MiniMax Group explores listing on Shanghai STAR Market after 400% Hong Kong stock surge
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Compiled by KHAO Editorial
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The Chinese AI startup, now valued at roughly $33.7 billion, is pursuing a dual A+H listing structure to tap mainland investors.
Key facts
The company raised approximately $619 million in its Hong Kong IPO at HK$165 per share
At a $33.7 billion market cap on $79 million in annual revenue, MiniMax is trading at a revenue multiple north of 400x
The surge has pushed MiniMax’s market capitalization to approximately HK$264 billion, or about $33.7 billion
MiniMax’s post-IPO revenue more than doubled year-over-year, reaching $79 million in 2025
Summary
MiniMax Group, the Shanghai-based generative AI company, has formally kicked off the process to list on Shanghai’s STAR Market. If successful, MiniMax would land a dual A+H listing structure, pairing its existing Hong Kong shares with a new mainland China offering. The company raised approximately $619 million in its Hong Kong IPO at HK$165 per share. The surge has pushed MiniMax’s market capitalization to approximately HK$264 billion, or about $33.7 billion.