en.Wedoany.com Reported - Just months after its listing in Hong Kong, artificial intelligence company MiniMax is considering expanding its listing footprint to mainland China.
The company's board has approved a preliminary proposal to explore the possibility of issuing renminbi-denominated shares and listing on the Shanghai Stock Exchange's STAR Market. In a document released on May 31, MiniMax stated that this process may include hiring professional advisors and consulting with securities regulators. The document also indicated that the company has engaged advisors to assess its compliance with STAR Market listing requirements and has signed a listing advisory agreement.
MiniMax cautioned that the plan is still in its early stages. Any specific proposal, if any, would require further approval from the board and shareholders (where applicable), as well as permission from mainland and local regulatory authorities.
This move builds on MiniMax's earlier completion of a listing in Hong Kong. The company has stated that it plans to use the proceeds from its initial public offering (IPO) for research and development investment and global market expansion. MiniMax is positioned as one of China's leading generative AI companies, backed by investors including Alibaba and Tencent.
To keep pace with the industry, the company continues to advance the development and release of its large models. On June 1, the day after the announcement, MiniMax launched the M3 model. The company describes M3 as an open-weight model built for coding, agentic workflows, long-context usage, and native multimodality.
Beyond model development, MiniMax's monetization capabilities are also tied to products such as the video generator Hailuo AI and the conversational AI platform Talkie.
This announcement is one of several recent milestones for the company following its Hong Kong IPO. In March, MiniMax disclosed its financial results for the year ended December 31, 2025: revenue more than doubled year-over-year to approximately $79 million, with international markets contributing 70% of total revenue. Gross profit was $20.1 million, up 437.2% year-over-year, and gross margin expanded by 13.2 percentage points to 25.4%. Adjusted net loss totaled approximately $250 million, with the loss rate narrowing significantly.
During an earlier conference call, company management revealed that annualized recurring revenue in February had exceeded $150 million.
According to analyst forecasts tracked by Visible Alpha, a division of S&P Global Market Intelligence, MiniMax's revenue is expected to reach $219 million in 2026 and climb to $5.8 billion by 2030. Its AI-native products are projected to contribute approximately $123 million in revenue in 2026, while open platforms and enterprise AI services are expected to add another $96 million, accounting for about 44% of total revenue.
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