MiniMax Group seeks STAR Market listing 400% share surge

Chinese artificial intelligence startup MiniMax Group has initiated formal steps toward a secondary listing on mainland China's stock market, following a dramatic surge in its share price since its Hong Kong debut earlier this year.

The Shanghai-based company filed a notice with the Hong Kong stock exchange on Sunday, stating it is exploring a listing on Shanghai's STAR Market, a technology-focused board. The company has signed a tutoring agreement with CITIC Securities, the first regulatory step required for an initial public offering in China. If successful, this would create a dual-listing structure, with yuan-denominated shares trading alongside its existing Hong Kong stock.

MiniMax's move comes after one of the region's most notable AI stock performances. The company raised approximately $619 million in its Hong Kong IPO in January, pricing shares at HK$16.5. By late May, the stock was trading around HK$840, representing a gain of roughly 400 percent and valuing the company at approximately HK$264 billion, or about $33.7 billion.

Founded in 2021 by former executives of AI company SenseTime, MiniMax develops large language and multimodal models that generate text, audio,...