明天上市，MiniMax上市额度已经被抢疯了

Core Viewpoint - MiniMax, a large model company, is set to list on January 9, achieving a record in institutional subscriptions for Hong Kong IPOs with over 460 participating institutions and an oversubscription rate exceeding 70 times [1][2]. Subscription Details - The previous record for subscriptions was held by CATL, which had a 30 times oversubscription when it went public in Hong Kong in 2025 [2]. - 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 [2]. - Notable long-term funds and sovereign wealth funds participated, including those from Singapore, South Africa, the Middle East, and Canada, with several orders exceeding $1 billion [2]. Market Performance - On January 8, MiniMax's dark market showed a strong opening, peaking at HKD 211.2 per share, with a closing price of HKD 205.6, reflecting a 24.6% increase [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 (over 70% of total revenue) and enterprise services contributing $15.41 million (28.9%) by June 2025 [3][4]. - As of September 2025, MiniMax had accumulated 212 million users for its AI-native products, with over 1.77 million being paid users [3]. Financial Performance - MiniMax reported a loss of approximately $180 million as of September 2025, with cash reserves exceeding $362 million [4]. - The company’s business model is perceived as clear and diversifying, instilling confidence among investors regarding its path to break-even [5].