连投六轮！明势天使项目「MiniMax」正式登陆港交所，成史上IPO规模最大AI大模型公司

Core Insights - MiniMax, an AI model company, successfully listed on the Hong Kong Stock Exchange on January 9, 2026, with an IPO price of HKD 165, achieving a market capitalization exceeding HKD 100 billion, marking it as the largest AI model company IPO in history [2] - The investment firm Ming Shi Venture Capital was one of the earliest investors in MiniMax, participating in multiple funding rounds since March 2022, demonstrating strong support for Chinese AI enterprises on the global stage [2][5] - The IPO attracted significant interest, with a total fundraising amount of approximately HKD 5.54 billion, and the public offering was oversubscribed by 1,837 times, indicating high confidence from global investors in the AI sector and MiniMax's growth potential [2][11] Investment Strategy - Ming Shi Venture Capital's investment approach focuses on identifying non-consensus opportunities, as evidenced by their early and continuous investment in MiniMax, which included six rounds of funding [9][19] - The firm emphasizes the importance of founder characteristics, such as rapid iteration ability and a strong vision for the future, which are crucial for successful investments in early-stage companies [16][19] - The investment team at Ming Shi Venture Capital has adapted its structure to enhance decision-making speed and foster innovative thinking, crucial in the fast-evolving AI landscape [17] Market Context - The AI sector is experiencing rapid growth, with MiniMax's success highlighting the potential for Chinese tech companies to compete globally, as well as the broader acceptance of AI technologies [11][18] - Despite concerns about potential bubbles in AI valuations, there is a strong belief that AI will drive significant productivity changes, and the true impact of AI is still underestimated [18] - Ming Shi Venture Capital aims to invest in a diverse range of AI applications, including autonomous driving, AI-native hardware, and intelligent applications, reflecting a comprehensive approach to the AI industry [12][19] Future Outlook - The firm anticipates that by 2035, at least 150 of the Fortune 500 companies will be Chinese tech firms, with 50 becoming global leaders, indicating a strong belief in the growth trajectory of Chinese technology [19] - Ming Shi Venture Capital is committed to being a reliable long-term partner for the next generation of leading Chinese tech companies, aiming to invest in at least one-third of these future leaders [19]