HomeMiniMax Launches A-Share IPO Tutoring, AI App Concept Stocks Hit Limit Up
The domestic large model sector is making notable strides in the capital market once again. According to the latest IPO filing guidance published on the China Securities Regulatory Commission (CSRC) website, the large model unicorn MiniMax (MiniMax Group) officially signed a listing counseling agreement with CITIC Securities on May 29, 2026, marking the start of its A-share IPO process.
Shortly after the news broke, the capital market reacted positively. On the morning of June 1, AI application-related stocks in the A-share secondary market surged broadly, with widespread and active gains. Among them, SoftBank Power hit a strong 20% daily limit-up, while several core industry stocks—including Jiuru Software, Zhejiang University Network New, Shuyou Shares, VisionChina, Guangchuan Media, Zhangyue Technology, and Dashi Intelligent—also reached the daily limit during the session.
As a leading artificial intelligence company in China, MiniMax has been advancing smoothly on its capitalization path. Before officially beginning A-share IPO counseling, the Hang Seng Tech Index had already included MiniMax-W and another major large model firm, Zhipu , on May 22.
In terms of commercialization and financial performance, MiniMax delivered solid results. According to its first annual post-listing performance report, the company achieved total revenue of $79.038 million in 2025, a 158.9% year-over-year increase, with over 70% of revenue coming from international markets, demonstrating strong global expansion capabilities.
At the same time, profitability metrics improved significantly. Financial data shows MiniMax's gross profit reached $20.079 million in 2025, up 437.2% year-over-year, and the overall gross margin rose by 13.2 percentage points to 25.4%. Although the company still recorded an adjusted net loss of $250 million, the loss rate narrowed substantially compared to prior periods. With coordinated capital deployment across both regions, its commercial efficiency is expected to continue improving.
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The domestic large model sector is making notable strides in the capital market once again. According to the latest IPO filing guidance published on the China Securities Regulatory Commission (CSRC) website, the large model unicorn
Shortly after the news broke, the capital market reacted positively. On the morning of June 1, AI application-related stocks in the A-share secondary market surged broadly, with widespread and active gains. Among them,
As a leading artificial intelligence company in China, MiniMax has been advancing smoothly on its capitalization path. Before officially beginning A-share IPO counseling, the Hang Seng Tech Index had already included
In terms of commercialization and financial performance, MiniMax delivered solid results. According to its first annual post-listing performance report, the company achieved total revenue of $79.038 million in 2025, a 158.9% year-over-year increase, with over 70% of revenue coming from international markets, demonstrating strong global expansion capabilities.
At the same time, profitability metrics improved significantly. Financial data shows MiniMax's gross profit reached $20.079 million in 2025, up 437.2% year-over-year, and the overall gross margin rose by 13.2 percentage points to 25.4%. Although the company still recorded an adjusted net loss of $250 million, the loss rate narrowed substantially compared to prior periods. With coordinated capital deployment across both regions, its commercial efficiency is expected to continue improving.
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