MiniMax基石认购超27亿港元 将于明年1月9日港股上市

Core Viewpoint - MiniMax is set to launch its IPO on January 9, 2026, with a share price range of HKD 151 to HKD 165, aiming to raise significant capital for future AI developments [1][2] Group 1: IPO Details - MiniMax plans to issue 25.39 million shares, with an estimated valuation between HKD 46.12 billion and HKD 50.40 billion [2] - The company has secured cornerstone investments totaling approximately HKD 2.72 billion from 14 investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund [1][2] Group 2: Strategic Partnerships and Investments - Visual China has made a strategic investment in MiniMax and both companies will collaborate to create a traceable and commercially viable AIGC visual content ecosystem [3] - MiniMax has received support from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia since its inception [2] Group 3: Company Growth and Financial Performance - Founded in early 2022, MiniMax has developed a foundational model architecture across three modalities: text to visual, text to audio, and text to text [4] - The company reported over 2.12 million users across more than 200 countries by September 2025, with a revenue growth exceeding 170% year-on-year, and over 70% of revenue coming from international markets [4] - MiniMax's adjusted net loss remained stable year-on-year, indicating effective cost management despite high growth, with R&D spending increasing by 30% while sales and marketing expenses decreased by 26% [5] Group 4: Market Context and Future Outlook - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting a significant opportunity for companies like MiniMax [5] - Another AI model company, Zhipu, is also set to launch its IPO shortly, indicating a growing trend in the AI sector within the Hong Kong market [5][6] - The listing of MiniMax is expected to shift the narrative of AI model companies from focusing on technology to demonstrating commercial value [6]