MiniMax may set its IPO price at the upper end of the guidance range and end the subscription period early.

On January 5, according to media reports, Chinese artificial intelligence startup MiniMax plans to price its Hong Kong initial public offering (IPO) at the top end of the indicated range. This move reflects a revival of investor enthusiasm for Chinese tech startups, with the market’s interest in this emerging sector remaining strong.

Sources told Bloomberg that the Shanghai-based company may sell shares at HK$165 per share. Due to strong subscription demand, the company plans to stop accepting institutional investor orders at 5 p.m. local time on Monday (January 5), one day earlier than originally scheduled.

It is reported that MiniMax’s IPO has attracted subscription demand several times the offering amount, 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 HK$4.2 billion (approximately US$538 million). The company is expected to officially start trading this Friday (January 9).

Supported by Alibaba Group and Abu Dhabi sovereign wealth fund, MiniMax is one of the first generative AI companies to go public in China following the ChatGPT boom, aiming to challenge U.S. rivals like OpenAI amid increasingly fierce global competition.

Valuation Level and Lineup of Cornerstone Investors

According to a Wallstreetcn article, citing prospectus data, MiniMax’s IPO plans to issue about 25.39 million shares, with the price range originally set at HK$151 to HK$165 per share. If finally set at the high end of HK$165, and not considering the over-allotment option and greenshoe, its IPO valuation will be between HK$46.123 billion and HK$50.399 billion.

This offering has attracted a luxurious lineup of cornerstone investors. A total of 14 cornerstone investors participated in the subscription, totaling about HK$2.723 billion, including global asset management giants such as Aspex, Eastspring, Mirae Asset, as well as well-known institutions like Alibaba and E Fund.

This investor mix covers international long-term capital, leading tech companies, and strategic sector capital. Global long-only funds typically have strict requirements for their investments and tend to hold for the long term, with their participation indicating market recognition of MiniMax’s business model and profitability. Previously, the company had already received investment support from institutions like MiHoYo, Tencent, Sequoia, IDG, and Hillhouse.

Business Growth and Capital Efficiency

On the business front, MiniMax demonstrates rapid growth and global expansion capabilities. As of September 2025, the company has over 212 million individual users from more than 200 countries and regions. In the first nine months of 2025, the company’s revenue increased by more than 170% year-on-year, with over 70% of income contributed by overseas markets, indicating its penetration into international markets with high willingness to pay.

It is worth noting that MiniMax has maintained high capital efficiency. According to the prospectus, since its founding in early 2022, the company has invested about US$500 million, enabling it to complete full-modal model R&D layout covering text, voice, and video. Based on its self-developed models, the company has launched AI-native products such as Conch AI, Xingye, Talkie, and others.

Market Environment and Industry Outlook

MiniMax’s listing will kick off a busy start to the Hong Kong IPO market. About 11 companies are scheduled to list in Hong Kong this month, with total fundraising likely reaching US$4.1 billion. In the same week as MiniMax, its main competitor Zhipu will also go public.

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

Facing enormous market growth and competition from Silicon Valley giants such as Google, OpenAI, and Anthropic, Chinese companies like MiniMax are seeking further resource support from the capital market to strengthen their industry position.

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