According to informed sources, Shanghai-based AI unicorn company MiniMax has officially passed the Hong Kong Stock Exchange's listing hearing and is expected to become the first domestic large model company to list on the capital market. In response, MiniMax stated "no comment."

As a leading player in the domestic large model sector, MiniMax has attracted significant attention since its inception, with shareholders including internet giants such as Alibaba and Tencent. Previously, the market generally expected that MiniMax, Zhipu AI, and Moonshot AI, among other leading large model companies, were competing to be the "first domestic large model stock." The Hong Kong Stock Exchange became the preferred listing destination due to its inclusiveness toward unprofitable tech companies.

If successfully listed, MiniMax will become the second AI-native company to list on the Hong Kong stock exchange after SenseTime. However, unlike previous listings, its core assets are not computer vision but an AI infrastructure and product matrix based on large language models and multimodal generation technologies. This move not only validates the capital market's recognition of the commercialization path for large models, but it may also open the door for future AI company IPOs.

Currently, MiniMax has not disclosed specific fundraising scales or an issuance timetable. However, with its successful hearing, the capital race of domestic large models has entered its final sprint phase — whoever rings the bell first may define the valuation anchor point of the new era of Chinese AI.