MiniMax Photo: VCG

Shanghai-based AI startup MiniMax confirmed to the Global Times that it has passed the Hong Kong Stock Exchange (HKEX) hearing and published a post-hearing information pack (PHIP), positioning itself as possibly the fastest company to list after its founding.

MiniMax has become the second Chinese AI company to clear the HKEX hearing, following Zhipu AI's filing on December 19 the Securities Times reported.

Founded by Yan Junjie in early 2022 , MiniMax describes itself as a "born-global" developer of generative AI models and has built an AI portfolio that serves both consumer and corproate users, including the Hailuo AI video tool, Talkie AI and the Xingye chatbot, alongside an open platform for developers and businesses. The company's work force stood at 385 employees with an average age of 29.

MiniMax reported rapid revenue growth in the prospectus on Sunday. For the first nine months of 2025 it posted business revenue of $53.44 million, up 175 percent from $19.45 million in the same period of 2024. Full-year revenue was $3.46 million in 2023 and $30.52 million in 2024. The firm said more than 70 percent of its 2025 first-nine-months revenue came from overseas markets.

As of September 30, MiniMax reported more than 212 million individual users of its products across more than 200 countries and regions, and some 130,000 enterprise customers spanning over 100 countries.

According to MiniMax's prospectus, the cost of its large model is only 1 percent of OpenAI's. OpenAI spent $40 billion to $55 billion to build its model ecosystem, while MiniMax has become a world-leading full-modal company with less than 1 percent of that amount, according to the Securities Times report.

Looking forward, MiniMax said that it plans to pursue commercialization by leaning on fast growth, continuously improving model intelligence, widening access by lowering costs for users, expanding monetization channels for AI-native products, and optimizing organizational efficiency and scalability.

"As a large language model (LLM) startup, we deeply understand the importance of AI technological innovation for economic and social development," Yan Junjie, founder of MiniMax, told the Global Times in an earlier interview.

A CITIC Securities note pointed out that MiniMax is one of the few companies in the world with leading capabilities in the three major modes of text, video and audio. 

The research note mentioned that MiniMax has made breakthroughs in different modalities over the past three years, covering fields such as AI social networking, video, programming, and AI agents. It has launched a speech synthesis model in 2023, a video and music generation model in 2024, and a new text model, M2, in 2025, according to the report.

The global LLM market continues to develop rapidly, and will likely exceed $300 billion by 2030, according to International Data Corporation (IDC). 

AI will contribute $19.9 trillion to the global economy by 2030, driving a 3.5 percent increase in global gross domestic product that year. The IDC data also showed that China's total investment in AI is expected to reach $111.4 billion by 2029, with a five-year compound growth rate of 25.7 percent.