米哈游，投出两个IPO

Core Viewpoint - The article highlights the recent IPO activities of MiHoYo, showcasing its significant investments in companies like MiniMax and Suplay, positioning itself as a key player in the venture capital space within the gaming and technology sectors [2][3][19]. Investment Activities - MiHoYo is a major investor in MiniMax, holding a 7.34% stake prior to its IPO, and has been involved since its angel round of funding [2][18]. - MiHoYo also holds an 11.86% stake in Suplay, which recently submitted its IPO application, making it the largest external investor [2][19]. - The company has been actively investing in various sectors, including AI and gaming, to enhance its technological capabilities and reduce development costs [6][18]. Strategic Partnerships - MiHoYo has established itself as a client of MiniMax, utilizing its AI models for game development, including character behavior control and NPC dialogue in titles like "Honkai: Star Rail" [7][18]. - The partnership with Suplay allows MiHoYo to expand its IP derivative product offerings and reach a broader Gen Z consumer base [19]. Historical Context - MiHoYo was founded in 2011 with initial funding from a government loan and has since evolved into a significant player in the gaming industry, leveraging its cash flow to explore venture capital opportunities [20][21]. - The company began its venture capital activities around 2018, initially focusing on familiar gaming sectors before branching into cutting-edge technologies [20][22]. Future Directions - MiHoYo's recent leadership changes indicate a strategic shift towards enhancing its focus on frontier technologies and new project development [23]. - The company is also investing in AI-driven projects, with plans to release an AI-native game in 2025, reflecting its commitment to innovation in the gaming industry [23][24].