The A-share listing journey of MiniMax, a leading domestic AI large model company, has reached new progress. CITIC Securities recently officially released the second-phase progress report on the tutoring work for MiniMax's initial public offering and listing.
According to the disclosed report, this tutoring cycle runs from July 10, 2026 to October 13, 2026. During this period, CITIC Securities and other intermediaries mainly completed core work including comprehensive due diligence, organizing centralized tutoring sessions, and maintaining regular communication between the intermediaries and the company, and urged MiniMax to further clarify its business development goals and formulate practical future development plans and plans for the use of raised funds.
Regarding corporate governance and internal control standardization, CITIC Securities pointed out that although MiniMax had previously established an internal governance structure and related management systems, there is still some room for optimization in actual implementation. As for the work arrangements for the next stage, the tutoring working group will continue to work together with Commerce & Finance Law Offices and Ernst & Young to continuously push forward rectification and improvement around enhancing the company's level of standardized operations and the requirements for tutoring acceptance, ensuring that the enterprise operates legally and compliantly.
As a leading domestic foundational large model company, MiniMax successfully listed on the Hong Kong Stock Exchange as early as January (1月) of this year, becoming the second domestic foundational large model company to land on the Hong Kong stock market after Zhipu. With the steady progress of this A-share IPO tutoring work, the company's capital market footprint is expected to expand further.