Chinese AI firms MiniMax, Zhipu target Hong Kong IPOs in early 2026
Two Chinese artificial intelligence startups, MiniMax and Zhipu, are preparing for initial public offerings (IPOs) on the Hong Kong Stock Exchange in early 2026.
- MiniMax and Zhipu received approval from the China Securities Regulatory Commission (CSRC) to proceed with IPOs.
- Both companies announced plans to complete their Hong Kong IPOs by 2026.
- Meanwhile, in the U.S., investors fled AI-related tech names on Thursday after Oracle posted an earnings miss.
The firms have received approval from the China Securities Regulatory Commission (CSRC) to proceed with the listings, the companies stated.
MiniMax and Zhipu have secured backing from major Chinese technology companies Alibaba and Tencent, respectively.
Bloomberg first broke the news.
Both companies announced plans to complete their Hong Kong IPOs by 2026, according to the statements.
The planned listings would mark significant capital market entries for China’s artificial intelligence sector as the industry continues to attract investor attention amid global competition in AI development.
Meanwhile, in the U.S., investors fled AI-related tech names on Thursday after Oracle posted an earnings miss, raising alarms about how quickly companies can monetize their AI investments.
The company closed the day at -10%, trading at around $198.85.
Oracle carries more than $100 billion in debt tied to data center expansion. This factor weighed heavily on sentiment and hurt other AI-linked stocks, including Nvidia (closed -1.55%), Broadcom (-1.6%) and CoreWeave (-0.88%).
You May Also Like
Crypto markets are down, but corporate proxies are doing far worse
Although crypto treasury companies have enjoyed short-term price gains, most have underperformed the underlying assets they hold. Crypto asset prices retraced this week, but the spot market is faring better than most digital asset treasury companies, which have lost over 90% of their value in some cases due to market saturation and investor concerns over the sustainability of the digital asset treasury business model.Strategy, the largest Bitcoin (BTC) treasury company, is down about 45% from its all-time high of $543 per share during intraday trading in November. Comparatively, BTC is up about 10% since hitting a high of over $99,000 over the same month.Additionally, BTC has printed successive new highs since December, hitting an all-time high of over $123,000 in August, whereas Strategy has failed to reach a new all-time high in 2024 or even recapture its previous all-time high during the same time period.Read more
SEC Approves DTCC’s Tokenization of Real-World Assets on Blockchain
