MiniMax今起招股！获全球顶级长线基金约27.23亿港元基石认购，预计将于1月9日上市

Core Viewpoint - MiniMax, an AI company founded in 2022, is set to go public with an IPO on January 9, 2024, aiming for a valuation between HKD 461.23 billion and HKD 503.99 billion, marking its rapid ascent in the global AI industry [1][8]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to 165 per share, with a total expected fundraising of approximately HKD 27.23 billion from 14 cornerstone investors [1][2]. - The cornerstone investors include major firms like Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, indicating strong backing and confidence in MiniMax's business model and growth potential [1][2]. Group 2: Business Model and Growth - MiniMax has demonstrated significant growth, with a revenue increase of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from international markets [2][3]. - The company has developed a range of AI models, including the Speech 01 and Speech 02 for voice generation, and Video 01 and Hailuo 02 for video generation, achieving substantial user engagement with over 2.2 billion hours of voice and 5.9 billion videos generated [3][4]. Group 3: Market Position and Future Outlook - MiniMax's M2 model has ranked among the top five globally in various AI model assessments, showcasing its competitive edge in the AI landscape [4][5]. - The company has invested USD 500 million to achieve its current standing, which is only about 1% of OpenAI's expenditure, indicating efficient resource utilization [7]. - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting a significant opportunity for MiniMax to capitalize on this growth [8].