云启资本管理合伙人陈昱（右三）在上市仪式现场。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO 早 知 道 消 息 ， MiniMax Group Inc. （ 以 下 简 称 "MiniMax" ） 于 2026 年 1 月 9 日 正 式 以"0100"为股票代码在港交所主板挂牌上市，成为史上IPO规模最大的AI大模型公司。 成 立 至 今 ， MiniMax 已 获 得 多 家 战 略 投 资 方 和 一 线 机 构 的 投 资 和 支 持 。 其 中 ， 云 启 资 本 作 为 MiniMax最早的投资人之一，从天使轮起连续投资6轮。 本文由公众号IPO早知道（ID：ipozaozhidao）原创撰写，如需转载请联系C叔↓↓↓ 作为闫俊杰（注：MiniMax创始人兼CEO）最早期认识的投资人朋友之一，云启资本管理合伙人陈 昱回忆称，初识闫俊杰时，GPT尚未引爆新一轮AGI浪潮。 "当时国内AI行业主流仍倾向于针对特定场景研发专有模型，而俊杰和我的第一次对话中就提到了基 础模型（Foundation Model）路径之于实现通用人工智能的重要意义。公 ...

借鉴人类联想记忆，嵌套学习让AI在运行中构建抽象结构，超越Transformer的局限。谷歌团队强调：优化器与架构互为上下文，协同进化才 能实现真正持续学习。这篇论文或成经典，开启AI从被动训练到主动进化的大门。 「灾难性遗忘」，一个困扰了AI界几十年的幽灵，这一次或许被彻底解决了。 过去一年，AI突飞猛进，绝非夸张的修辞，仅谷歌DeepMind一年的成就，就让人眼花缭乱： 但如果DeepMind要选2025年最重要的研究或产品，那最近火爆的嵌套学习「Nested Learning」必有一席之地。 有网友读过论文之后，发帖表示，这篇论文就是《Attention is All you Need》的「续集」。 如果Transformer开启了Scaling时代，那么嵌套学习，可能正在开启真正的AGI时代。 DeepMind创始人Shane Legg更直接，AGI一路坦途，最新进展就是嵌套学习。 甚至有网友表示，如果要给未来的外星人留一篇论文，必然是这篇《嵌套学习》。 JT Investing @ @JLTinvesting · Nov 27, 2025 What we are seeing today with ...

1月9日，上海人工智能"北斗七星"之一、成立仅四年的MiniMax（稀宇科技，股票代码：0100.HK）在港交所上市。 受访者供图 根据MiniMax此前公布的配发结果，假设绿鞋（超额配售选择权）全额行使，此次全球发售约3358万股，最终以每股165港元的定价上限发行，募 集资金总额约55.4亿港元。市场认购反响极为热烈，其中公开发售部分获得1837倍超额认购，国际发售部分亦获37倍认购，还引入了Aspex、 Eastspring、MiraeAsset、ADIA、阿里巴巴、易方达等14位国内外豪华基石投资者，投资者类型包括国际长线、头部科技、中资长线及产业战略等 多个维度，形成了强有力的价值背书。 1月9日，上海人工智能"北斗七星"之一、成立仅四年的MiniMax（稀宇科技，股票代码：0100.HK）在港交所上市。早盘高开一度涨超50%，市值 破763亿港元，成史上IPO规模最大的AI大模型公司。 MiniMax（稀宇科技）位于上海徐汇"模速空间"，是一家全球领先的通用人工智能（AGI）公司，自主研发了一系列全模态通用大模型，包括 MiniMaxM2.1、Hailuo2.3、Speech2.6和Music2. ...

