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MiniMax Group, the Chinese artificial intelligence company, has formally begun preparations to sell shares in mainland China, a move that would give onshore investors access to an AI player beyond chipmakers and complete a dual-listing alongside its Hong Kong listing. The Shanghai-headquartered company signed an agreement with Citic Securities on Friday, hiring the brokerage to help prepare for a sale of yuan-denominated shares, as reported by the South China Morning Post.

While other details of the listing remain scarce, it is widely expected that MiniMax will trade on the Star Market, a technology-heavy board under the Shanghai Stock Exchange that is dominated by China's leading AI chipmakers.

Coverage comparison

The South China Morning Post reported on two related developments. One article detailed MiniMax's mainland China listing plans, while another covered the upcoming inclusion of MiniMax Group and Knowledge Atlas Technology – also known as Zhipu AI – in the Hang Seng Tech Index next month. The index inclusion follows investor criticism that Hong Kong's primary technology gauge has underperformed by missing out on the global artificial intelligence boom.

In the same statement, Hang Seng Indexes Co said it would also add three companies to the benchmark Hang Seng Index: Shanghai-based courier J&T Global Express, lightweight metal giant Aluminum Corp of China, and Beijing-founded global drug firm BeOne Medicines. These additions are part of a long-term plan to increase the number of blue-chip constituents to 100. The three companies will be added after the market close on June 5, raising the tally of constituents to 93 from 90, with no deletions, according to the compiler.

Key claims

  • MiniMax Group signed an agreement with Citic Securities on Friday to prepare for a yuan-denominated share sale in mainland China.
  • MiniMax is expected to trade on the Star Market, a technology-heavy board under the Shanghai Stock Exchange.
  • Global investors are increasing their bets on tech companies, following hyperscalers' investments in AI infrastructure gaining momentum and the easing of Middle East tensions boosting the appeal of risk assets.
  • The Nasdaq-100 index rose to a record on Friday, and markets in South Korea and Taiwan also hit all-time highs last week.
  • MiniMax Group and Knowledge Atlas Technology will join the Hang Seng Tech Index next month.
  • The Hang Seng Index has remained little changed this year after a 28 per cent gain in 2025, which made it one of the world's best-performing equity benchmarks.
  • The Hang Seng Indexes Co will add J&T Global Express, Aluminum Corp of China, and BeOne Medicines to the benchmark Hang Seng Index.
  • The Star Market 50 index hit a record on Monday, taking its gain this year to about 30 per cent.
  • MiniMax shares rose 0.4 per cent to HK$840 in Hong Kong on Friday, valuing the company at HK$264 billion, and have jumped 400 per cent since its IPO in January.

Context

The announcement comes as MiniMax's stock has surged since its initial public offering in January, with shares up 400 per cent. The company is among the latest AI firms to tap funding on China's onshore stock markets, following the approval of ChangXin Memory Technologies' 29.5 billion yuan IPO last week and the upcoming review of Unitree Robotics' application.

Global investors' interest in AI stocks is at an all-time high, with the Nasdaq-100 reaching a record on Friday. The energy shock from the drawn-out US-Israel war on Iran and concerns about weak results from China's big tech platforms have weighed on investor sentiment in Hong Kong, according to the Post.

Hansoh Pharmaceutical and Akeso will also join the Hang Seng China Enterprises Index, which tracks mainland Chinese companies trading in Hong Kong.