Global Times on Wednesday, MiniMax has selected CITIC Securities as its lead underwriter to pursue a secondary listing on the A-share market. Earlier this year in January, MiniMax successfully completed an initial public offering (IPO) in Hong Kong worth 106.7 billion Hong Kong dollars (approximately 20.6 trillion won). With this move, MiniMax will establish an "A+H" structure with simultaneous listings in Hong Kong and mainland China.
Rival Zhipu AI also began preparing for an A-share IPO in February, selecting Guotai Haitong Securities and China International Capital Corporation (CICC) as its advisers for a STAR Market listing. This sets the stage for a second showdown in the mainland after Hong Kong. As of the Hong Kong stock market close on the 29th of last month, MiniMax's market capitalization reached 263.5 billion Hong Kong dollars (approximately 51 trillion won), while Zhipu AI's stood at 711.1 billion Hong Kong dollars (approximately 137 trillion won).
Until now, A-share AI stocks have been centered on infrastructure and computing power companies such as Cambricon and MetaX. However, with the rapid rise of DeepSeek and the swift growth of the LLM market, investors are reassessing the value of AI companies. MiniMax's push for an A-share listing is a strategic move aimed not only at securing funds for AI model competition but also at expanding brand recognition and its user base.
Pan Helin, a member of the expert committee at China's Ministry of Industry and Information Technology, said, "The popularity of 'A+H' dual listings among mainland AI companies is because they are advantageous for expanding international presence and attracting global investors." He added, "Listing on the STAR Market is intended to build a dual engine of overseas cash flow and mainland market expansion."
Earnings have also added momentum to the listings. MiniMax's revenue last year reached $79.038 million (approximately 119.1 billion won), surging 159% from the previous year, with more than 73% of total revenue generated overseas. Gross profit margin improved to 25.4%, and net loss was significantly reduced to $250 million (approximately 380 billion won). MiniMax's stock price closed at 840 Hong Kong dollars on the 29th of last month, marking a cumulative 400% surge since its listing in January.
