AI D​A​M​N/China's AI Giants Race to Become First Publicly Listed Large Model Company

China's AI Giants Race to Become First Publicly Listed Large Model Company

The Rush for China's First AI Stock Listing

China's artificial intelligence sector is witnessing a dramatic shift from technological innovation to financial maneuvering as three leading AI companies quietly compete for the coveted title of "China's first publicly listed large model company."

The Contenders Emerge

According to multiple industry sources, Shanghai-based MiniMax appears closest to ringing the bell at Hong Kong's stock exchange. Bloomberg reports the company could launch its initial public offering as early as January 2026, potentially raising billions in capital. Backed by tech heavyweights Alibaba and Tencent, MiniMax enjoys significant ecosystem advantages that could accelerate its commercialization efforts.

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Not far behind is Zhipu AI, which has reportedly pivoted from mainland China exchanges to Hong Kong for its listing plans. Industry insiders suggest Zhipu may file its application around the same timeframe as MiniMax. Both companies are currently navigating regulatory discussions with authorities, though final approval from China's securities watchdog remains pending.

The Dark Horse

Moonshot AI presents an interesting case in this three-way race. While its flagship product Kimi currently ranks sixth in domestic AI assistant usage with about 9 million monthly active users (according to QuestMobile data), the company continues turning heads with its technical prowess in areas like long-context reasoning and document understanding.

"What Moonshot lacks in current user numbers, it makes up for in technological promise," notes a Beijing-based tech analyst who requested anonymity due to client relationships. "Investors are clearly betting on future potential rather than just present metrics."

The Uphill Battle Against Big Tech

The current landscape reveals significant challenges for independent AI firms. Monthly active user rankings show big tech products dominating:

  • Douyin's Doudou
  • DeepSeek's eponymous assistant
  • Ant Group's Yuanbao

top the charts, benefiting from their parent companies' massive user bases and ecosystem integrations.

For standalone players like MiniMax and Zhipu, going public isn't just about prestige—it's becoming a survival strategy. The capital raised would fuel both technological advancement and business-to-business commercialization efforts critical for competing against deep-pocketed tech giants.

What Comes Next?

The coming months will prove decisive as these companies navigate:

  • Regulatory approvals
  • Investor appetite
  • Market conditions
  • Last-minute competitive moves

The winner of this quiet race won't just claim bragging rights—it could gain crucial first-mover advantage in China's rapidly evolving AI landscape.

Key Points:

  • MiniMax leads IPO timeline with potential January 2026 listing
  • Zhipu AI shifted strategy from mainland to Hong Kong exchange
  • Moonshot bets on technical strengths despite smaller user base
  • Big tech products currently dominate consumer AI usage
  • Successful listing could provide crucial funding for B2B expansion