Chinese AI Startups MiniMax and Zhipu Disclose Finances Ahead of Hong Kong IPOs

Two Chinese artificial intelligence startups — MiniMax and Zhipu AI — have revealed their financial results for the first time, signaling growing momentum toward initial public offerings in Hong Kong.

The disclosures come as both companies position themselves to become China’s first domestically developed generative AI firms to go public, marking an important step for the country’s fast-growing but tightly regulated AI sector.

Revenue Snapshot

According to the newly released figures, Zhipu AI generated 312.4 million yuan ($44.4 million) in revenue during 2024. The company focuses on large language models and AI solutions tailored primarily for government-affiliated and enterprise clients, a segment that has seen steady demand despite broader tech-sector pressures.

MiniMax reported $30.5 million in 2024 revenue. Its product lineup is more internationally oriented, spanning AI-powered virtual companions, creative tools, and video-editing applications aimed at global users.

Strategic Backing and Valuations

Both startups are backed by major Chinese technology groups, including Alibaba and Tencent, lending them strategic credibility as they approach public markets.

Despite that support, MiniMax and Zhipu AI are each valued at roughly $4 billion — underscoring a widening valuation gap with U.S. and European AI peers, many of which command significantly higher multiples.

IPO Timing and Market Context

The timing is notable. Investor appetite for AI-related listings remains selective, particularly in Hong Kong, where regulators continue to scrutinize data security, cross-border technology exposure, and commercial sustainability.

Analysts view the disclosures as a necessary transparency step rather than an immediate valuation catalyst. Revenue growth, client diversification, and a clear path to profitability are likely to shape IPO outcomes.

For China’s AI sector, the signal is clear: the transition from private experimentation to public-market accountability has begun.