MiniMax IPO Fever: Hong Kong Investors Flock to China's AI Pioneer
MiniMax IPO Sets Hong Kong Market Ablaze
Hong Kong's financial district buzzed with excitement today as MiniMax (0100.HK), China's trailblazer in multimodal AI technology, wrapped up its highly anticipated initial public offering. The numbers tell a story of extraordinary market confidence: HK$253.3 billion raised and public subscriptions exceeding available shares by an eye-popping 1,209 times.
Pricing at the Top
The company plans to issue 25.4 million shares globally priced between HK$151-HK$165 per share. Given the overwhelming demand, insiders suggest the final price will likely hit the upper limit - potentially valuing MiniMax north of HK$50 billion when trading begins January 9.
"This isn't just another tech listing," notes Li Wei, a fintech analyst at Futu Securities. "MiniMax represents China's first major large model pure-play hitting public markets. Investors see them as potentially becoming the OpenAI of Asia."
Who's Betting Big?
The investor roster reads like a who's who of global finance:
- Alibaba Group
- Abu Dhabi Investment Authority (ADIA)
- Aspex Master Fund
- Boyu Capital
These cornerstone investors alone committed HK$2.723 billion, signaling strong institutional confidence in MiniMax's vision.
From Startup to Public Company in Record Time
Founded barely two years ago by SenseTime alum Yan Junjie, MiniMax has achieved what few startups can claim:
- Developed breakthrough products like "Hailuo AI" and "Xingye"
- Expanded to 200+ countries/regions
- Grew revenue 170% year-over-year (Jan-Sept 2025)
- Earned over 70% of revenue from overseas markets
The company plans to allocate nearly all IPO proceeds (90%) toward R&D investments over the next five years - focusing on core model evolution and innovative AI applications.
What Makes Investors Excited?
- First-Mover Advantage: As the inaugural listing among China's "Six Small Tigers" of large models
- Global Traction: Unusually strong international adoption for a Chinese tech firm
- Revenue Growth: Demonstrated ability to monetize cutting-edge AI research
- Founder Pedigree: Leadership with proven track record at SenseTime
- Technology Stack: Full-spectrum capabilities spanning text-to-image/video/speech generation
The January 9 listing will mark a watershed moment - not just for MiniMax but for China's entire AI ecosystem attempting to compete globally.