Mianbi Intelligent has officially kicked off the guidance process for an A-share IPO — a mainland China listing — with CITIC Securities serving as the guidance institution. The filing materials show the company currently has no controlling shareholder; its largest shareholder, Beijing Qingyu Qihang, holds 16.45%. Mianbi is still in the pre-IPO guidance stage and hasn't moved into the application phase yet.
Mianbi focuses on on-device large models — running LLMs directly on phones, cars, PCs, and robots, locally. Its core product line is the MiniCPM series, and the open-source models have racked up more than 38 million downloads. They're already built into mass-production vehicles from Changan, SAIC, and Geely.
The fundraising pace has been intense. In Q1, Mianbi closed two consecutive rounds worth more than 1 billion yuan combined. Then, after closing another round in July, the company's first-half funding tally crossed 5 billion yuan, pushing its valuation beyond 20 billion yuan and making it the highest-valued unicorn in edge intelligence.
In June, the Shanghai Stock Exchange adjusted the fifth set of listing standards on the STAR Market — China's Nasdaq-style tech board — so eligible AI large-model companies can also use it. Mianbi's filing doesn't yet disclose which board it plans to target, so there's no word yet on whether it'll take that route.