MINIMAX-WP(0100.HK)招股中，募超40亿，基石占67.88%

Core Viewpoint - MiniMax-WP (2675.HK) is currently in the process of an IPO, with a global offering of approximately 25.39 million shares, aiming for a market capitalization of around HKD 46.12 billion to HKD 50.40 billion upon listing [1][11]. Company Overview - MiniMax is a global AI large model company founded by forward-thinking engineers, focusing on advancing AI technology to perform various human intelligence tasks, including learning, reasoning, planning, and generalizing knowledge across multiple domains [7]. - The company has developed a rich portfolio of large models, including large language models (MiniMax M series), video generation models (Hailuo-02), and speech and music generation models (Speech-02) [7]. IPO Details - The IPO subscription period is from December 31, 2025, to January 6, 2026, with the expected listing date on January 9, 2026 [1]. - The offering price is set between HKD 151.00 and HKD 165.00, with a total fundraising amount of approximately HKD 4.01 billion based on the midpoint price of HKD 158.00 [1]. - The public offering will initially account for 5% of the total shares, with a maximum possible reallocation to 20% [1][12]. Investor Participation - The cornerstone investment portion is approximately HKD 38.11 billion, with 14 cornerstone investors participating, including notable entities such as Abu Dhabi Investment Authority, Alibaba, and IDG, collectively investing around USD 350 million, which represents 67.88% of the global offering [1][38]. - The total margin subscription amount reached approximately HKD 20.46 billion, with a subscription multiple of about 97.67 times as of January 2, 2026 [3]. Financial Performance - For the first nine months of 2025, the company reported revenues of USD 53 million, reflecting a year-on-year increase of 174.68%, while the net loss expanded to USD 512 million, a year-on-year increase of 68.24% [15][16]. - The revenue breakdown indicates that AI-native products account for 71.1% of total revenue, while open platform and other AI-based enterprise services contribute 28.9% [21][22]. Use of Proceeds - Approximately 90% of the raised funds will be allocated to research and development [37]. - The net proceeds will be used as follows: 70% for large model development, 20% for AI-native product development and scaling, and 10% for working capital and general corporate purposes [41].