Report: MiniMax plans to raise USD 600 million in its Hong Kong IPO, with Alibaba, Abu Dhabi, and others as cornerstone investors
According to reports, Chinese AI startup MiniMax, supported by Alibaba and the Abu Dhabi Investment Authority, plans to raise over $600 million through a Hong Kong IPO, aiming to become the first publicly listed domestic generative AI company. The company generated revenue of $30.5 million last year and is expected to start subscriptions as early as this week, with a listing anticipated in January. IDG Capital, Yichi Capital, and others will also participate in cornerstone investments
Chinese artificial intelligence startup MiniMax has received key support from Alibaba Group and the Abu Dhabi Investment Authority for its initial public offering in Hong Kong. This company, which has survived the domestic AI "hundred model battle," is seeking to become the first listed generative AI startup in China.
On December 30th, Bloomberg reported that sources revealed MiniMax plans to raise over $600 million through this IPO. The company is expected to start accepting investor subscriptions as early as Wednesday, with plans to complete the listing in January. However, discussions are still ongoing, and the scale and timing of the transaction may change.
MiniMax generated $30.5 million in revenue last year and is currently competing with other companies to become the first listed domestic generative AI startup.
In addition to the Abu Dhabi sovereign wealth fund and Alibaba, IDG Capital, Yida Capital, and Korea's Mirae Asset will also become cornerstone investors in this transaction. This investment lineup demonstrates global investors' interest in Chinese AI technology.
MiniMax's listing plan comes as the Hong Kong IPO market is sprinting to the year-end, with this year's fundraising amount expected to reach a four-year high. December has become the busiest IPO month for this Asian financial hub since 2019, with 25 companies completing their listings.
Meanwhile, competitor Zhipu AI is seeking to raise HKD 4.3 billion ($552 million) through a Hong Kong IPO, further highlighting the accelerating race for Chinese AI companies to go public
