黄明明回忆称 ， 初识闫俊杰时 ， 市场尚未出现对大模型投资的系统性研究。 "当时闫俊杰就谈起 AGI(通用人工智能)这个行业内很少被提及的话题 ， 随后他谈到的端到端数据驱动、 AI1.0到AI2.0 的跨越 ， 彻底触动了明势团队。 更让我印象深刻的是 ， 第一次见面他正在看论文而不是商业计划 书 ， 这让我感觉他是想干一件长期的事。 " 黄明明 强调， 明势坚定看好 MiniMax在关键技术决策上的果敢与远见 —— MiniMax不仅在底层 模型上保持第一梯队的技术性能,更在2023年下半年毅然将大量资源投入MoE架构研发 ， 这在当时 并非业内共识。 "闫俊杰告诉我 ， 只有做出 MoE ， 才能用更低的成本向更高的模型阶段演进。 值得一提的是， 除了今日成功登陆港交所的 MiniMax ， 明势创投 投资的 理想汽车、蓝箭航天、 Lovart、Genspark、逐际动力、沃兰特等一众明星项目也在各自赛道展现出强劲增长势头。这些现 象级的成功案例 ， 正是明势创投非共识投资理念的最好注脚。 据了解，明势创投已形成独特的 AI投资版图。他们以AI模型的快速演进为核心 ， 将整个产业链上 下游拉通 ， 覆 ...

Core Viewpoint - MiniMax Group Inc. is set to become the largest AI model company to go public, with a total fundraising of over 4.8 billion HKD, reflecting strong market interest and investor confidence in its advanced AI technologies [2][3]. Group 1: IPO Details - MiniMax will officially list on the Hong Kong Stock Exchange on January 9, 2026, under the stock code "0100" [2]. - The company issued 29,197,600 shares, with the Hong Kong public offering being oversubscribed by 1,837.17 times and the international offering by 36.76 times [2]. - The IPO raised over 4.8 billion HKD, with shares trading at 266.4 HKD shortly after listing, a 61.45% increase from the issue price [3]. Group 2: Company Achievements - Founded in early 2022, MiniMax focuses on developing multimodal models and has achieved significant breakthroughs in voice, video, and text models [6]. - The company launched the first domestic Transformer-based speech model, Speech 01, in 2023, followed by an upgraded version, Speech 02, which ranks first in performance [7]. - MiniMax's video generation model, Hailuo 02, was released in 2025 and has generated over 590 million videos, showcasing its strong market presence [8]. Group 3: Team and Efficiency - MiniMax has a young team with an average age of 29, comprising 74% R&D personnel, which contributes to its high organizational efficiency and innovative capabilities [10]. - The company has spent approximately 500 million USD (about 3.5 billion RMB) since its inception, significantly less than competitors like OpenAI, which has spent between 40 billion to 55 billion USD [10]. Group 4: Business Model and Revenue - MiniMax has established a sustainable revenue model based on subscription services and cloud APIs, with over 2.12 million individual users and 130,000 enterprise clients across more than 200 countries [13]. - The company's revenue for 2023 and 2024 was 3.5 million USD and 30.5 million USD, respectively, with a year-on-year growth of 782.2% in 2024 [14]. - International revenue accounts for over 70% of total income, demonstrating strong global market penetration [12][14]. Group 5: Investment and Market Position - MiniMax has attracted investments from major firms like Alibaba, Tencent, and Sequoia Capital, indicating strong confidence in its technology and business model [17][21]. - The company is recognized as one of the four global leaders in multimodal AI, positioning itself well to capitalize on the projected growth of the AI market, expected to reach 4.8 trillion USD by 2033 [15].

云启资本管理合伙人陈昱（右三）在上市仪式现场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， MiniMax Group Inc. （ 以 下 简 称 "MiniMax" ） 于 2026 年 1 月 9 日 正 式 以"0100"为股票代码在港交所主板挂牌上市，成为史上IPO规模最大的AI大模型公司。 成 立 至 今 ， MiniMax 已 获 得 多 家 战 略 投 资 方 和 一 线 机 构 的 投 资 和 支 持 。 其 中 ， 云 启 资 本 作 为 MiniMax最早的投资人之一，从天使轮起连续投资6轮。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 作为闫俊杰（注：MiniMax创始人兼CEO）最早期认识的投资人朋友之一，云启资本管理合伙人陈 昱回忆称，初识闫俊杰时，GPT尚未引爆新一轮AGI浪潮。 "当时国内AI行业主流仍倾向于针对特定场景研发专有模型，而俊杰和我的第一次对话中就提到了基 础模型（Foundation Model）路径之于实现通用人工智能的重要意义。公 ...