Core Insights - Beijing Zhiyu Huazhang Technology Co., Ltd. (智谱) officially listed on the Hong Kong Stock Exchange on January 8, marking it as the world's first publicly traded company focused on General Artificial Intelligence (AGI) foundational models [1] - The company's CEO, Zhang Peng, transformed a technical vision into a business valued at over HKD 50 billion within seven years, highlighting a significant milestone for China's AGI industry [1] Group 1: IPO and Market Performance - On its first trading day, Zhiyu's market capitalization exceeded HKD 57 billion, with shares closing at HKD 131.5, reflecting a maximum intraday increase of 13.17% [2] - The IPO was highly successful, with a subscription rate of 1,159.46 times for the public offering and 15.28 times for the international offering, indicating strong market recognition [2] - The total funds raised from the IPO surpassed HKD 4.3 billion, excluding the "green shoe" option [2] Group 2: Business Model and Revenue Strategy - Zhiyu's initial survival strategy focused on localized deployment to meet customized needs of government and enterprise clients, a sector often overlooked by larger companies [3] - The company aims to diversify its revenue structure by increasing the proportion of income from its Model as a Service (MaaS) platform while maintaining a solid base from localized deployments [3] - Zhiyu's software tools and model business have already generated an annual recurring revenue (ARR) exceeding RMB 100 million (approximately USD 14 million), with plans to increase API revenue to 50% of total income [3] Group 3: Research and Development Investment - The company has committed significant resources to R&D, with investments of RMB 84.4 million, RMB 528.9 million, and RMB 2.195 billion planned for 2022, 2023, and 2024 respectively, totaling around RMB 4.4 billion [2] - R&D personnel constitute 74% of the workforce, supporting rapid iterations of the GLM series models every 2-3 months [2] Group 4: Strategic Partnerships and Ecosystem Expansion - Zhiyu has established partnerships with local governments and enterprises, such as the collaboration with Huafa Group in Zhuhai to create a city-level GLM model space [5] - The company is also expanding its reach internationally, having launched a national-level MaaS platform and AI talent training lab in Malaysia [7][6] Group 5: AGI Vision and Future Directions - The ultimate goal of Zhiyu remains the realization of AGI, with ongoing investments in technology exploration and research [4] - The company has begun to explore the Agent field as part of its AGI strategy, viewing it as a critical component in the path to achieving AGI [8] - Future iterations of the AutoGLM series are expected to enhance capabilities in multimodal and embodied intelligence, with applications across various devices [8]

Core Viewpoint - MiniMax, a large model enterprise, successfully listed on the Hong Kong Stock Exchange, experiencing a significant opening surge of 42.67%, with a market capitalization exceeding 70 billion HKD, and further increasing to a 66% rise by the time of reporting [1]. Group 1: IPO Details - MiniMax's global offering consisted of 29.1976 million shares, with 17.4% allocated for public sale and 82.6% for international sale. The share price was set at 165 HKD, raising approximately 4.596 billion HKD in net proceeds [1]. - The Hong Kong public offering saw an overwhelming response with a subscription rate of 1,837.17 times, while the international offering had a subscription rate of 36.76 times. Over 460 institutions participated in the IPO, leading to an oversubscription of more than 70 times [1]. Group 2: Company Background - MiniMax was established in early 2022 and is recognized as a global artificial general intelligence (AGI) company, focusing on the development of multimodal models. It is noted as one of the few companies that have concentrated on this area since its inception and currently holds the highest international revenue among Chinese large model companies [1]. - The company has a young team consisting of 385 members, with an average age of 29 years [1]. Group 3: Leadership - The founder and CEO of MiniMax, Yan Junjie, was born in 1989 in Henan. He graduated from Southeast University in 2006 and obtained his PhD from the Chinese Academy of Sciences in 2015. He has a background in postdoctoral research at Tsinghua University and previously held the position of Vice President at SenseTime, starting as an intern [2].

Core Insights - MiniMax, a leading global artificial general intelligence (AGI) company, went public on the Hong Kong Stock Exchange, achieving a market capitalization exceeding HKD 76.3 billion shortly after its debut [1][2]. Fundraising and Market Response - The company issued approximately 33.58 million shares at the upper limit price of HKD 165 per share, raising a total of approximately HKD 5.54 billion. The public offering was oversubscribed by 1,837 times, while the international offering saw a 37 times oversubscription [3]. - Notable cornerstone investors included Aspex, Eastspring, Mirae Asset, ADIA, Alibaba, and E Fund, indicating strong backing from various investment types, including international long-term, leading technology, and strategic industry investors [3]. Company Performance and User Base - As of September 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, showcasing its extensive global reach [3]. - The company reported a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of its revenue coming from international markets, reflecting a robust and diversified revenue structure [2][3]. 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 societal and economic development [4].

