🚀 MiniMax at warp speed: The Shanghai startup is on track for what could be the world’s fastest AI IPO—just four years after founding. In Hong Kong, it is targeting up to USD 700 million at a valuation above USD 4 billion.
📉 Capital hunger is real: Revenue jumped in 2024 from USD 2.5M to USD 30.5 million, while losses widened to USD 465M. With roughly USD 280M in monthly R&D and infrastructure spend, the IPO is a funding necessity, not a vanity move.
💻 Biren brings the chips: As the first mainland GPU developer to list in Hong Kong, Biren Technology debuts on January 2, aiming to raise USD 624M. About 85% of proceeds will go into R&D to challenge Nvidia’s roughly 98% market share.
🔥 AI hardware hype: Blockbuster debuts by peers Moore Threads (+425%) and MetaX (+693%) have supercharged sentiment. Biren has already locked in 23 cornerstone investors, covering more than half of the deal.
🏦 Capital for AI: Hong Kong is becoming the stage for China’s tech sovereignty push. With MiniMax, Biren, and soon Zhipu AI, the country’s “AI tigers” are heading to public markets to shift from state funding to private capital.
Background
China is systematically opening capital markets to AI companies for the first time. Heavy losses are tolerated as long as technological self-reliance advances. These IPOs mark the transition from a state-funded buildout to a market-based stress test—with 2026 shaping up as the decisive year for momentum or reality check.
The China Survival Guide for Western Businesses
Entity setup, WeChat strategy, hiring your first local team. 12+ years on the ground in Shanghai.
