MiniMax盘中一度涨超80%，历史上IPO规模最大的AI大模型公司诞生，引爆港股市场

Core Insights - MiniMax, a global AI model company, successfully listed on the Hong Kong Stock Exchange on January 9, with its stock price surging over 80% at opening, reflecting strong market interest in the AI sector [2] - The company raised approximately 5.54 billion HKD through its IPO, with a subscription rate of 1,837 times for the public offering and 37 times for the international offering, indicating high investor confidence in MiniMax's growth potential [2] - MiniMax's rapid growth from establishment to IPO in just four years highlights the global capital market's recognition of the AI sector and the company's core value [2] Company Overview - Founded in early 2022, MiniMax is a "globally born" AI company focused on developing multimodal models, achieving significant breakthroughs in voice, video, and text models [9] - The company launched its first voice model, Speech 01, in 2023, followed by an upgraded version, Speech 02, in 2025, with its voice models generating over 220 million hours of speech [9] - MiniMax's video generation model, Video 01, was released in August 2024, with an upgraded version, Hailuo 02, set for June 2025, and has helped creators generate over 590 million videos [9] Financial Performance - As of September 2025, MiniMax reported a revenue growth of over 170% year-on-year, with over 70% of its revenue coming from international markets, showcasing its strong global market expansion capabilities [14] - The company has spent 500 million USD since its inception, achieving global leadership in multimodal models at only about 1% of OpenAI's expenditure [14] Future Plans - The funds raised from the IPO will primarily be used for model upgrades and the development of AI-native products over the next five years, aiming to enhance productivity and creativity in society [14]