Alibaba-Backed ‘AI Dragon’ MiniMax Plans Hong Kong IPO (1)

MiniMax is considering an initial public offering in Hong Kong, people familiar with the situation said, in what would be a landmark industry debut for a Chinese AI startup valued at about $3 billion.

MiniMax, one of the country’s so-called AI Dragons or Tigers, could aim to list as soon as this year, according to the people, who asked not to be identified because the information is confidential. The Shanghai-based company has hired financial advisers for the IPO, they said.

Deliberations are ongoing and details such as valuation and timing could change, the people said. The company didn’t respond to ...