太火了！MiniMax 上市额度遭疯抢

Core Viewpoint - MiniMax's IPO has set a record for institutional subscriptions in the Hong Kong market, with over 460 institutions participating and a subscription oversubscription rate exceeding 70 times, indicating strong market interest in AI technology companies [1][3]. Group 1: IPO Details - MiniMax's IPO attracted over 460 institutions, with peak demand in the international placement segment reaching $32 billion and actual orders amounting to $19 billion, resulting in an oversubscription rate of 79 times after excluding cornerstone investments [3]. - The public offering was also highly competitive, with a subscription amount exceeding HKD 253.3 billion and an oversubscription rate of 1209 times, reflecting significant interest from retail investors [3]. - On its first trading day, MiniMax's stock price peaked at HKD 211.2 per share and closed at HKD 205.6, representing a 24.6% increase from the upper limit of the offering price range [3]. Group 2: Company Performance and Financials - MiniMax has developed a product matrix covering both C-end and B-end markets, with core AI products including large language models and video generation models, supported by an open platform and enterprise services [4]. - As of September 2025, MiniMax has over 212 million cumulative users across more than 200 countries, with over 1.77 million paying users; revenue for the first three quarters of 2025 reached $53.4 million, a year-on-year increase of over 170%, with over 70% of revenue coming from overseas markets [4]. - The company's gross margin has improved significantly, rising from -24.7% in 2023 to 23.3% in the first three quarters of 2025, although it still recorded a loss of $180 million as of September 2025 [4]. - MiniMax's cash reserves of $362 million (recently reported to exceed $1.1 billion) provide a solid foundation for R&D investments, with 90% of the IPO proceeds allocated to the development of large models and AI-native products [4]. Group 3: Market Context - The IPO of MiniMax coincides with a surge in the AI sector within the Hong Kong stock market, with other companies like Wallen Technology and Zhizhu AI also achieving record oversubscription rates [5]. - MiniMax's listing is expected to enhance the AI ecosystem in the Hong Kong market and serve as a benchmark for evaluating the commercialization value of AI in the capital market [5].