MiniMax开启招股：获国际长线资本及阿里3.5亿美元基石认购

Group 1 - MiniMax, a large model company, has officially launched its IPO, with shares priced between HKD 151 to 165, aiming to raise up to HKD 4.189 billion and achieve a valuation between HKD 46.123 billion and HKD 50.399 billion [2] - The company has secured cornerstone investments totaling USD 350 million (approximately HKD 2.723 billion) from 14 investors, including major players like Alibaba and Eastspring [3] - MiniMax has experienced significant revenue growth, with a year-on-year increase of over 170% in the first nine months of 2025, and overseas market revenue contributing over 70% of total income [8][10] Group 2 - The company has made notable technological advancements, launching its first speech model, Speech 01, in 2023, and generating over 2.2 billion hours of speech by mid-2025 [6][7] - MiniMax's video generation model, Video 01, was released in August 2024, and has since helped create over 590 million videos [7] - The company has received backing from prominent investors such as miHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing AI technology firms [15][18] Group 3 - MiniMax's financial performance shows a net loss of USD 269.246 million for 2023, with a projected loss of USD 512.013 million for 2025, indicating a trend of increasing losses despite revenue growth [9][10] - The company has a strong focus on research and development, with R&D expenses increasing significantly, reflecting its commitment to innovation in AI technology [10] - MiniMax's employee base consists of 385 individuals, with nearly 74% in R&D roles, highlighting its emphasis on technical expertise [11]