IPO News | 212 million global users! MiniMax, the world's first AGI share, is rumored to have passed the hearing

The Zhitong Finance App learned that according to exclusive information from Tencent News, MiniMax (Xiyu Technology) has been filed by the Securities Regulatory Commission and heard by the Hong Kong Stock Exchange. This big model unicorn is expected to land in Hong Kong stocks as the “world's first AGI stock”, becoming a scarce target for mass investors to participate in this AI wave.

MiniMax started its own full-mode self-research, and is “the only company in the world with four full modes to enter the first tier”. Its text model MiniMax M2 scored in the world's top 5 overall and number one in open source on Artificial Analysis, the video model Hailuo 02 series ranked in the top 3 in the world in multiple lists, and the speech model Speech02 series overwhelmed OpenAI to the top of the world in authoritative international rankings.

At the commercialization level, MiniMax has launched a series of AI applications, including MiniMax Agent, Conch AI, MiniMax Audio, Hoshino Talkie, and an open platform. It has more than 212 million users in over 200 countries and regions, and covers enterprises and developers in more than 100 countries and regions. It is one of the world's leading commercialized large-scale model companies. Its business model is mainly based on paid subscriptions and model call revenue, and has attracted much attention as a “sustainable sample of AI commercialization.”

The company's shareholders include top organizations such as Ali, Tencent, MihaTour, Gaowei, IDG, Sequoia China, and Jingwei. Industry analysis points out that the global big model industry and China's “artificial intelligence +” are developing at a remarkable rate. As a domestic big model leader, MiniMax has shown full modal technical strength and commercialization capabilities around the world, and is a scarce target in this explosive growth circuit. After its listing, it will fill the gap in the capital market and become the first AGI share to be taken by Hong Kong stock IPO capital in 2026.