Report: MiniMax plans to raise $600 million in its Hong Kong IPO, with Alibaba, Abu Dhabi, and others as cornerstone investors.

Report: MiniMax plans to raise $600 million in its Hong Kong IPO, with Alibaba, Abu Dhabi, and others as cornerstone investors.

Chinese artificial intelligence startup MiniMax has secured Alibaba Group and Abu Dhabi Investment Authority as key backers for its initial public offering in Hong Kong. The company, which has survived the domestic "Hundred Model War" in AI, is seeking to become the first Chinese generative AI startup to go public.

On December 30, according to Bloomberg, sources revealed that MiniMax plans to raise more than USD 600 million through this IPO. The company could start accepting investor subscriptions as early as Wednesday and expects to complete the listing in January. However, discussions are still ongoing, and the size and timing of the deal may change.

MiniMax generated USD 30.5 million in revenue last year and is currently competing with other companies to become the first domestic generative AI startup to go public.

In addition to Abu Dhabi's sovereign wealth fund and Alibaba, cornerstone investors in the transaction also include IDG Capital, Yida Capital, and Korea's Mirae Asset. This lineup of investors demonstrates global interest in Chinese AI technology.

MiniMax's IPO plan comes as Hong Kong's IPO market races to year-end, with IPO fundraising this year set to hit a four-year high. December has become the busiest IPO month in this Asian financial center since 2019, with 25 companies completing their listings.

Meanwhile, competitor Zhipu AI is seeking to raise HKD 4.3 billion (USD 552 million) through a Hong Kong IPO, further highlighting that the listing race among Chinese AI firms is accelerating.

Risk Warning and DisclaimerThe market carries risks, and investments should be made with caution. This article does not constitute personal investment advice and does not take into account individual users' specific investment objectives, financial status, or needs. Users should consider whether any opinions, views, or conclusions in this article are suitable for their particular circumstances. Investing based on this article is at your own risk.