BABA(US:BABA) 硬AI·2026-01-09 12:29Core Viewpoint - MiniMax has set a record for the fastest IPO of an AI company globally, with its stock price soaring 109% on the first day, leading to a market capitalization exceeding HKD 100 billion [2][3]. Group 1: IPO Details - MiniMax was listed on the Hong Kong Stock Exchange on January 9, with an IPO price of HKD 165, at the upper limit of the offering range [5][7]. - The public offering was oversubscribed by 1837 times, raising approximately HKD 55.4 billion, with significant backing from major investors like Alibaba and Tencent [5][8]. - The stock's first-day performance resulted in a market cap of HKD 1,054 million (approximately USD 135 billion) [7]. Group 2: Investor Returns - Early investors, including Alibaba, MiHoYo, and Tencent, saw substantial returns, with Alibaba's shares valued at around HKD 103 billion on the first day [8]. - MiHoYo and Tencent also reported significant increases in their investment values, with MiHoYo's stake worth approximately HKD 48 billion and Tencent's around HKD 20 billion [8]. Group 3: Revenue Growth and Market Position - MiniMax reported a revenue of USD 53.4 million (approximately RMB 380 million) for the first three quarters of 2025, reflecting a year-on-year growth of 174.7% [10]. - The company generates over 70% of its revenue from international markets, with popular products like the Talkie chatbot and the video generation platform Hai Luo AI contributing significantly [10]. - MiniMax plans to use the IPO proceeds for model upgrades, product development, and international expansion, indicating a strong growth trajectory despite potential profitability challenges [10].