MiniMax以最高价在香港IPO，发行估值超460亿港元！

Core Viewpoint - MiniMax has priced its Hong Kong IPO at the high end of the guidance range, becoming one of the first Chinese AI unicorns to enter the capital market following the ChatGPT trend [1] Group 1: IPO Details - MiniMax will issue 29.2 million shares at a price of HKD 165 per share, raising approximately HKD 48.2 billion (around USD 6.19 billion) [1] - The IPO attracted 14 cornerstone investors, including major international asset management firms such as Aspex, Eastspring, and Mirae Asset, with total subscriptions amounting to approximately HKD 27.23 billion [1][2] - The final pricing at HKD 165 reflects strong market demand, with the estimated valuation ranging between HKD 461.23 billion and HKD 503.99 billion [2] Group 2: Business Growth and Globalization - MiniMax has demonstrated rapid growth and effective global expansion, with over 212 million personal users across more than 200 countries and regions as of September 2025 [3] - The company reported a revenue growth 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 multimodal model, launching AI-native products such as Hai Luo AI, Xing Ye, and Talkie [3] Group 3: Market Context - MiniMax's IPO marks the beginning of a busy period for the Hong Kong IPO market, with around 11 companies planning to list this month, potentially raising a total of USD 4.1 billion [3] - The company is set to list alongside its main competitor, Zhiyu [3]