MiniMax、智谱公开发售分获1848与1164倍超额认购

Group 1 - MiniMax's IPO attracted approximately 420,000 subscriptions, with an oversubscription rate of 1848 times, and is set to debut on the Hong Kong stock market on January 9, with stock code 0100 [2] - The IPO price range for MiniMax is set between HKD 151 and HKD 165 per share, with a base issuance scale of 25.3892 million shares, aiming to raise approximately HKD 38.34 to 41.89 billion [2] - MiniMax has secured 14 cornerstone investors, including notable institutions such as Alibaba and Eastspring, with a total subscription amount of HKD 27.23 billion, accounting for 69.8% of the global offering [2] Group 2 - MiniMax, established in early 2022, focuses on the development of multimodal models and has launched several AI-native products, serving over 200 million individual users and more than 100,000 enterprise clients globally [3] - For the first three quarters of 2023, 2024, and 2025, MiniMax reported revenues of USD 2.46 million, USD 30.52 million, and USD 53.44 million, respectively, with net losses of USD 269 million, USD 465 million, and USD 512 million [3] - The company's AI-native product revenue accounted for over 70% of total revenue in the first three quarters of 2025, with significant contributions from products like Hailuo AI and Talkie [4] Group 3 - MiniMax's overseas market revenue constituted 73.1% of total revenue in the first three quarters of 2025, with Singapore and the United States contributing 24.3% and 20.4%, respectively [4] - Recently, MiniMax partnered with Zhiyuan Robotics to provide comprehensive AI technology support, enhancing user interaction through customized voice synthesis [4] Group 4 - Another AI model company, Zhiyuan, also experienced significant interest in its IPO, attracting 206,000 subscriptions with an oversubscription rate of 1164 times, expected to list on January 8 [5] - Zhiyuan plans to issue 37.4195 million shares, with an expected fundraising of approximately HKD 43 billion, and has secured cornerstone investments totaling HKD 29.8 billion [6] - Zhiyuan's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be HKD 57.4 million, HKD 124.5 million, HKD 312.4 million, and HKD 190.9 million, respectively, with net losses increasing significantly [6][7]