Chinese AI firms MiniMax, Zhipu target Hong Kong IPOs in early 2026

Two Chinese artificial intelligence startups, MiniMax and Zhipu, are preparing for initial public offerings (IPOs) on the Hong Kong Stock Exchange in early 2026.

Summary

• MiniMax and Zhipu received approval from the China Securities Regulatory Commission (CSRC) to proceed with IPOs.
• Both companies announced plans to complete their Hong Kong IPOs by 2026.
• Meanwhile, in the U.S., investors fled AI-related tech names on Thursday after Oracle posted an earnings miss.

The firms have received approval from the China Securities Regulatory Commission (CSRC) to proceed with the listings, the companies stated.

MiniMax and Zhipu have secured backing from major Chinese technology companies Alibaba and Tencent, respectively.

Bloomberg first broke the news.

Both companies announced plans to complete their Hong Kong IPOs by 2026, according to the statements.

The planned listings would mark significant capital market entries for China’s artificial intelligence sector as the industry continues to attract investor attention amid global competition in AI development.

Meanwhile, in the U.S., investors fled AI-related tech names on Thursday after Oracle posted an earnings miss, raising alarms about how quickly companies can monetize their AI investments.

The company closed the day at -10%, trading at around $198.85.

Oracle carries more than $100 billion in debt tied to data center expansion. This factor weighed heavily on sentiment and hurt other AI-linked stocks, including Nvidia (closed -1.55%), Broadcom (-1.6%) and CoreWeave (-0.88%).