Chinese AI Startups MiniMax and Zhipu Move Toward 2026 Hong Kong IPOs
Two of China’s rising artificial intelligence companies—MiniMax and Zhipu—are preparing to go public on the Hong Kong Stock Exchange in early 2026, marking major upcoming listings in the country’s fast-growing AI sector.
Both companies confirmed that they have received official approval from the China Securities Regulatory Commission (CSRC) to advance with their IPO plans. According to their statements, each firm intends to complete the public listings by 2026.
MiniMax and Zhipu have attracted significant backing from China’s tech giants. MiniMax is supported by Alibaba, while Zhipu is backed by Tencent, giving the startups strong corporate alliances as they enter global capital markets. The developments were first reported by Bloomberg.
A Milestone for China’s AI Industry
The upcoming IPOs would represent some of the most notable capital-raising events within China’s AI ecosystem, coming at a time when global competition in artificial intelligence development continues to intensify. Analysts say the listings could further boost investor confidence in China’s AI innovation and commercial potential.
US Market Reacts to Oracle Earnings Miss
While Chinese AI firms move toward expansion, U.S. markets saw the opposite reaction this week. Investors pulled out of AI-related tech stocks on Thursday after Oracle reported quarterly earnings below expectations.
Oracle shares fell 10%, closing near $198.85, as concerns mounted over the company’s ability to quickly monetize its AI-driven data center investments. Oracle also carries over $100 billion in debt, much of it tied to data center expansion—a factor that weighed heavily on investor sentiment.
The sell-off rippled across other major AI-linked stocks:
- Nvidia: –1.55%
- Broadcom: –1.6%
- CoreWeave: –0.88%
Analysts say the decline reflects a broader market question: Is the pace of AI spending outpacing short-term revenue growth?
