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China's AI Startup MiniMax Group Raises $619 Million in Hong Kong IPO
MiniMax's shares surged 81.2% on debut, raising HK$4.8 billion with strong backing from global institutional and cornerstone investors, reflecting high market demand.
- On Friday, MiniMax Group completed a Hong Kong IPO on the Hong Kong Stock Exchange, raising HK$4.8 billion after pricing at the top and exercising an upsized option with Hong Kong government officials present.
- MiniMax met heavy institutional demand, reporting allotment results on Thursday and securing around US$350 million from 14 cornerstone investors, who agreed to six-month lock-ups.
- The stock's first trade came at HK$235.40, 42.7% above the IPO price of HK$165, then surged to HK$299 and settled near HK$294, valuing MiniMax at HK$90.9 billion.
- MiniMax said it will deploy proceeds for research and development while noting it remains in a nascent stage of monetization and commercialization amid Washington's export curbs.
- Founded in 2021 and backed by Alibaba Group and Tencent Holdings, MiniMax is among China's 'AI tigers' building large language models and became the second major Chinese developer to go public.
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MiniMax lists in Hong Kong as largest IPO among AI foundation model companies · TechNode
Shanghai-based AI company MiniMax listed on the Hong Kong Stock Exchange on Jan. 9. Shares surged more than 50% during intraday trading, pushing the company’s market capitalization above HK$76.3 billion (about $9.8 billion). The company raised about HK$5.54 billion after pricing its global offering at HK$165 per share, the top of the indicated range. The retail tranche was oversubscribed by 1,837 times. The IPO attracted 14 cornerstone investors…
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Total News Sources19
Leaning Left1Leaning Right2Center4Last UpdatedBias Distribution57% Center
Bias Distribution
- 57% of the sources are Center
57% Center
14%
C 57%
R 29%
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