2、MiniMax 是亚洲首个选择同步推进文本、语音、视频全模态自研的企业。 这一选择的背后，是 对 AGI 路径的前瞻判断：通用智能必须建立在对多模态世界的整体理解之上。 3、闫俊杰博士在与绿洲的首次交流中即明确提出，MiniMax 要从 Day 1 成为一家全球化的 AI 公 司。 提出这一目标，需要莫大的勇气与坚持。 "正是这三点，构成了我们在早期阶段坚定支持MiniMax的判断基础。"张津剑说道。 绿洲资本创始合伙人张津剑（右）与MiniMax创始人兼CEO闫俊杰（左）在上市仪式现场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， MiniMax Group Inc. （ 以 下 简 称 "MiniMax" ） 于 2026 年 1 月 9 日 正 式 以"0100"为股票代码在港交所主板挂牌上市，成为史上IPO规模最大的AI大模型公司。 成立至今，MiniMax已获得多家战略投资方和一线机构的投资和支持。其中， 绿洲资本创始合伙人 张津剑于2022年底与MiniMax创始人闫俊杰博士初次见面，并在当日确认了投资意向。20 ...

Core Viewpoint - Sunnysondi (Hunan) Group Co., Ltd. is positioned as a leading player in the IP toy industry, focusing on technology-driven solutions and aiming for an IPO on the Hong Kong Stock Exchange in January 2026 [3][4]. Group 1: Company Overview - Sunnysondi was established in 2015 and aims to reshape traditional toy manufacturing by providing high-quality, cost-effective IP toys and solutions to global customers [3]. - The company has established a leading position in the IP toy and solution industry, becoming the second-largest Chinese company in this sector by total sales volume in the first three quarters of 2025 [3]. Group 2: Market Position and Growth - According to Frost & Sullivan, Sunnysondi ranks first in the affordable 3D IP toy segment priced at 20.0 RMB or below, and is the fastest-growing company among the top five in the affordable IP toy industry in China from 2023 to 2024 [4]. - The affordable IP toy market in China is projected to reach approximately 29 billion RMB in 2024, with a compound annual growth rate of 27.7% from 2024 to 2030, indicating significant growth potential [11]. Group 3: Product Development and Innovation - Sunnysondi has collaborated with over 20 IP partners, including well-known international and Chinese IPs, allowing for rapid product development and distribution [5][7]. - The company can complete product development and mass production within 8 weeks, significantly faster than the industry average of 3 to 6 months, enhancing its operational capabilities [7]. Group 4: Financial Performance - Sunnysondi's revenue for 2023 and 2024 was 107 million RMB and 245 million RMB, respectively, representing a year-on-year growth of 129.5%. For the first three quarters of 2025, revenue increased by 134.7% to 386 million RMB [14]. - The gross profit margins for 2023, 2024, and the first three quarters of 2025 were 16.9%, 23.3%, and 35.3%, respectively, showing a continuous upward trend [15]. Group 5: Manufacturing and Technology - The company holds 48 patents for its manufacturing technology, which allows for high-quality, efficient mass production, achieving a defect rate of over 99.9%, significantly higher than the industry average of 90% to 95% [12]. - Sunnysondi operates five production facilities with a daily capacity exceeding 1 million units, and its fully automated factory in Zhongshan, Guangdong, is among the first to achieve 24/7 production [12]. Group 6: Future Plans and Funding - The net proceeds from the IPO will be primarily used to enhance product competitiveness, strengthen intelligent manufacturing and digital capabilities, expand the sales network, and seek strategic investments and acquisitions [18].

