云启资本陈昱：从天使轮起支持MiniMax，坚信其具备在AGI周期中穿越波动的潜力

Core Viewpoint - MiniMax Group Inc. is set to become the largest IPO in history for an AI large model company, officially listing on the Hong Kong Stock Exchange on January 9, 2026, under the stock code "0100" [2]. Investment and Support - MiniMax has received investments and support from several strategic investors and leading institutions, with Yunqi Capital being one of the earliest investors, participating in six funding rounds since the angel round [2]. - Yunqi Capital's partner, Chen Yu, highlighted the importance of MiniMax's foundational model approach for achieving general artificial intelligence (AGI) and the company's commitment to a three-modal technology blueprint from day one [3]. Business Model and Growth - Yunqi Capital is optimistic about MiniMax's "model-application integration" business model, which combines top-tier technical performance with a standardized product matrix, including Talkie and Hailuo, achieving significant commercialization growth in both B2C and B2B sectors [4]. - The team has optimized computing efficiency through advanced MoE architecture, resulting in high per capita output, indicating MiniMax's potential to navigate fluctuations during the AGI cycle and convert technical value into commercial value [4]. Broader Investment Landscape - Yunqi Capital is entering a harvest phase, with its portfolio company, Qunhe Technology, having submitted its prospectus for IPO in 2025. The firm has continuously invested in Qunhe Technology since its inception [4]. - Other companies in Yunqi Capital's portfolio, such as HuanShi Logistics and Defeng Technology, have also filed for IPOs, while new ventures like New Stone Unmanned Vehicles and Yuanrong Qihang are preparing for listings [4]. Support for Young Entrepreneurs - In October 2025, Yunqi Capital announced the launch of the Y Transformers initiative, aimed at supporting young AI entrepreneurs born in the 1990s, helping them secure initial investments and resources for healthy development in their early stages [5]. - The initiative emphasizes that great beginnings often arise from early-stage ventures, aiming to empower a new generation of "AI natives" to thrive in the AI era [5].