MiniMax今起招股、1月9日在港上市：获顶级长线基金超27亿港元基石认购

Core Viewpoint - MiniMax Group Inc. is set to launch its IPO, aiming for a valuation between HKD 461.23 billion and HKD 503.99 billion, with significant backing from 14 cornerstone investors, indicating strong market confidence in its business model and growth potential [2][3][4]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to HKD 165 per share, with the IPO period running from today until January 6, 2026 [2]. - The total subscription amount from cornerstone investors is approximately HKD 27.23 billion, showcasing a rare consensus among long-term capital investors [3][4]. Group 2: Business Model and Growth - MiniMax is recognized as a leading AI company with a global user base exceeding 212 million across over 200 countries, achieving a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of revenue coming from international markets [4][8]. - The company has received investments from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI tech firms [4][5]. Group 3: Technological Advancements - MiniMax has launched several advanced AI models, including the Speech 01 and Speech 02 voice models, which have generated over 2.2 billion hours of speech, and the Video 01 and Hailuo 02 video models, which have produced over 590 million videos [5][6]. - The MiniMax M2 text model has achieved significant recognition, ranking among the top five globally and first in China, demonstrating its competitive edge in the AI landscape [6][8]. Group 4: Market Potential - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years, positioning MiniMax to capitalize on this rapid growth [8]. - The funds raised from the IPO will primarily be used for model upgrades and the development of AI-native products, aligning with the company's vision of enhancing productivity and creativity in society [8].