Shanghai-based MiniMax, backed by Alibaba Group Holding (BABA), Tencent Holdings (TCEHY) and others, plans for its IPO to take place as soon as January, people familiar with the matter told Bloomberg.
The listing could raise hundreds of millions of dollars, they said, asking not to be identified discussing private information.
Zhipu, meanwhile, which is also backed by the tech giants Alibaba, Tencent, and several more, is targeting a listing by around that time too, the people said.
Bloomberg News reported in July that Zhipu was considering moving its IPO to Hong Kong from a previous plan to sell shares in mainland China.
Details of both offerings are discussed and may change. They also still need approval from the China Securities Regulatory Commission.
The two Chinese artificial intelligence startups seen as possible rivals to OpenAI (OPENAI) aim to complete their Hong Kong initial public offerings in the coming weeks.
Hong Kong’s stock market is going strong, though, and IPOs are on a tear, with about $35 billion (RM143.79 billion) raised in 2025—on track for a four-year high, data compiled by Bloomberg show.