Chinese AI Unicorns MiniMax and Zhipu Said to Target Hong Kong IPOs Soon

Two Chinese artificial-intelligence startups seen as possible rivals to OpenAI aim to complete their Hong Kong initial public offerings in the coming weeks.

Shanghai-based MiniMax, backed by Alibaba Group Holding Ltd., Tencent Holdings Ltd. and others, plans for its IPO to take place as soon as January, people familiar with the matter said. The listing could raise hundreds of millions of dollars, they said, asking not to be identified discussing private information.