China's large model sector is rapidly shifting from technological competition to capital racing. According to multiple media reports citing market sources, three leading AI unicorns - MiniMax, Zhipu AI, and Moonshot AI - are actively advancing their plans for a Hong Kong IPO, aiming to claim the prestigious title of "China's First Large Model Company." None of the three companies have publicly commented, but cross-verified information from multiple sources indicates that a covert battle over the timing of their listings has already begun.
MiniMax may become the first to ring the bell. Bloomberg reported that this Shanghai-based AI company could start its IPO as early as January 2026, with an expected fundraising of several billion dollars. Its shareholder list includes tech giants such as Alibaba and Tencent, providing strong ecosystem support for its commercialization path. Meanwhile, Zhipu has also shifted its original plan to list on the mainland exchange to the Hong Kong Stock Exchange, and is expected to submit its application around the same time as MiniMax. Both companies are currently communicating with regulatory authorities about the details of the issuance, and the final plan still needs approval from the China Securities Regulatory Commission, with possible adjustments.
Notably, another major player, Moonshot AI, is also intensively preparing for a Hong Kong IPO. Although its star product Kimi has not yet topped the user scale - according to QuestMobile's third-quarter data, Kimi has about 9 million monthly active users, ranking sixth among domestic AI assistants - its leading advantages in technical indicators such as long-context reasoning and document understanding continue to attract attention in the capital market. In comparison, the AI assistant products of MiniMax and Zhipu rank lower in monthly active users, and their commercialization outcomes remain to be verified.
The top three in terms of monthly active users for domestic AI assistants are currently occupied by Douyin's Doudou, DeepSeek's DeepSeek, and Ant Group's Yuanbao, reflecting the natural advantages of big tech companies in traffic entry points and scenario integration. Independent model companies like MiniMax and Zhipu, however, urgently need to raise capital through listing to accelerate technological iteration and B-end commercialization, in order to break through in the ecosystem surrounded by big companies.
