Group 1 - MiniMax, a global AI model company, debuted on the Hong Kong Stock Exchange on January 9, with a strong performance, closing up 109.09% at HKD 345, resulting in a market capitalization of HKD 105.4 billion [1] - The AI sector in both Hong Kong and A-share markets experienced a significant surge, with the Shanghai Composite Index breaking 4100 points and over 3900 stocks rising, indicating a strong market interest in AI [1] - MiniMax is noted as the highest international revenue-generating Chinese model company, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from overseas markets [1][4] Group 2 - The public offering of MiniMax was oversubscribed by 1837 times, with institutional and retail investors showing strong interest, leading to a total subscription amount of approximately USD 19 billion (around RMB 132.7 billion) [2] - MiniMax's listing attracted top global long-term investors, contributing to a rally in Chinese tech stocks and establishing an independent market trend [2] - The company was founded in early 2022 and focuses on the development of multimodal models, achieving significant technological breakthroughs in voice, video, and text models [2][3] Group 3 - MiniMax launched its first voice model, Speech 01, in 2023, followed by an upgraded version, Speech 02, in the first half of the year, which has generated over 220 million hours of voice content [3] - The company released its video generation model, Video 01, in August 2024, and an upgraded version, Hailuo 02, in June 2025, which has helped creators generate over 590 million videos [3] - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and achieving the highest domestic token usage on OpenRouter [3][4] Group 4 - MiniMax M2.1 Preview ranked fourth globally in the LMARENA.AI WebDev rankings, receiving high praise from notable figures in the tech community for its efficiency in handling complex codebases [4] - The company has launched a series of AI-native products globally, including Hai Luo AI and Talkie, and has over 200 million individual users across more than 200 countries and regions by September 2025 [4] - MiniMax has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of OpenAI's expenses, with plans to use funds from its IPO for future model upgrades and AI product development [5]
MiniMax首日尾盘涨近100% 市值突破1000亿港元 引爆港股A股两地市场