MiniMax has turned the handle of the Hong Kong Stock Exchange.

On December 22, according to the China Securities Regulatory Commission's website, the Department of International Cooperation issued a filing notice regarding MiniMax's overseas issuance and listing, with the company planning to issue approximately 33.5772 million ordinary shares for overseas listing and trading on the Hong Kong Stock Exchange.

If successful in listing on the Hong Kong Stock Exchange, MiniMax is expected to become the AI company with the shortest time from inception to IPO.

Many believe that going public is the "lifesaver" for Chinese AI companies, and MiniMax is no exception. However, a glance at the prospectus reveals that MiniMax had already narrowed its net loss rate and gradually turned its gross margin from negative to positive before this, crossing the critical threshold and stepping onto a path of healthy development. For MiniMax, going public is not a lifesaver but an accelerator in its race toward AGI.

For the AI industry, especially for Chinese AI startups, the fact that a company has finally reached this stage is a confirmation that the industry is both achievable and trustworthy.

Against the backdrop of tightening financing, soaring computing costs, and repeated scrutiny of commercialization, an AI startup can still potentially reach the capital market through a more restrained approach.

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For AI startups at the current stage, going public signifies the commencement of the next phase.

Tech giants possess ample cash flow, enabling them to fund high-investment R&D. Despite this, in the past year alone, frequent instances of giants opting for additional capital acquisition have been observed. Meanwhile, startups engage in phased financing while advancing commercialization. In 2025 alone, Silicon Valley's star startups have been competing fiercely for funding, with news stories rolling in one after another, as the battle for capital in computing power, models, and long-term R&D has reached a white-hot stage.

Whether they can secure longer-term and more substantial funding affects the competitive lifecycle of AI startups.

Therefore, completing the capital path transition through an IPO and transitioning from the private market to the public market is the critical "lifeline" for startups.

However, going public also requires timing. For companies facing severe financial constraints, it can serve as a lifeline to deliver help in times of need.

Take OpenAI, which has been preparing for an IPO, as an example. This year, the company executed several large-scale transactions, with a notable case being a $300 billion five-year computing power agreement with Oracle. Such an extensive spending plan would likely be difficult for OpenAI to achieve without going public. It is also evident that the unease surrounding the AI industry in the second half of this year began with the deal between Oracle and OpenAI.