AsianFin -- MiniMax, one of China’s leading AI startups, is set to complete a new funding round of nearly $300 million, pushing its valuation above $4 billion, according to people familiar with the matter.

The funding, equivalent to around 2.2 billion yuan, would value the company at more than 28.8 billion yuan. One of the sources said that MiniMax is also actively exploring a potential listing on China’s A-share market.

The Shanghai-based AI company is considered one of the top players in China’s generative AI space, alongside firms like Moonshot AI, Zhipu AI, and Baichuan.