MiniMax上市首日高开42.7%，最新市值超830亿港元

Core Viewpoint - MiniMax successfully listed on the Hong Kong Stock Exchange, with a significant first-day price increase, reflecting strong investor interest and market confidence in the company's future prospects [2][3]. Group 1: IPO Performance - MiniMax's shares opened at 235.4 HKD, a 42.7% increase from the IPO price of 165 HKD, and reached a market capitalization of 719 billion HKD on the first day [2]. - The stock continued to rise, closing at 273.2 HKD, marking a total increase of 65.58% and a market cap of 834 billion HKD [2]. - The IPO attracted approximately 420,000 subscriptions, with an oversubscription rate of about 1838 times [2]. Group 2: Financial Overview - MiniMax's IPO raised approximately 45.96 billion HKD, with around 90% of the funds allocated for R&D over the next five years, including 70% for large model development and 20% for AI-native product development [2][3]. - The company reported revenues of 2.46 million USD, 30.52 million USD, and 53.44 million USD for the first three quarters of 2023, 2024, and 2025, respectively, with net losses of 269 million USD, 465 million USD, and 512 million USD for the same periods [3]. Group 3: Business Model and Market Contribution - MiniMax focuses on consumer-end (C-end) business, with AI-native product revenue accounting for over 70% of total revenue in the first three quarters of 2025 [4]. - The company generated 39 million USD in overseas market revenue, representing 73.1% of total revenue, with significant contributions from Singapore (24.3%) and the United States (20.4%) [4]. - Key AI-native products include Hailuo AI and Talkie/Xingye, contributing 32.6% and 35.1% to total revenue, respectively [4].