MiniMax forms AI software unit in Zhuhai

Shanghai-based MiniMax plans to raise US$2 billion for frontier AI development. Founder Yan Junjie announced he will forgo a salary until the company reaches artificial general intelligence and will transfer shares to reward employees and support open-source developer communities. The company listed on the Hong Kong Stock Exchange in January 2026, and its shares experienced significant declines following the expiration of its six-month post-IPO lock-up period. Open article →