MiniMax, Zhipu plan Hong Kong IPOs by January 2026, with Zhipu targeting $300M

On December 11, 2025, MiniMax and Zhipu said they are preparing Hong Kong IPOs, aiming to list in early 2026. MiniMax could raise hundreds of millions, while Zhipu is targeting about $300 million, according to people familiar with the matter. Both Alibaba- and Tencent-backed companies still need CSRC approval after the exchange’s review.