MiniMax或将IPO价格定在指导价区间高端，并提前结束认购

Core Viewpoint - MiniMax, a Chinese AI startup, plans to price its Hong Kong IPO at the high end of the range, reflecting renewed investor enthusiasm for Chinese tech startups and strong demand for its shares [1] Group 1: IPO Details - MiniMax aims to sell shares at HKD 165 each, with strong subscription demand leading to an early closure of orders for institutional investors [1] - The IPO is expected to raise at least HKD 4.2 billion (approximately USD 538 million) if priced at the high end [1] - The company has attracted several times the amount of shares available in subscription demand, with a diverse investor base including sovereign wealth funds and long-only funds [1][2] Group 2: Valuation and Investor Composition - The IPO will issue approximately 25.39 million shares, with a valuation range of HKD 461.23 billion to HKD 503.99 billion if priced at HKD 165 [2] - A total of 14 cornerstone investors have committed around HKD 2.723 billion, including major asset management firms and well-known institutions like Alibaba and E Fund [2] - The participation of long-only funds indicates market confidence in MiniMax's business model and financial sustainability [2] Group 3: Business Growth and Capital Efficiency - MiniMax has shown rapid growth, with over 212 million personal users across more than 200 countries and regions as of September 2025 [3] - The company reported a revenue increase of over 170% year-on-year for the first nine months of 2025, with over 70% of revenue coming from international markets [3] - Since its establishment in early 2022, MiniMax has invested approximately USD 500 million to develop a comprehensive suite of AI models and products [3] Group 4: Market Environment and Industry Outlook - MiniMax's IPO marks a busy start for the Hong Kong IPO market, with around 11 companies expected to raise a total of USD 4.1 billion this month [4] - Support from the Chinese government for the domestic AI industry is encouraging companies to expand and seek financing [4] - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting significant opportunities for companies like MiniMax [4]