MiniMax在港交所上市，成史上IPO规模最大的AI大模型公司

Group 1: Company Overview - MiniMax (稀宇科技), a leading global artificial intelligence (AGI) company, was listed on the Hong Kong Stock Exchange on January 9, achieving a market capitalization of over 76.3 billion HKD, making it the largest IPO in the AI large model sector to date [1][3] - The company has developed a series of full-modal general large models, including MiniMaxM2.1, Hailuo2.3, Speech2.6, and Music2.0, positioning itself among the top four global companies in this field [3] - As of September 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, 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 international markets [3] Group 2: Market Response and Financials - The global offering of approximately 33.58 million shares was priced at the upper limit of 165 HKD per share, raising approximately 5.54 billion HKD, with the public offering receiving an oversubscription of 1,837 times and the international offering 37 times [1] - The listing attracted 14 prominent cornerstone investors, including Aspex, Eastspring, MiraeAsset, ADIA, Alibaba, and E Fund, indicating strong market confidence and diverse investor interest [1] Group 3: Industry Development in Shanghai - Shanghai's artificial intelligence industry has shown significant growth, with 394 large-scale enterprises generating revenue of 435.49 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 39.6% [4] - The city has implemented various measures to foster AI development, including the introduction of resource vouchers and a financial ecosystem to support startups, significantly lowering the barriers to entry for new companies [5] - In 2025, a national AI fund of 60 billion CNY was established in Shanghai, alongside a municipal AI pilot fund of 22.5 billion CNY, creating a comprehensive investment system to support early-stage AI ventures [5]