速递｜刷新港股纪录！MiniMax上市超额认购79倍，主权基金密集下单

Core Viewpoint - MiniMax, a large model company, is set to list on January 9 and has achieved a record in institutional subscriptions for Hong Kong IPOs, with over 460 institutions participating and a subscription rate exceeding 70 times [2] Group 1: IPO Details - MiniMax's IPO saw demand for its national placement orders reach $32 billion, with actual orders totaling $19 billion from over 460 institutions, resulting in an oversubscription of approximately 79 times after excluding cornerstone investors [2] - The previous record for oversubscription was held by CATL, which had a 30 times oversubscription when it went public in Hong Kong in 2025 [2] - Notable long-term funds and sovereign wealth funds participated in the MiniMax IPO, with several contributing over $1 billion, including funds from Singapore, South Africa, the Middle East, and Canada [2] Group 2: Market Performance - On January 8, MiniMax's stock opened and peaked at HKD 211.2 per share, with a closing price of HKD 205.6, reflecting a 24.6% increase [3] Group 3: Revenue Sources - MiniMax's revenue is primarily derived from two segments: AI native products and enterprise services based on AI, with AI native products generating $38.02 million by June 2025, accounting for over 70% of total revenue [3][4] - The enterprise services segment generated $15.42 million, representing 28.9% of total revenue [4] Group 4: Financial Performance - MiniMax reported a net loss of $269.25 million for the year ending December 31, 2023, and projected losses of $465.24 million for 2024 [5] - The adjusted net loss, excluding certain financial metrics, was $89.07 million for the same period [5]