AI company MiniMax Group Inc. (0100.HK) said on Sunday that it is exploring a potential second listing on the Nasdaq-style STAR Market in Shanghai to complement its existing listing in Hong Kong.
MiniMax said it will engage professional advisors and enter into consultations and negotiations with securities and regulatory authorities as it explores the plan. The company noted that any final decision will depend on market conditions and mandatory regulatory approvals.
The company earned $79.04 million in revenue last year, up 158.9% year-over-year. Despite the high growth rate on its top line, the company remained firmly in the red, reporting its net loss quadrupled from 2024 to reach $1.87 billion last year, while its adjusted loss ticked up slightly to approximately $250 million.
Shares of MiniMax opened up 5.2% at HK$884 on Monday, but later reversed course and were down 14.6% at $717 at the midday break. The company made its Hong Kong debut in January at an IPO price of HK$165 per share. The stock has soared since then, rising as high as HK$1,330 before falling back to current levels.
By Lau Chi Hang
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