Group 1: Industry Overview - The AI sector has experienced explosive growth in recent years, making AI concepts highly favored in the capital markets [2] - Companies such as Moer Thread (688795.SH), Muxi Co., Ltd. (688802.SH), and Wallen Technology (06082.HK) have recently gone public, with Wallen Technology seeing a 73% increase in dark market trading [2] Group 2: MiniMax IPO Details - MiniMax-WP (00100.HK) is set to launch a global IPO on December 31, aiming to issue approximately 25.39 million H-shares, with 5% allocated for public sale in Hong Kong and 95% for international sale [3] - The expected price range for the shares is HKD 151-165, with a projected net fundraising amount of approximately HKD 3.818 billion, of which 70% will be invested in R&D for large models [3][4] - The subscription period for MiniMax is from December 31 to January 6, 2026, with shares expected to be listed on January 9, 2026 [3] Group 3: MiniMax Business Model and Products - MiniMax is a global AI large model company focused on driving innovation in artificial intelligence, capable of executing various human cognitive tasks [5] - The company has developed a series of proprietary large models and launched a range of AI-native products, attracting a significant user base with monthly active users (MAU) projected to grow from 3.1 million in 2023 to 27.6 million by September 2025 [5] Group 4: Financial Performance - MiniMax's revenue from 2022 to the first three quarters of 2025 is reported as follows: USD 0, USD 3.46 million, USD 30.52 million, and USD 53.44 million, with adjusted losses of USD 12.15 million, USD 89.07 million, USD 244 million, and USD 186 million respectively [6]
【IPO追踪】行业风头正劲，大模型企业MINIMAX开启招股
Sou Hu Cai Jing·2025-12-31 07:41