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Xinmei Shen

MiniMax’s founder and CEO has pledged to forgo his salary until the company achieves artificial general intelligence (AGI), as the Chinese AI firm launches a US$2 billion capital raising to fund its frontier technology goals after its stock plunged 80 per cent from its peak.
In an internal memo sent to employees on Friday and seen by the South China Morning Post, Yan Junjie said MiniMax remained committed to its long-term mission despite “external noise” and market fluctuations.
“Effective today, and until the day we achieve AGI, I will no longer accept any salary from the company,” wrote the 36-year-old founder, who also serves as board chairman and chief technology officer. “I am committing all my time, energy and resources to this mission.”
AGI refers to AI that can match or exceed human cognitive abilities in all fields.
To boost morale, Yan vowed to redistribute a portion of his personal wealth, pledging to transfer personal shares equivalent to 4 per cent of the company’s total equity to reward team members who “fight alongside the firm for the long haul”.
Yan also said he would allocate another 1 per cent of the company’s total shares from his holdings to establish a dedicated fund supporting open-source developer communities.
The gestures come at a critical juncture for the Shanghai-based firm. Its shares plunged nearly 18 per cent on Thursday and skidded another 12 per cent on Friday morning, hit by a wave of selling after a six-month post-initial public offering lock-up period expired earlier this week.
Trading at around HK$260 on Friday, the stock has plummeted nearly 80 per cent from its March peak of HK$1,238.

MiniMax is not alone in dealing with the post-lock-up storm. Domestic rival Zhipu AI – known internationally as Z.ai and listed in Hong Kong as Knowledge Atlas Technology – has faced similar turbulence.
But while Zhipu’s shares tumbled over 14 per cent on Monday, they managed a partial recovery to HK$2,032 by Thursday – nearly seven times MiniMax’s Thursday closing price of HK$297.40. However, Zhipu followed MiniMax back into the red on Friday morning, sliding nearly 12 per cent.
A lock-up expiry typically triggers volatility as early investors and insiders finally gain the liquidity to trim their stakes. However, it also opens a window for companies to raise fresh capital by issuing new shares.
MiniMax said in a Hong Kong exchange filing on Friday morning that it planned to raise HK$9.5 billion (US$1.2 billion) by issuing 35.6 million new shares at HK$268 each, alongside another HK$6.5 billion via convertible bonds.
According to the company, 80 per cent of the combined HK$16 billion haul would fund AI infrastructure and model research and development, while 10 per cent would support global market expansion and the upgrade of its coding products like MiniMax Code.
Following the global success of advanced coding agent platforms like Anthropic’s Claude Code this year, Chinese tech giants and start-ups alike have raced to deploy rivals.


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Artificial intelligence (AI)

MiniMax CEO forgoes salary until ‘AGI achieved’ as firm seeks US$2b amid 80% stock plunge

The MiniMax logo is displayed on a smartphone in this arranged picture taken on May 11, 2026. Photo: Shutterstock Images

MiniMax founder and CEO Yan Junjie (second left) at the company’s Hong Kong listing ceremony on January 9, 2026. Photo: Reuters

Tech

Tech Trends

Yan Junjie said the company remains committed to its long-term mission despite ‘external noise’ and market fluctuations


Yan Junjie said the company remains committed to its long-term mission despite ‘external noise’ and market fluctuations.


MiniMax CEO forgoes salary until ‘AGI achieved’ as firm seeks US$2b amid 80% stock plunge

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Yan Junjie said the company remains committed to its long-term mission despite ‘external noise’ and market fluctuations

Yan Junjie said the company remains committed to its long-term mission despite ‘external noise’ and market fluctuations