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Chinese AI Startups Eye January IPOs Amid Funding Pressure

12/12/2025

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Summary

Story summary

Two Chinese AI startups, MiniMax and Zhipu, plan Hong Kong IPOs amid competition.
MiniMax, backed by Alibaba and Tencent, targets a January listing raising hundreds of millions.
Zhipu, backed by major tech firms, also targets a January listing.
Both require approval from the China Securities Regulatory Commission.
The IPO push reflects funding pressure in China's AI sector amid profitability concerns.

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Story summary

Two Chinese AI startups, MiniMax and Zhipu, plan Hong Kong IPOs amid competition.
MiniMax, backed by Alibaba and Tencent, targets a January listing raising hundreds of millions.
Zhipu, backed by major tech firms, also targets a January listing.
Both require approval from the China Securities Regulatory Commission.
The IPO push reflects funding pressure in China's AI sector amid profitability concerns.