Core Viewpoint - MiniMax has successfully launched its IPO on the Hong Kong Stock Exchange, achieving a market capitalization of approximately HKD 82.7 billion, marking a significant milestone in the Chinese AI sector [3][6]. Group 1: IPO and Market Performance - MiniMax's IPO was priced at HKD 165, with an opening price of HKD 235.4, reflecting a 42.67% increase from the issue price [3]. - The stock reached a peak of HKD 270.8, contributing to a total market value of around HKD 82.7 billion [3][6]. - The company attracted 14 cornerstone investors, raising a total of USD 350 million (approximately HKD 272.3 million) [5]. Group 2: Company Overview and User Base - Founded in January 2022, MiniMax focuses on developing general artificial intelligence (AGI) technologies, with a product lineup that includes MiniMax M1, M2, and various AI applications [7][13]. - The company has over 2.12 billion individual users across more than 200 countries and regions, with over 100,000 enterprises and developers utilizing its services [7]. - MiniMax's overseas revenue accounts for over 70% of its total income, indicating a strong global presence [12]. Group 3: Financial Performance - MiniMax's revenue for 2023 was USD 3.46 million, with projections for 2024 showing a dramatic increase to USD 30.52 million, representing a year-on-year growth of 782.2% [8][9]. - For the first nine months of 2025, the company reported revenue of USD 53.44 million, a 175.07% increase compared to the previous year [9]. - The gross margin improved from -24.7% in 2023 to 12.2% in 2024, and further to 23.3% in the first nine months of 2025 [11]. Group 4: Research and Development - MiniMax has invested heavily in R&D, with expenditures reaching USD 180 million in 2025, which is 337.4% of its total revenue [26]. - The company has a young workforce, with an average employee age of 29 and a significant portion of its team being recent graduates [28]. - Over 80% of the company's code is reportedly generated by AI, showcasing its commitment to integrating AI into its operational processes [32]. Group 5: Product Development and Innovation - MiniMax has made significant advancements in multi-modal AI technologies, including text, audio, and video capabilities [13][24]. - The company’s latest models, such as MiniMax M2 and M2.1, have achieved top rankings in various benchmarks, indicating strong performance in the AI model landscape [17][22]. - MiniMax's AI products have been widely adopted, with its video generation platform, Hai Luo AI, producing over 590 million videos [25].
刚刚！MiniMax敲钟上市
Xin Lang Cai Jing·2026-01-09 08:37