MINIMAX-WP (00100) surged 5.36% in early intraday trading on Monday, following news that the AI startup is advancing its plans for a mainland China listing and has launched a new flagship model.

The stock's sharp rise comes after the company officially commenced its A-share initial public offering process by signing an agreement with CITIC Securities on May 29. Concurrently, reports indicate the company is exploring a potential listing on the Shanghai Stock Exchange, which would provide access to a new pool of domestic investors.

Adding to the positive sentiment, MINIMAX announced the launch of its new MiniMax M3 model, which boasts cutting-edge capabilities in programming and agent operations, supports an ultra-long context, and is a native multimodal model. The company also disclosed strong operational metrics, with its annualized recurring revenue growing by over 100% in the past two months and its global enterprise customer base expanding fivefold over the last six months.