MiniMax 或將 IPO 價格定在指導價區間高端，並提前結束認購

On January 5th, according to media reports, Chinese artificial intelligence startup MiniMax plans to set its Hong Kong initial public offering (IPO) price at the high end of the indicative range. This move reflects a resurgence of investor enthusiasm for Chinese tech startups, with strong interest in this emerging field.

According to sources familiar with the matter, the Shanghai-based company may sell shares at a price of HKD 165 per share. Given the strong subscription demand, the company plans to stop accepting orders from institutional investors at 5 PM local time on Monday (January 5th), a day earlier than originally scheduled.

It is reported that MiniMax's IPO has attracted subscription demand several times the issuance volume, with investors including sovereign wealth funds and global long-only funds. If priced at the high end of the guidance range, MiniMax will raise at least HKD 4.2 billion (approximately USD 538 million). The company is expected to officially list on Friday (January 9th).

As a company supported by Alibaba Group and the Abu Dhabi sovereign wealth fund, MiniMax is one of the first generative AI companies to go public following the ChatGPT craze in China, attempting to challenge American competitors like OpenAI in an increasingly competitive global landscape.

Valuation Levels and Cornerstone Investor Lineup

According to an article from Wallstreetcn, based on information from the prospectus, MiniMax plans to issue approximately 25.39 million shares in this IPO, with an original pricing range set at HKD 151 to HKD 165 per share. If ultimately priced at the high end of HKD 165, the issuance valuation will range between HKD 46.123 billion and HKD 50.399 billion, not considering the exercise of the greenshoe option and overallotment rights.

This issuance has attracted a luxurious lineup of cornerstone investors. A total of 14 cornerstone investors participated in the subscription, totaling approximately HKD 2.723 billion. This includes international asset management giants such as Aspex, Eastspring, and Mirae Asset, as well as well-known institutions like Alibaba and E Fund.

This investor mix encompasses international long-term capital, leading tech companies, and strategic industrial capital. Global long-only funds typically have strict requirements for investment targets and tend to hold long-term, indicating market recognition of MiniMax's business model and cash-generating ability. Previously, the company had received investment support from institutions such as miHoYo, Tencent, Sequoia, IDG, and Hillhouse.

Business Growth and Capital Efficiency

On the business front, MiniMax has demonstrated rapid growth and global expansion capabilities. As of September 2025, the company has over 212 million individual users across more than 200 countries and regions. In the first nine months of 2025, the company's revenue grew by over 170% year-on-year, with overseas market revenue contributing more than 70%, indicating its entry into international markets with high willingness to pay It is worth noting that MiniMax has maintained a high capital utilization efficiency. The prospectus shows that since its establishment in early 2022, the company has invested approximately $500 million to complete the deployment of full-modal models from text and voice to video. Based on its self-developed models, the company has launched AI-native products such as Conch AI, Xingye, and Talkie.

Market Environment and Industry Outlook

MiniMax's listing will mark a busy start for the Hong Kong IPO market. About 11 companies are planning to go public in Hong Kong this month, with total fundraising potentially reaching $4.1 billion. Also listing in the same week as MiniMax is its main competitor, Zhipu.

On a macro level, China's support for the domestic AI industry is encouraging companies to accelerate expansion and financing. According to a report by UNCTAD, the global AI market size is expected to soar from $189 billion in 2023 to $4.8 trillion by 2033.

Faced with significant market growth and competition from Silicon Valley giants such as Google, OpenAI, and Anthropic, Chinese companies like MiniMax are seeking further resource support through the capital market to solidify their industry positioning