MiniMax获千倍认购，月之暗面也有新消息

Core Viewpoint - The article highlights the recent surge in IPOs of AI and computing-related companies in the Hong Kong market, showcasing extreme oversubscription rates and significant investor interest in the sector [1][6][11]. Group 1: IPO Performance - MiniMax's IPO recorded over HKD 253.3 billion in margin subscriptions, with a staggering oversubscription rate of 1209 times [1]. - Other AI companies like Zhiyuan AI and Birun Technology also reported high oversubscription rates of 1164 times and 1583.5 times, respectively, indicating a strong market appetite for AI stocks [1][6]. - The trend of extreme oversubscription has become a norm for AI-related IPOs in Hong Kong, reflecting a robust demand for shares in this sector [5][10]. Group 2: Company Overview - MiniMax, founded in early 2022, has rapidly transitioned from a startup to a publicly listed company, developing a range of self-researched AI models and products [3]. - By September 2025, MiniMax's services will cover over 200 countries, with a user base exceeding 212 million, and projected revenues soaring from USD 346,000 in 2023 to USD 3.05 million in 2024, marking a 782% increase [3]. - The company aims to allocate 90% of its IPO proceeds towards the development of large models and AI-native products, with the remaining 10% for operational funding [4]. Group 3: Investment Landscape - The IPOs of AI companies are supported by favorable policies, technological advancements, and the need for early investors to exit, making Hong Kong an attractive market for AI and computing firms [11]. - The introduction of the FINI system by the Hong Kong Stock Exchange has reduced the cost of capital and shortened the IPO process, contributing to the current IPO frenzy [8]. - Despite the excitement, many AI companies are still in the early stages of profitability, with significant losses reported, indicating potential risks for investors [12]. Group 4: Market Dynamics - The article notes that the competitive edge of these companies, along with the scarcity of shares in public offerings, has driven investor enthusiasm [8]. - The presence of prominent cornerstone investors in these IPOs, accounting for nearly 70% of the total subscription amounts, further underscores the confidence in the sector [7]. - As more AI companies enter the market, the valuation landscape is expected to evolve, with a focus on technological capabilities and commercialization potential becoming critical for future investments [12].