Topic: IPO

We examine the recent IPO filings of Zhipu AI and MiniMax, two leading Chinese AI unicorns preparing to list in Hong Kong. Zhipu AI focuses on the B/G sector with over 8,000 institutional users, aiming to be the foundational infrastructure for domestic enterprises through localized deployments. Conversely, MiniMax targets the global consumer market, generating 70% of its revenue from overseas through products like Talkie and reaching a massive scale of 27 million MAUs. While both companies show explosive revenue growth, they face significant financial pressure due to massive R&D and compute costs, with current cash reserves estimated to last only one to two years. This analysis highlights a critical juncture for AI startups transitioning to public market scrutiny amidst fierce domestic price competition.