MiniMax Group, the Shanghai-based AI company behind products like Talkie and Hailuo AI, is making its move toward a second public listing. This time on home turf.
The company filed an A-share listing guidance report with the Shanghai Securities Regulatory Bureau on May 29, with CITIC Securities serving as its advisory institution. The target venue is the STAR Market, Shanghai’s tech-focused exchange platform that functions as China’s answer to Nasdaq.
From Hong Kong debut to mainland ambitions
The company went public in Hong Kong back in January 2026, raising approximately $619 million in its IPO. Shares more than doubled on their first day of trading.
By late May 2026, MiniMax’s stock had climbed roughly 400% from its IPO price, closing at HK$840 on May 29. That gives the company a market capitalization of approximately HK$263 billion, or about $33 billion. For a firm founded just four years ago, in January 2022, that’s the kind of growth curve that makes venture capitalists feel warm inside.
The company’s annual recurring revenue now exceeds $300 million.
MiniMax’s investor roster includes Alibaba and the Abu Dhabi sovereign wealth fund.
The race to be first on A-shares
MiniMax isn’t pursuing a STAR Market listing in a vacuum. The company is in a direct race with Zhipu AI to become the first major Chinese large language model company listed on the domestic A-share market.
The STAR Market listing would create a dual-listing structure, with MiniMax trading simultaneously in Hong Kong and Shanghai. Filing the guidance report is an early step in the process, not a guarantee of listing. Chinese regulators still need to review the application, and the timeline from guidance filing to actual trading can stretch for months.
What this means for investors
When a company like MiniMax, already trading at a $33 billion valuation in Hong Kong, seeks a second listing on the mainland, it’s making a bet that domestic investors will assign an equal or higher premium to its shares. Historically, A-share markets have sometimes traded at premiums to their Hong Kong counterparts, meaning a STAR Market listing could actually push MiniMax’s overall valuation higher.
Annual recurring revenue of $300 million supporting a $33 billion market cap implies a price-to-revenue multiple north of 100x.
One risk worth flagging: regulatory unpredictability. China’s securities regulators have a track record of pausing or slowing tech IPOs when political winds shift. The current environment appears supportive of AI listings, but investors considering exposure to MiniMax or its competitors should factor in the possibility that the listing timeline could extend well beyond initial expectations.