The capital drama in China's AI large model sector is rapidly unfolding.

Following Zhipu, another leading domestic large model company, MiniMax, has officially pressed the button to launch its A-share listing.

According to the CSRC website, MiniMax signed a counseling agreement with CITIC Securities on May 29, 2026, officially starting the counseling filing process for its A-share IPO. This means it is expected to become the second domestic AI large model company to be listed on both the Hong Kong and A-share markets. It's worth noting that since its listing on the Hong Kong stock market in January this year, MiniMax's stock price has increased more than fourfold, showing a very strong momentum.

MiniMax在港股上市后股价一路狂飙，现在又马不停蹄地要冲刺A股。这波操作不仅是为了打通境内外融资通道，更是为了在激烈的AI军备竞赛中储备充足的“弹药”。

对于投资者来说，这既是见证顶级科技资产登陆A股的机会，也需要警惕短期高估值下的波动风险。

| Performance soars: ARR doubles in two months, accelerating B2B commercialization

MiniMax's confident push into the A-share market is inseparable from its explosive fundamental data. Just one day before the coaching launch (May 28), the company's co-founder and president, Yun Yeyi, revealed a key set of data: the company's annualized recurring revenue (ARR) doubled from $150 million to at least $300 million in just two months; at the same time, the number of enterprise service users surged fivefold in just half a year, surpassing the one million mark.

From a financial structure perspective, the company's profitability is also significantly improving.

According to the first annual report released in March this year, MiniMax's total revenue in 2025 will reach $79.038 million, a year-on-year increase of 158.9%, with over 70% of revenue coming from overseas markets.

Even more impressive is the gross margin, which surged from 12.2% a year ago to 25.4%, mainly thanks to improved model efficiency and optimized infrastructure. Although still operating at a loss (adjusted net loss of $250 million), the loss rate has narrowed significantly. With the release of the M2.7 model, B2.7 enterprise service revenue growth is approaching 200%, gradually competing with C-end products.

| Governance and Equity: Dual Structure Protection, Steady Progress in Three Phases

This A-share listing guidance will be led by CITIC Securities, jointly promoted by United Commerce Law Firm and Ernst & Young Huaming CPAs.

According to the filing report, the guidance work will be carried out in three phases: the first phase focuses on corporate governance and financial internal control; The second stage verifies independent operation (including related-party transactions, etc.); The third stage completes information disclosure compliance training and prepares issuance application documents.

In terms of equity structure, MiniMax adopts a typical dual-equity structure to safeguard the founding team's control.

Although AlphaEXP Limited holds only 19.96% of the company's shares, its Class B ordinary shares enjoy a super voting right of 10 votes per share, totaling 59.98% of voting rights, firmly controlling the company's direction.

| Strategic Synergy: Benchmarking against Zhipu, building a dual-driven "A+H" model

This move by MiniMax closely aligns with the capital path of its longtime rival Zhipu. Both companies will intensively list on the Hong Kong Stock Exchange in January 2026 (Zhipu one day earlier), and now they have successively launched A-share counseling, clearly showing signs of "converging" in the A-share arena. In addition, both companies have been included in the Hang Seng Tech Index. If they successfully enter the Hong Kong Stock Connect in the future, it will further attract attention from southbound capital.

However, investors should also note that the stock lock-up period ending in July may bring some short-term selling pressure to Hong Kong stocks.

Just before the counseling registration, founder Yan Junjie also attended a press conference with the State Council Information Office, expressing strong confidence in the "Artificial Intelligence+" layout in the 15th Five-Year Plan. This youthful management team, with an average age just over 30, completed the journey from founding to Hong Kong IPO in just four and a half years, setting the fastest record for a global AI company. Now, it is launching a new charge into the A-share market.

Kingtech Perspective | A rational view of the "A+H" premium

From its stunning debut in Hong Kong stocks to the accelerated start of A-shares, MiniMax's growth once again proves the explosive power of Chinese AI companies. In the short term, liquidity improvements and valuation reshaping brought by dual listings are worth looking forward to; But in the long run, when token consumption turns into real revenue, and when technical parameters are transformed into industry solutions, whether MiniMax can maintain its "cost-performance moat" and achieve sustained profitability will be the key to determining its ultimate height.

Rationally view the "A+H" premium, be wary of short-term overheating
sentiment. MiniMax has surged over 400% in just four months since its Hong Kong listing, indicating a high valuation. The A-share market often has a high emotional premium for scarce tech unicorns, but blindly chasing high prices is not recommended in the early stages of counseling or before official listing.

You can closely follow the details of its A-share prospectus, especially regarding profit expectations and the direction of raised funds, and wait for a reasonable allocation window.

Pay attention to the "spillover effect" of the industry chain:
besides directly participating in MiniMax's equity investment, ordinary investors can also pay attention to the industry chain opportunities behind it. MiniMax's rapid expansion means huge demand for computing power, cloud services, and data center construction.

A-share listed companies that provide MiniMax with infrastructure such as underlying computing power, optical modules, and server liquid cooling can also benefit from this wave of AI development, and their earnings realization is often more solid than pure concept speculation.

MiniMax's current highlight of long-term tracking of B2B
commercialization is its explosive growth in B2B revenue (with customers increasing fivefold in half a year). In subsequent investment tracking, it is recommended to focus on the release progress of its M3 multimodal model and practical implementation cases in vertical industries such as finance, media, and gaming.

Only large model companies that truly help companies reduce costs, increase efficiency, and form stable cash flow can win in the long run.