763亿港元，大模型公司最大规模IPO！MiniMax登陆港交所，开盘前大涨50%

Core Viewpoint - MiniMax has successfully completed its IPO on the Hong Kong Stock Exchange, raising approximately 5.54 billion HKD (around 4.965 billion RMB) by issuing about 33.58 million shares at the upper price limit of 165 HKD per share [1][2]. Group 1: IPO Details - The final offering price was set at 165 HKD, with a price range of 151 HKD to 165 HKD [2]. - The public offering was oversubscribed by 1,837 times, while the international offering saw a 37 times oversubscription [2]. - In the after-hours trading, MiniMax's stock reached a peak of 211.2 HKD per share, closing at 205.6 HKD, marking an increase of nearly 25% [3]. Group 2: Company Background and Growth - MiniMax was founded less than four years ago and has rapidly evolved from a startup to a publicly listed company [3]. - The company has attracted significant investments from notable institutions such as MiHoYo, Alibaba, Tencent, and others, raising over 1.5 billion USD in total funding [3]. - The CEO, Yan Junjie, emphasized the company's commitment to advancing AI technology and its ambition to contribute to the industry's growth [3]. Group 3: Technological Advancements - MiniMax has focused on a dual approach of developing both consumer and enterprise-level AI applications, achieving a user base of over 212 million [9]. - The company has made significant breakthroughs in various AI modalities, including speech, video, and text, with its M2.1 model ranking first among open-source models in coding tasks [7][9]. - The strategy of parallel development across multiple modalities is aimed at achieving Artificial General Intelligence (AGI) [10][11]. Group 4: Organizational Efficiency - MiniMax's organizational structure emphasizes a high degree of diversity and a flat hierarchy, with 73.8% of its workforce in research and development and an average age of 29 [22][25]. - The company utilizes AI agents to enhance productivity, with over 80% of its code being generated by AI, fundamentally altering its cost structure [22]. - The company has achieved a competitive research and development efficiency, spending approximately 500 million USD, which is only 1% of OpenAI's expenditure during the same period [26]. Group 5: Market Reception and Future Outlook - MiniMax's IPO set a record for institutional subscriptions in Hong Kong, with over 460 participating institutions and an oversubscription rate exceeding 70 times [29]. - The CEO views the IPO as a new starting point, aiming for continued growth at a pace similar to the past four years [30].