Core Viewpoint - Lin Qingxuan has officially listed on the Hong Kong Stock Exchange as the "first high-end domestic skincare stock," with a market capitalization exceeding HKD 11.6 billion, positioning it among the top 10 domestic listed cosmetics companies [2][3]. Group 1: Investment Highlights - Lin Qingxuan has established a closed-loop and traceable value chain from research and development to retail, which serves as its core technological barrier [4]. - The brand has demonstrated strong product efficacy and user loyalty, resulting in a dedicated customer base [4]. - The founder, Sun Laichun, embodies a long-term commitment to excellence in the camellia oil sector, reflecting a long-termism spirit [4]. - As a high-end domestic skincare brand, Lin Qingxuan exhibits healthy profit margins and growth potential, showcasing resilience across market cycles [4]. Group 2: Competitive Advantages - Lin Qingxuan possesses genuine "source authority" over raw materials, controlling the entire process from plant resources to extraction technology, unlike many domestic brands that rely on external suppliers [4]. - The company has built a "technical moat" through continuous investment in data, patents, clinical trials, and processes, which is rare in the Chinese skincare industry [5]. - Lin Qingxuan has developed a unique Eastern aesthetic and brand narrative, using the red camellia flower to create a comprehensive brand identity that resonates culturally with consumers [5]. Group 3: Future Expectations - The focus for Lin Qingxuan is to "stay true to its original intention and amplify its advantages," with hopes to deepen its commitment to the red camellia as a core ingredient and increase R&D investment [5]. - The company aims to leverage its listing to expand both domestic and international markets, showcasing the appeal of Chinese plant-based skincare to global consumers [5]. - There is an ongoing discussion about potential collaboration to promote the internationalization of domestic brands and contribute to the overall upgrade of Chinese consumer brands [5].

Core Viewpoint - TianShu ZhiXin Semiconductor Co., Ltd. (天数智芯) is set to officially list on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "9903", marking a significant milestone for the domestic general GPU industry [2][4]. Group 1: IPO Details - TianShu ZhiXin issued a total of 25,431,800 shares in its IPO, with a subscription rate of 414.24 times for the Hong Kong public offering and 10.68 times for the international offering [2]. - The company raised a total of 3.677 billion HKD through the IPO, with an opening price of 190.2 HKD per share, resulting in a market capitalization exceeding 48.3 billion HKD [4]. Group 2: Strategic Alignment and Product Development - The company has aligned its development path with national strategies, focusing on the general GPU sector, which is crucial for national technological security and industrial competitiveness [4][5]. - TianShu ZhiXin has achieved several milestones, including being the first in China to develop general GPU chips independently, launching its first product, TianYuan Gen 1, in 2021, and achieving mass production of inference GPUs in 2022 [4][6]. Group 3: Market Penetration and Financial Performance - The company's product matrix covers core application scenarios such as cloud training and edge inference, penetrating key industries like finance, healthcare, and education, supporting over 450 AI models [5][6]. - As of June 30, 2025, TianShu ZhiXin has shipped over 52,000 units and expanded its customer base from 22 to 290, achieving significant commercial deployment [8]. - Revenue has grown from 189 million CNY in 2022 to 540 million CNY in 2024, with a compound annual growth rate of 68.8%, and a 64.2% year-on-year increase in the first half of 2025 [8]. Group 4: Future Plans and Industry Impact - Approximately 80% of the funds raised will be allocated to R&D and commercialization of general GPU chips and AI solutions, while 10% will be used for sales and market expansion [8]. - The domestic general GPU market share is projected to rise from 8.3% in 2022 to 17.4% in 2024, with expectations to exceed 50% by 2029, indicating a structural transformation in the industry [9].

