AsianFin -- MiniMax, a fast-growing Chinese AI startup backed by Alibaba, is exploring an initial public offering in Hong Kong, according to people familiar with the matter—potentially marking one of the first major public debuts among China’s new wave of generative AI firms.

The Shanghai-based company, often grouped among China’s so-called “AI Dragons” or “AI Tigers,” is targeting a listing as early as this year and has already engaged financial advisers, the sources said. The company is currently valued at around $3 billion.

The discussions remain preliminary, and key details including timing and valuation could still shift, the people noted, requesting anonymity as the information is not public. MiniMax declined to comment.

If successful, a MiniMax IPO would offer investors exposure to China’s next generation of AI innovators—firms aiming to challenge global leaders like OpenAI. MiniMax is one of several prominent domestic players racing to commercialize large language models. Zhipu AI is also preparing for a public debut, while January’s high-profile launch of DeepSeek further intensified investor interest in the sector.

MiniMax has attracted attention not only for its technological capabilities but also for its close ties to major backers such as Alibaba, as the competition heats up between startups and entrenched tech giants in the AI arms race.