速递｜大模型MiniMax上市额度超460家机构争抢，创近年来港股新记录

Core Viewpoint - MiniMax, a large model company, is set to list on January 9 and has achieved a record in institutional subscriptions for Hong Kong IPOs, with over 460 institutions participating and an oversubscription rate exceeding 70 times [1]. Group 1: IPO and Subscription Details - The demand for MiniMax's national placement orders reached $32 billion, with actual orders totaling $19 billion from over 460 institutions, resulting in an oversubscription of approximately 79 times after excluding cornerstone investors [1]. - Notable long-term funds and sovereign wealth funds, including those from Singapore, South Africa, and the Middle East, participated with subscriptions exceeding $1 billion each, contributing to a total of over $6 billion from long-term funds [1]. - MiniMax's cornerstone investors include 14 entities, such as the Abu Dhabi sovereign fund and Future Asset from South Korea [1]. Group 2: Stock Performance - On January 8, MiniMax's stock opened at a high of HKD 211.2 per share and closed at HKD 205.6, marking a 24.6% increase [2]. Group 3: Revenue Sources - MiniMax's revenue is primarily derived from two segments: AI-native products and enterprise services based on AI, with AI-native products generating $38.02 million by June 2025, accounting for over 70% of total revenue [2]. - The enterprise services segment generated $15.42 million, representing 28.9% of total revenue [3]. Group 4: Financial Performance - As of September 30, 2025, MiniMax reported a loss of approximately $180 million, while maintaining cash reserves of over $362 million [4]. - The company has shown a clear and diversified revenue model, which has instilled confidence among investors regarding its potential to achieve break-even [6].