MiniMax Group, the Shanghai-based AI company behind Talkie and Hailuo AI, is moving toward a second public listing on the mainland. The company filed an A-share listing guidance report with the Shanghai Securities Regulatory Bureau on May 29, with CITIC Securities as its advisor. The target is the STAR Market, Shanghai's tech-focused Nasdaq-style exchange.
The company went public in Hong Kong in January 2026, raising $619 million. Shares more than doubled on day one. By late May, the stock had surged roughly 400% from its IPO price, closing at HK$840 on May 29, giving it a market cap of about $33 billion. Founded just four years ago, MiniMax now has annual recurring revenue exceeding $300 million.
The STAR Market listing would create a dual-listing structure, trading simultaneously in Hong Kong and Shanghai. MiniMax is racing Zhipu AI to become the first major Chinese large language model company listed on the domestic A-share market. The filing is an early step; Chinese regulators must still review the application, a process that can take months.
Investors should note that A-share markets have historically traded at premiums to Hong Kong, which could push MiniMax's valuation higher. However, regulatory unpredictability remains a key risk, as China's securities regulators have paused tech IPOs before.