港股AI赛道再添猛将！MiniMax全球发售启动，14家基石认购超27.23亿港元

Core Viewpoint - MiniMax is set to launch its IPO on the Hong Kong Stock Exchange, aiming to raise funds primarily for research and development in AI technologies, particularly large models and AI-native products. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares with a pricing range of HKD 151 to HKD 165, leading to a valuation between HKD 46.123 billion and HKD 50.399 billion [1] - Approximately 90% of the net proceeds will be allocated to R&D over the next five years, with 70% focused on large model development and 20% on AI-native product development and scaling [1] Group 2: Investor Participation - The IPO has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of USD 350 million (approximately HKD 2.723 billion) [2] - Notable subscriptions include USD 65 million from ADIA and USD 30 million from Alisoft China, reflecting a diverse investor base [2] Group 3: Company Background and Achievements - MiniMax is a global AI large model company founded by forward-thinking engineers, focusing on advancing AI technology to perform various human cognitive tasks [2] - The company has launched several AI models, including the Speech 01 and Speech 02 voice models, which have generated over 220 million hours of speech, and the Video 01 and Hailuo 02 video models, which have produced over 590 million videos [3] - The MiniMax M2 text model, released in October 2025, ranked among the top five globally and first in open-source, showcasing the company's strong position in the AI model landscape [3]