On the eve of MiniMax’s IPO, institutional oversubscription exceeded 70 times, with Baillie Gifford, GIC, and the Norwegian sovereign fund joining in.

On the eve of MiniMax’s IPO, institutional oversubscription exceeded 70 times, with Baillie Gifford, GIC, and the Norwegian sovereign fund joining in.

China’s generative AI startup MiniMax Group Inc. is set to go public in Hong Kong, with its placement receiving strong support from leading global long-term funds and sovereign wealth funds. According to sources quoted by Bloomberg, investment firm Baillie Gifford, Singapore sovereign wealth fund GIC Pte, and Norges Bank Investment Management are all participating in the subscription. This shows that despite complex macroeconomic conditions, global capital remains highly focused on top Chinese AI firms. According to WallstreetCN, MiniMax will issue 29.2 million shares at HK$165 per share, with the company exercising its 15% over-allotment option. The IPO is priced at the top end of the marketed range, raising HK$4.8 billion (about US$619 million), making it one of the most highly anticipated deals in the market recently. According to sources cited by Bloomberg, after excluding cornerstone investments, institutional investors subscribed to MiniMax shares more than 70 times over. This level of oversubscription reflects strong market demand for the Chinese tech company regarded as a challenger to OpenAI. The offering received more than 460 institutional bids. Sources told Bloomberg that global long-term investors and sovereign wealth funds took most of the institutional placement outside the cornerstone portion. These investors typically hold stocks for longer periods and do not engage in short selling; their participation often signals recognition of the company’s long-term fundamentals. MiniMax is scheduled to start trading in Hong Kong this Friday. Mainland China and Hong Kong are currently seeing a wave of heavyweight AI technology firms going public. Its competitor, Zhipu, had a strong debut in Hong Kong on Thursday, rising over 17% in unofficial trading, and hitting a high of HK$200.20. MiniMax’s subsequent market performance will be viewed as a key indicator for investors assessing whether Chinese AI firms can successfully challenge their U.S. counterparts. Top Institutions Support Placement Bloomberg, citing sources, reports that MiniMax’s IPO attracted international institutional buyers including Baillie Gifford, GIC Pte, Norges Bank Investment Management, and asset manager Schroders Plc. These institutions have significant influence in global capital markets. Baillie Gifford is known for long-term investments in tech growth stocks, GIC and Norges Bank are among the largest sovereign wealth funds in the world. Representatives of Schroders Plc declined to comment, while Baillie Gifford, GIC, and Norges Bank did not respond to requests for comment. Industry Competition Landscape and Capital Efficiency MiniMax and Zhipu represent a pragmatic development model for AI in China. Compared to U.S. firms like OpenAI and Anthropic PBC, these Chinese companies demonstrate higher capital efficiency, operating with less investment, fewer chip resources, and more streamlined staff. With Zhipu rising 13% on its first trading day Thursday, the market’s attention is now turning to Friday’s debut of MiniMax. The share performance of both companies is not only about their own valuations, but is also seen as an early benchmark for international investors in evaluating the competitiveness of Chinese AI startups. Risk Warning and Disclaimer Markets carry risks, and investment should be cautious. This article does not constitute personal investment advice and does not take into account individual users’ specific investment goals, financial situations, or needs. Users should consider whether any opinions, views, or conclusions in this article suit their particular circumstances. Investment made based on this article is at your own risk.