China's AI 'Tigers' Roar: MiniMax Leads New Wave of IPOs in Hong Kong
Recently, a major milestone was reached in China's generative AI sector. MiniMax Group, one of the top-tier large model companies, officially listed on the Hong Kong Stock Exchange, raising approximately HK$4.8 billion (~US$620 million).
Staggering Market Performance
Market data shows that MiniMax priced its IPO at HK$165 per share. On its debut day, the stock performed exceptionally well, surging by more than 78%. By the close of trading, the company's valuation was nearly US$11.6 billion.
"This is not just a victory for MiniMax, but a landmark recognizing Artificial General Intelligence (AGI) in the capital markets." —— Industry Analyst
Why Hong Kong?
As the global AI race enters a fever pitch, Hong Kong—with its unique geographical location and international capital aggregation—is becoming the preferred destination for Chinese AI firms seeking global expansion and fundraising.
Industry Impact
- Capital Influx: Large-scale funding provides the 'ammunition' needed for R&D in computing power and top-tier talent.
- Valuation Benchmark: MiniMax's successful listing provides a clear valuation reference for other AI companies.
- Commercialization Focus: The market is increasingly prioritizing the deployment capabilities of large models over just parameter size.
We will continue to track this wave of AI IPOs and bring you the latest industry insights.