China's AI Powerhouses Set Sights on Hong Kong Market

In a remarkable coincidence that highlights China's growing dominance in artificial intelligence, two leading AI firms cleared major regulatory hurdles on the same day last week. MiniMax and Zhipu AI both passed their Hong Kong Stock Exchange listing reviews on December 17th, setting the stage for what could become a historic race to become the world's first publicly traded major AI model company.

The Road to Listing

The dual approvals came just days after both companies received clearance from China's securities regulator for overseas listings. Industry insiders note the unusually swift progress - if successful, these IPOs would set new speed records for mainland firms listing in Hong Kong under the current regulatory framework.

MiniMax, which filed its application first among domestic large model companies, plans to debut in January 2026 after navigating around the upcoming holiday season. The company has assembled an impressive underwriting team that includes financial heavyweight UBS.

Meanwhile, Zhipu AI - reportedly undergoing its review a day earlier on December 16th - has tapped China International Capital Corporation (CICC) as its lead underwriter. Both firms exemplify China's thriving "Six Little Dragons" of AI development.

Powerful Backers Behind the Scenes

The listings represent more than just corporate milestones - they showcase how China's tech establishment has rallied behind its homegrown AI champions. MiniMax counts Alibaba, Tencent, Sequoia China and Hillhouse Capital among its investors. Not to be outdone, Zhipu AI boasts roots tracing back to Tsinghua University technology transfers and enjoys strong support from Meituan, Ant Group and Xiaomi.

What makes these potential listings particularly significant is their timing. As global interest in artificial general intelligence (AGI) reaches fever pitch, these offerings could establish Hong Kong as Asia's premier destination for cutting-edge tech investment.

The coming months will reveal whether one or both companies successfully complete their IPO journeys. Either way, December 17th may well be remembered as the day when China's AI ambitions took center stage in global financial markets.

Key Points:

• Historic moment: First potential public offerings from major Chinese AI model developers
• Competitive landscape: Both firms cleared HKEX reviews simultaneously with strong investor backing
• Market implications: Could establish new benchmarks for Asian tech IPOs amid growing AGI interest