The domestic large model sector has once again seen significant progress in the capital market. According to the latest IPO filing guidance disclosed on the official website of the China Securities Regulatory Commission (CSRC), the unicorn company in the large model field, MiniMax (MiniMax Group), has officially signed a listing counseling agreement with CITIC Securities on May 29, 2026. This marks the official start of the company's A-share IPO process.

Soon after this news was released, the capital market responded positively. On the morning of June 1, AI application-related stocks in the A-share secondary market rose sharply, showing widespread and active growth. Among them, SoftBank Power achieved a "20CM" strong涨停, while several core industry stocks such as Jiuru Software, Zhejiang University Network New, Shuyou Shares, VisionChina, Guangchuan Media, Zhangyue Technology, and Dashi Intelligent also touched the涨停 board during the trading session.

As a star enterprise in the field of artificial intelligence in China, MiniMax has recently had a smooth capitalization path. Before officially starting the A-share IPO counseling, the Hang Seng Tech Index had already included MiniMax-W and another major large model company, Zhipu, on May 22.

Looking at commercialization and financial performance, MiniMax has delivered a relatively solid performance. According to its first annual performance report after listing, the company achieved total revenue of 79.038 million U.S. dollars in 2025, an increase of 158.9% year-on-year, with over 70% of the revenue coming from the overseas international market, demonstrating strong global expansion capabilities.

At the same time, the company's profitability indicators have also significantly improved. Financial data show that MiniMax's gross profit reached 20.079 million U.S. dollars in 2025, an increase of 437.2% year-on-year, and the overall gross profit margin increased by 13.2 percentage points to 25.4%. Although the company still recorded an adjusted net loss of 250 million U.S. dollars, the loss rate has significantly narrowed compared to previous periods. With the coordinated advancement of capital layout in both regions, its commercial efficiency is expected to continue to improve.