MiniMax今起招股：获长线基金超27亿港元认购

Core Viewpoint - MiniMax Group Inc. is set to launch its IPO, aiming to raise between HKD 46.123 billion and HKD 50.399 billion, with a diverse group of cornerstone investors backing the offering, indicating strong market confidence in the company's business model and growth potential [2][3]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to HKD 165 per share, with the IPO period starting today and ending on January 6, 2026 [2]. - The cornerstone investors include 14 major firms such as Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of approximately HKD 2.723 billion [2]. Group 2: Investor Sentiment - The participation of long-term capital in the IPO reflects a rare consensus among investors, indicating confidence in MiniMax's self-sustaining business model and growth trajectory [3]. - The global lineup of cornerstone investors supports MiniMax's strategy of being "born global," with over 200 countries and regions having more than 212 million individual users by September 2025 [3]. Group 3: Company Background and Achievements - Founded in early 2022, MiniMax focuses on developing multimodal AI models and has achieved significant technological breakthroughs in voice, video, and text models [4]. - The company has launched several successful products, including the Speech 01 and Speech 02 voice models, which have generated over 2.2 billion hours of voice content, and the Video 01 model, which has produced over 590 million videos [4][5]. Group 4: Market Position and Future Outlook - MiniMax's new generation text model, MiniMax M2, has ranked among the top five globally and first in open-source, showcasing its competitive edge in the AI landscape [5]. - The company has spent USD 500 million to achieve its leading position in multimodal AI, which is only about 1% of OpenAI's expenditure, indicating efficient resource utilization [7]. - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting a significant growth opportunity for MiniMax as it aims to fill a gap in the Hong Kong capital market for AGI [7].