Chinese AI startups MiniMax and Zhipu are set to launch initial public offerings in Hong Kong by early 2026, following regulatory approval from the China Securities Regulatory Commission. MiniMax, which has attracted investments from Alibaba and Tencent, boasts a valuation of $2.5 billion after raising $850 million. Meanwhile, Zhipu has secured $140 million in state funding. Both companies are developing large language models to compete on a global scale. Hong Kong's Technology Enterprises Channel is expediting tech IPOs, with over 200 companies in the pipeline. The city's IPO market is projected to raise $300 billion by 2026, positioning Hong Kong as a key hub for Chinese technology listings.