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According to a source from Tencent, China's AI large model sector has reached a milestone. On December 17th, two leading unicorns, MiniMax (Xiyu Technology) and Zhipu AI (Zhipu Huazhang), both announced that they have passed the Hong Kong Stock Exchange's listing review. If the process proceeds smoothly, these two companies will break the fastest approval record for mainland enterprises listing in Hong Kong under the "filing system" and officially start the competition for the title of "First Global Large Model Stock."
The news indicates that MiniMax and Zhipu AI both obtained the China Securities Regulatory Commission's overseas listing filing this week. MiniMax passed the review on December 17th and plans to list on January 2026, avoiding the upcoming Christmas holiday. As the first domestic large model company to submit an IPO application in Hong Kong, MiniMax's underwriting team includes top investment banks such as UBS. Meanwhile, there are rumors that Zhipu AI participated in the review on December 16th, with its underwriters including CICC.
As top performers among the "Six Little Dragons of AI," both companies are backed by extremely prestigious investment teams. MiniMax's shareholders include Alibaba, Tencent, Sequoia China, Hillhouse Capital, and IDG; while Zhipu AI originated from the technology transfer of Tsinghua University and has received deep support from Meituan, Ant Group, Xiaomi, and several state-owned institutions. With both giants entering the Hong Kong stock market, a new capital track centered on AGI base models has officially begun.