Zhipu AI and MiniMax File for $1 Billion Hong Kong IPOs to Race Past US Rivals

They're burning cash, but they're racing for the exit. Two of China's most prominent AI startups, Zhipu AI and MiniMax, have officially filed to list in Hong Kong. They're aiming to raise a combined $1 billion, moving faster than US giants like OpenAI or Anthropic to hit the public markets.

Zhipu AI MiniMax Hong Kong IPO 2025: A Strategic Gambit

According to reports from Nikkei on December 29, 2025, these filings offer a rare look at the financial health of China's Large Language Model (LLM) sector. While both companies are currently loss-making, they're banking on investor appetite for homegrown AI champions to offset the impact of U.S. chip restrictions.

The stakes couldn't be higher. As access to high-end Nvidia hardware remains limited, these companies are forced to innovate with domestic alternatives. The $1 billion injection is critical for sustaining the massive compute costs required to keep pace with global leaders.

Why Hong Kong and Why Now?

Hong Kong provides a bridge to global capital that's increasingly hard to access directly in mainland China. For investors, this is a high-risk, high-reward play on the future of Generative AI within the world's second-largest economy.