900亿，中国AI最快IPO诞生

Core Insights - MiniMax officially listed on the Hong Kong Stock Exchange on January 9, with an IPO price of HKD 165 per share, experiencing a surge of over 70% post-opening, and reaching a market capitalization of over HKD 90 billion [1] - The public offering was oversubscribed by 1,837 times, attracting top-tier long-term institutional investors from Europe, the US, Canada, South Africa, the Middle East, and Southeast Asia [1] - Founded in 2022 by former SenseTime executive Yan Junjie, MiniMax has become one of the fastest AI unicorns to reach IPO status globally [1] Investment Journey - The investment journey of MiniMax has been marked by significant backing from prominent investors, with a focus on supporting Chinese large model enterprises on the global stage [2] - The initial investment by Mingshi Venture Capital was made after four meetings with Yan Junjie and co-founder Yan Yeyi, highlighting the early recognition of the potential in AI models [3][4] - Mingshi Venture Capital's decision to invest was influenced by the belief in the transformative potential of AI, despite the market being at a low point for AI investments at that time [4][5] Strategic Decisions - Yan Junjie emphasized the importance of General Artificial Intelligence (AGI) and the transition from AI 1.0 to AI 2.0, which resonated with Mingshi's team [4] - Mingshi Venture Capital's commitment to MiniMax included six rounds of investment, showcasing their confidence in the company's leadership and strategic direction [7] - The decision to invest heavily in the MoE architecture for pre-training, despite skepticism in the industry, demonstrated MiniMax's innovative approach and willingness to take risks [9] Market Positioning - MiniMax has positioned itself as a leader in the AI space by achieving high gross margins while maintaining low operational costs, effectively breaking the "impossible triangle" of high performance, low cost, and profitability [9] - The company has established itself as a major player in the AI model market, with a focus on leveraging the latest chip technology for model training [10] - Mingshi Venture Capital's investment strategy has been to identify and support non-consensus opportunities within the AI sector, leading to significant returns on investment [15] Future Outlook - Mingshi Venture Capital anticipates that many undervalued Chinese tech companies will emerge on the global stage, driven by the rapid evolution of AI technology [10][19] - The firm is committed to investing in a diverse range of AI applications, including autonomous driving, AI in entertainment, and AI-powered productivity tools, reflecting a comprehensive approach to the AI industry [12][14] - Mingshi's long-term vision includes supporting the next generation of Chinese tech leaders, with a goal of investing in at least one-third of the top 50 global tech companies by 2035 [18]