Core Viewpoint - MiniMax, a global AI model company, made a strong debut on the Hong Kong Stock Exchange, with its stock price rising by 109.09% on the first day, reaching HKD 345 and a market capitalization of HKD 106.7 billion, igniting interest in the AI sector across both Hong Kong and A-share markets [1][6]. Company Overview - MiniMax is recognized as the highest international revenue-generating Chinese large 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][9]. - 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 [7][8]. IPO and Market Response - The public offering of MiniMax was oversubscribed by 1,837 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][7]. - MiniMax's listing attracted top global long-term investors, contributing to a rally in Chinese tech stocks and creating an independent market trend [2][7]. Product Development and Achievements - MiniMax launched its first voice model, Speech 01, based on the Transformer architecture in 2023, followed by an upgraded version, Speech 02, in the first half of 2024, which ranked first in comprehensive performance [8]. - The company has also released a video generation model, Video 01, and the Hailuo 02 upgrade, which has helped generate over 5.9 billion videos [8][9]. - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and first in open-source models, showcasing the company's rapid ascent in the AI landscape [8][9]. Global Reach and User Base - As of September 2025, MiniMax has over 200 countries and regions with more than 212 million individual users, demonstrating its strong global market expansion capabilities [9]. - The company has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of the costs incurred by OpenAI [10]. 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 [10].
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