Core Viewpoint - Shenzhen Precision Medical Technology Co., Ltd. (referred to as "Precision Medical") is the first company in China and the second globally to commercialize both multi-port and single-port surgical robots, marking a significant milestone in the surgical robotics industry [2][4]. Group 1: IPO Details - Precision Medical officially listed on the Hong Kong Stock Exchange on January 8, 2026, under the stock code "2675" [2]. - The company issued a total of 27,722,200 H shares, with the Hong Kong public offering being oversubscribed by 1,091.94 times and the international offering by 25.18 times [2]. - The IPO raised approximately HKD 1.199 billion at an issue price of HKD 43.24 per share, with the stock opening at HKD 59, giving it a market capitalization exceeding HKD 22.8 billion [2]. Group 2: Technological Innovation - Precision Medical focuses on the independent research and development of high-end minimally invasive surgical equipment, aiming to upgrade surgical procedures towards precision, minimally invasive, and intelligent solutions [4]. - The company has developed a comprehensive product lineup covering multi-port, single-port, and natural orifice surgical robots, achieving autonomy in several key technological areas [4]. - As of now, Precision Medical holds 734 authorized and pending patents globally, establishing a robust technical system that encompasses research and development, manufacturing, clinical application, and continuous iteration [4]. Group 3: Clinical Application and Growth - Over 12,000 surgeries have been performed using the multi-port surgical robot, and more than 2,000 surgeries with the single-port robot, indicating a stable growth in clinical usage and integration into standard surgical pathways [5]. - The company reported approximately CNY 149 million in revenue for the first half of 2025, representing a nearly 400% year-on-year increase, with a gross margin of about 62.8% [4][5]. - Precision Medical plans to leverage its IPO as a new starting point to enhance research and development in advanced technologies, complex procedures, and remote surgeries, while expanding production capacity and global market reach [5]. Group 4: Market Position and Future Outlook - Investors such as Qiming Venture Partners and Sequoia China view Precision Medical's successful IPO as a landmark achievement in breaking international monopolies and leading the development of China's surgical robotics industry [6][7]. - The company is expected to continue expanding its clinical applications and global market presence, contributing significantly to the high-quality development of China's high-end medical equipment industry [6][7]. - Precision Medical is recognized for its rapid product iteration and strong market acceptance, positioning itself as a leading player in the surgical robotics sector both domestically and internationally [6][7].

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first stock of global large models" [2] Investment Background - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets, with Zhongke Chuangxing being the exclusive angel investor in 2019, investing 40 million yuan [2] - Zhongke Chuangxing identified natural language processing and knowledge graphs as key AI technology directions in 2018, leading to their investment in Zhipu [4] - The investment decision was made despite internal disagreements regarding the investment amount and the unclear application scenarios of the technology [4][5] Investment Strategy - Zhongke Chuangxing's AI investments can be divided into two phases: the first phase began in 2013 with a focus on autonomous driving and AI infrastructure, including investments in sensors and chips [7][8] - The second phase, initiated after the rise of ChatGPT in late 2022, expanded investments across AI infrastructure, models, applications, embodied intelligence, and AI for services [8] Future Outlook - Zhongke Chuangxing believes that Chinese teams have significant advantages in the AI sector, with a high density of talent and a unique opportunity window for large model capabilities [8] - The company is committed to continuously exploring innovative opportunities in the AI field, particularly in AI software, consumer hardware, embodied intelligence, and AI for services [9]

Core Viewpoint - Beijing Zhipu Huazhang Technology Co., Ltd. (referred to as "Zhipu") officially listed on the Hong Kong Stock Exchange on January 8, 2026, becoming the "first global large model stock" [3] Group 1: Company Overview - Zhipu has received support from numerous well-known institutions, industrial capital, and local government state-owned assets since its establishment [3] - The company has demonstrated its independent innovation in the underlying technology of artificial intelligence and its global competitiveness in model performance over six years [3] Group 2: Investment Insights - The initial investment interest in the new generation of AI began with the emergence of the Transformer architecture, leading to a shift from traditional "small model + tuning paradigm" to a new paradigm based on massive data [4] - The investment team conducted systematic research and comparisons with all emerging large model teams, finding Zhipu's model capabilities to be at a leading level during their evaluations [4] Group 3: Strategic Decisions - A key decision for Zhipu is to build an open-source ecosystem, allowing more developers to use their models and establish their own ecosystem [5] - The company’s extreme pursuit of technology and strategic layout in the open-source ecosystem have created a competitive moat in a fiercely competitive industry [5] Group 4: Broader Industry Context - The AI sector is entering a new round of industrial transformation, which is viewed as a long-term track [5] - The investment firm has also invested in leading companies in AI and hard technology, as well as various AI application fields, indicating a comprehensive approach to capturing development opportunities during the technological paradigm shift [5]