"A+H" dual listing accelerates! MiniMax has officially launched its A-share listing guidance.

```

Chinese AI large model company MiniMax has officially started the process for an A-share listing, and is expected to become the second domestic AI large model company, after competitor Zhipu, to be listed both on Hong Kong and A-share markets. Its Hong Kong stock has seen more than a fourfold increase since its listing in January this year.

According to the website of the China Securities Regulatory Commission (CSRC), on May 29, 2026, MiniMax signed a counseling agreement with CITIC Securities, officially launching the counseling and filing procedure for its A-share initial public offering (IPO). Meanwhile, on May 28, it was reported that MiniMax co-founder and president Yun Yeyi revealed that the company’s annual recurring revenue doubled from $150 million to at least $300 million in the past two months, and the number of enterprise service users grew fivefold to over one million in half a year.

In the capital market, MiniMax’s Hong Kong stock has risen by more than 409% since its IPO price of HK$165 in January this year, closing at HK$840 on May 29, with a market capitalization of about HK$263.5 billion. The launch of A-share counseling signifies the company’s acceleration of the "A+H" dual listing platform, opening up fundraising channels in the domestic capital market.

For investors, the risks to watch are: the stock lock-up period that expires in July may lead to sell-off pressure in the Hong Kong stock; also, the A-share counseling process is still at an early stage, and the formal listing application will still need to pass through multiple review steps.

Counseling carried out in three phases, dual-class stock structure ensures founding team control

According to the counseling filing report disclosed by CSRC, the current counseling work will be carried out in three phases: The first phase focuses on establishing corporate governance structure and financial internal control systems; the second phase checks the company’s independent operation status, covering related transactions, industry competition, and decision-making procedures; the third phase completes compliance training for information disclosure and prepares application documents for issuance. The counseling team is led by CITIC Securities, in conjunction with Commerce & Finance Law Offices (Beijing) and Ernst & Young Hua Ming.

In terms of shareholding structure, AlphaEXP Limited holds 19.96% of the company’s shares, but because Class B shares have 10 votes per share and Class A shares only 1 vote in the dual-class structure, AlphaEXP Limited’s combined voting rights reach 59.98%, making it the controlling shareholder. MiniMax is registered in the Cayman Islands, with its domestic office in Xuhui District, Shanghai, and was listed on the Hong Kong Stock Exchange on January 9, 2026.

Rapid revenue growth, significant improvement in gross profit margin

MiniMax released its first annual financial report after listing in March this year: total revenue in 2025 was $79.038 million, up 158.9% year-on-year, of which over 73% came from overseas markets. Gross profit was $20.079 million, an increase of 437.2% year-on-year, with gross profit margin rising to 25.4%, up 13.2 percentage points from the same period last year. The company attributed the improvement to advances in model and system efficiency and optimization of infrastructure configuration. Adjusted net loss was $250 million, a significant decrease in loss rate compared to last year; loss for the year (including non-cash items) was $1.872 billion.

Yun Yeyi said that following the launch of the M2.7 model in mid-March, a large number of users joined, pushing annual recurring revenue beyond the company’s own previous forecasts. The revenue structure also shifted, with AI-native products and enterprise services each contributing about half, compared to a 70/30 split last year. The M2.7 model also helped broaden the gross profit margin since the beginning of this year. The company also plans to release the next generation flagship model M3, which Yun Yeyi describes as the "first open-source native" multimodal model.

Competitor Zhipu leads, “Dual Giants of Large Models” may both land on A-shares

MiniMax’s move aligns its capital market strategy even more closely with its competitor Zhipu, also one of the "Six Small Dragons of AI Large Models." Zhipu signed an A-share counseling agreement in February this year; both companies were listed on the Hong Kong Stock Exchange in January 2026, with Zhipu listed one day earlier than MiniMax.

On May 22, Hang Seng Indexes Company announced its quarterly review results, including both MiniMax and Zhipu in the Hang Seng Tech Index, with the adjustment taking effect on June 8. Both companies are potential candidates for the Stock Connect in Hong Kong, but the expiring stock lock-up period in July may exert some selling pressure.

On May 28, the day before the signing of the A-share counseling agreement, MiniMax founder and CEO Yan Junjie attended the "Strivers on the New Journey" press conference for Chinese and foreign journalists hosted by the State Council Information Office. He said the company currently serves over 100 million users globally, and after more than four years of development, has launched leading voice, video, and programming models; regarding the comprehensive layout of "Artificial Intelligence+" in the "15th Five-Year Plan", he expressed feeling "very excited".

MiniMax is known for its young management team: Yan Junjie is 37, Yun Yeyi 32, large language model leader Zhao Pengyu 30, and vision model leader Zhou Yucong 33. The company was founded in June 2021, and it took about four and a half years to land on the Hong Kong Stock Exchange in January 2026, setting a global record for the fastest IPO by an AI company from founding to listing.

Risk warning and disclaimerThe market has risks, and investment should be cautious. This article does not constitute personal investment advice, nor does it take into account the specific investment goals, financial situation or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their specific situation. Investing according to this article is at your own risk. ```