China's AI Startups MiniMax and Zhipu AI Clear Hong Kong Listing Hurdles

MiniMax and Zhipu AI, two prominent Chinese artificial intelligence companies, have passed listing hearings at the Hong Kong Stock Exchange this week, marking a significant milestone in their initial public offering plans.

MiniMax cleared its Hong Kong bourse hearing on December 17, while Zhipu AI passed its hearing on December 16, according to multiple sources familiar with the matter. Both companies received filing approval from the China Securities Regulatory Commission earlier this week before participating in their respective hearings.

Representatives from both companies could not immediately be reached for comment.

MiniMax is planning to list in Hong Kong in January 2026, as the city enters its Christmas holiday period starting December 20. Details of Zhipu AI's listing timeline remain unclear.

The two cases represent potentially the fastest progression from hearing to approval for mainland Chinese companies listing in Hong Kong under the current filing system with Chinese regulators.

MiniMax filed confidentially for a Hong Kong IPO in June 2025, becoming the first domestic AI large language model company to submit listing documents in the city. UBS is among the bookrunners for MiniMax's offering, while China International Capital Corp. is serving as one of the sponsors for Zhipu AI's listing.

MiniMax counts Alibaba, Future Capital, Sequoia Capital, Hillhouse Capital, Tencent, and IDG Capital among its investors.

The listings come as Chinese AI companies race to capitalize on market momentum in the artificial intelligence sector, with both firms part of the group commonly referred to as China's "AI Six Dragons."