Just months after listing in Hong Kong, MiniMax is considering a second move in the public market, this time in mainland China.
The artificial intelligence company said its board has approved a preliminary proposal to explore the issuance of RMB-denominated shares and a potential listing on Shanghai’s STAR Market. The process may involve appointing professional advisors and consulting securities regulators, MiniMax said in a May 31 filing.
The company has already hired advisers to assess whether it meets the requirements for a Star Market listing and has signed a listing guidance agreement, according to the filing.
MiniMax cautioned that the plan remains at an early stage. Any concrete proposal, if made, would require further board and shareholder approvals where applicable, as well as clearance from mainland and local regulators.
The move follows MiniMax’s Hong Kong listing, for which the company had indicated plans to use IPO proceeds for R&D and global expansion. That plan aligned with MiniMax’s positioning as one of China’s major generative AI companies, backed by investors including Alibaba and Tencent.
The company has been refining and releasing large models to keep pace with developments across the sector. On June 1, a day after the announcement, MiniMax launched M3, describing it as an open-weight model built for coding, agentic work, long-context use, and native multimodality.
Beyond AI model development, MiniMax’s monetization is tied partly to products such as video generator Hailuo AI and conversational AI platform Talkie.
The announcement follows other recent milestones beyond the Hong Kong IPO. In March, when MiniMax disclosed its financial results for the year ended December 31, 2025, the company said revenue more than doubled year-on-year to around USD 79 million, with international markets accounting for 70% of the total. Gross profit was reported at USD 20.1 million, up 437.2% from the previous year, while gross margin expanded by 13.2 percentage points to 25.4%. Adjusted net loss totaled about USD 250 million, with the loss ratio narrowing substantially.
MiniMax’s management had also said during an earlier earnings call that annual recurring revenue surpassed USD 150 million in February.
Analysts tracked by Visible Alpha, part of S&P Global Market Intelligence, expect MiniMax’s revenue to reach USD 219 million in 2026, before climbing to USD 5.8 billion by 2030. Its AI-native products are expected to contribute around USD 123 million in 2026 revenue, while its open platform and enterprise AI services are forecast to add another USD 96 million, or about 44% of total revenue.