Chinese AI startup MiniMax, which went public in Hong Kong in January 2025 and saw its shares surge roughly 400%, is now exploring a secondary listing on Shanghai's STAR Market. The move would create an A+H dual-listing structure, giving the company access to mainland Chinese capital and domestic investors who cannot easily buy Hong Kong shares. The strategic rationale is partly financial and partly political, as Beijing pushes to keep AI funding onshore amid increasing restrictions on US capital flows to Chinese tech firms. MiniMax builds large language and multimodal models and counts Alibaba, Tencent, and miHoYo among its backers.
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