获1209倍超额认购！自诩“了不起”的MiniMax，市占率0.3%，全球第十

Core Viewpoint - MiniMax, an artificial general intelligence company, successfully completed its IPO in Hong Kong, achieving a record oversubscription rate of 1209 times, reflecting strong investor interest in the AI sector [1]. Group 1: IPO Details - MiniMax's IPO involved a total of 25.39 million shares, with a price range set between HKD 151 and HKD 165, aiming to raise approximately HKD 38.34 billion to HKD 41.89 billion [1]. - The IPO attracted 14 cornerstone investors, including notable institutions such as Aspex, Eastspring, and Mirae Asset, with a total subscription amount of HKD 27.23 billion, accounting for 69.8% of the global offering [1]. - The company plans to allocate about 90% of the raised funds for research and development over the next five years, with 70% dedicated to developing large models and 20% for AI-native products [1]. Group 2: Company Overview - Founded in 2022, MiniMax focuses on advanced large model research and AI-native product development, continuously iterating its technology to enhance intelligence levels [2]. - The company has developed a diverse range of AI-native products, including MiniMax, Hailuo-02, and Speech-02, which support multimodal understanding and generation across text, visuals, and audio [2]. - MiniMax ranks as the tenth largest model technology company globally, with a market share of 0.3%, despite being a relatively resource-limited startup competing against larger, well-resourced firms [2]. Group 3: Industry Context - The strong demand for MiniMax's IPO reflects a broader trend in the Hong Kong market, where other AI companies, such as Zhiyuan AI and Birun Technology, have also experienced significant oversubscription rates of 1164 times and 2348 times, respectively [4].