MiniMax，大涨

Core Insights - MiniMax, a leading global artificial intelligence (AGI) company, successfully listed on the Hong Kong Stock Exchange with an issue price set at the upper limit of the range, at HKD 165 per share. The stock opened with a gain of over 50% and closed with a total increase of 109.09%, reaching HKD 345 per share, with a trading volume of HKD 4 billion and a total market capitalization exceeding HKD 100 billion [2][4]. Company Overview - MiniMax, located in Shanghai, is recognized as one of the top four companies globally in the full-modal AI model sector. The company has developed a series of full-modal general models, including MiniMax M2.1, Hailuo 2.3, Speech 2.6, and Music 2.0 [4]. - As of September 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, indicating a strong global presence [4]. Financial Performance - In the first nine months of 2025, MiniMax reported a revenue growth of over 170% year-on-year, with more than 70% of its revenue coming from international markets, showcasing its robust global market expansion capabilities and a healthy, diversified revenue structure [4]. Leadership Vision - The founder and CEO of MiniMax, Yan Junjie, emphasized that the true value of an AI company lies in its ability to continuously provide advanced intelligence for practical use, highlighting the company's commitment to contributing to social and economic development [4].