Alibaba-backed MiniMax plans Hong Kong IPO valued at $3 billion, highlighting growing competition in Chinese AI market against US leaders like OpenAI.

From Yahoo Finance: 2025-06-18 20:13:00

Chinese AI startup MiniMax is contemplating an IPO in Hong Kong, valued at around $3 billion. The company, part of China’s AI Dragons or Tigers, could go public this year. MiniMax’s recent funding round, led by Alibaba and Tencent, highlights the growing competition in the Chinese AI market against US leaders like OpenAI.

MiniMax, founded in 2021, raised $600 million last year, with plans to expand its AI technology offerings. The company’s new products, including a reasoning model and AI companion app, aim to compete with industry giants. Chinese tech firms like MiniMax are investing heavily in AI research and development to stay competitive globally.



Read more at Yahoo Finance: Alibaba-Backed ‘AI Dragon’ MiniMax Plans Hong Kong IPO