On May 28, Yan Junjie, founder and CEO of Shanghai MiniMax Technology Co., Ltd. (MiniMax), appeared as one of five private entrepreneur representatives at the State Council Information Office's press conference for Chinese and international journalists themed "Strivers on the New Journey." The event, centered around "Forging Ahead in the 15th Five-Year Plan: Private Enterprises Shoulder Responsibility," saw Yan—a Henan-born entrepreneur from 1989—as the youngest representative on stage.
From "Entrepreneur" to "National Strategy Participant"
Yan Junjie's appearance carries symbolic significance. Founded in 2022, MiniMax was listed on the Main Board of the Hong Kong Stock Exchange in January 2026, becoming the first among China's AI new forces to go public. On the national stage of the State Council Information Office, Yan's identity transcends that of a mere entrepreneur—he serves as a "civilian spokesperson" for China's AI industry strategy during the 15th Five-Year Plan period.
This arrangement closely aligns with signals from the National Development and Reform Commission's May press conference, which indicated plans to accelerate the rollout of supporting documents for the "AI+" initiative and conduct legislative research on artificial intelligence. MiniMax, as a representative of "AI+Content" (with applications such as Hailuo AI and Xingye), joins "AI+Manufacturing" (embodied intelligence) and "AI+Finance" (Ant Group) in painting a comprehensive picture of China's AI industry landscape.
The "IPO Wave" of China's AI New Forces
MiniMax's listing under Yan Junjie epitomizes the transition of China's AI new forces from "unicorns" to "public companies":
| Company | Listing Date | Exchange | Core Products |
|---|---|---|---|
| MiniMax | January 2026 | HKEX | Hailuo AI, Xingye |
| SenseTime | December 2021 | HKEX | Computer Vision |
| UBTECH | December 2023 | HKEX | Humanoid Robots |
| Cloudwalk | July 2022 | STAR Market | Computer Vision |
| iFLYTEK | May 2008 | SZSE | Speech Recognition |
Differentiated Paths from DeepSeek and ByteDance
MiniMax's "Content AI" approach forms a differentiated competitive landscape against DeepSeek's "ultimate cost-performance" strategy and ByteDance's "full-stack infrastructure" model:
DeepSeek: Open-source + low-cost pricing, capturing the developer ecosystem
ByteDance: US$70 billion investment, building domestic computing power + model foundation
MiniMax: C-side content applications (AI chat, AI video), pursuing user stickiness and paid conversion
Conclusion
Yan Junjie's appearance at the State Council Information Office marks a pivotal moment as China's AI industry transitions from "unruly growth" to "national strategy." While the United States attracts global AI talent through "deregulation," China employs a tripartite model of "national strategy + industrial policy + capital markets" to integrate its AI new forces into the broader national development framework. MiniMax's IPO, DeepSeek's price cuts, and ByteDance's US$70 billion investment—these three paths collectively form China's AI industry "combined strike force." Yet challenges persist: MiniMax's content AI faces regulatory uncertainties (compliance boundaries for AI-generated content); DeepSeek's low-cost strategy demands sustained technological iteration; ByteDance's US$70 billion bet requires commercial returns for validation. Yan Junjie's "relaxed" demeanor at the State Council Information Office may well reflect China's AI new forces transitioning from "survival anxiety" to "strategic confidence."