Group 1 - Xiaopeng Motors plans to achieve mass production of humanoid robots in 2026, alongside launching Robotaxi and flying cars [1][3] - The company showcased its latest generation humanoid robot, IRON, at a previous event, which sparked skepticism about its authenticity [3] - The 2026 global product launch introduced several new electric and range-extended models, including the P7+ and G7, featuring advanced battery technology and AI integration [3][5][6][7] Group 2 - Xiaomi awarded its self-developed chip "Xuanjie O1" the highest honor at the 2025 Xiaomi "Ten Million Technology Award" for its innovative design and performance [12] - The company aims to integrate self-developed chips, operating systems, and AI models in a single terminal by 2026, while also pushing forward its robotics business [12] - Xiaomi's new products include the Xiaomi 17 Pro series and various innovative technologies recognized at the award ceremony [13] Group 3 - Donut Lab introduced what it claims to be the world's first mass-producible solid-state battery at CES 2026, boasting high energy density and rapid charging capabilities [37][38] - The battery is reported to maintain performance across extreme temperatures and has a long cycle life, although independent verification of its claims is pending [38][43] - The company plans to scale production significantly in the coming year, aiming to capitalize on its technological advancements [43] Group 4 - Alibaba Cloud launched a multimodal interaction development kit, integrating various AI models to enhance hardware interaction capabilities [34] - The kit is designed to support a wide range of hardware platforms and aims to facilitate rapid deployment of AI solutions across different applications [34] Group 5 - The establishment of JD.com's "Chameleon Business Unit" aims to accelerate the commercialization of AI technologies and enhance market responsiveness [53][54] - The unit will focus on developing core AI products and integrating technological resources to improve efficiency [54] Group 6 - Zhizhu Technology, a company focused on AGI, officially listed on the Hong Kong Stock Exchange, emphasizing its commitment to exploring foundational models for general intelligence [56] - The CEO highlighted the importance of maintaining a focus on AGI development amidst the competitive landscape of AI models [56][57]

Core Insights - The article discusses the rise of AI companies, particularly Zhiyuan and MiniMax, which have successfully gone public in Hong Kong, marking a significant moment for the AI industry in China [7][11][21]. Investment Landscape - In 2021, AI was not a popular investment theme, overshadowed by carbon neutrality and the metaverse, with major players like OpenAI still relatively unknown in China [2][6]. - Early investors, such as Qiming Venture Partners, recognized the potential of large models and invested in Zhiyuan and MiniMax despite the prevailing skepticism in the market [2][6][36]. IPO Success - Zhiyuan and MiniMax both went public in January 2026, with Zhiyuan's market capitalization exceeding HKD 57 billion and MiniMax projected to exceed HKD 50 billion [7][11]. - The IPOs generated significant interest, with Zhiyuan's public offering being oversubscribed by 1,159.46 times, leading to an increase in the public offering ratio from 5% to 20% [7][12]. - MiniMax attracted over HKD 2.5 trillion in subscription funds, indicating high demand for shares [7][12]. Market Dynamics - The article highlights a resurgence in the Hong Kong stock market, with 119 new listings in 2025, the highest in five years, driven by a growing interest in technology companies [12][15]. - The Hong Kong Stock Exchange has become more attractive for tech companies, with new regulations allowing unprofitable firms to list, which has facilitated the entry of AI companies [15][21]. Future Outlook - The rapid evolution of the AI sector is creating a pressing need for funding, with companies like Zhiyuan and MiniMax aiming for global expansion [18][37]. - The article suggests that the successful IPOs of these companies may lead to increased international visibility and valuation, benefiting the broader Chinese tech landscape [41][44].

今天，"人均95后"的大模型公司MiniMax（稀宇科技）正式港股上市。 自去年12月17日起，沐曦股份、英矽智能、壁仞科技、天数智芯先后登陆科创板或港交所。短短一个月 内，五家上海AI产业链相关企业叩开资本市场大门。 ■上海目前拥有集成电路企业超过1200家，汇聚了全国约40%的集成电路产业人才、近50%的产业创新 资源 本报记者 李晔 查睿 ■上海拥有全球范围内首屈一指的营商环境。尤其是上海拿出算力底座场景，为各路GPU公司提供公开 公平的技术比武大平台，"这既能帮助创业者找到自身的短板和快速迭代补足的能力，又能提供最接近 市场的场景环境，更好地让产品说话" 另据证监会官网IPO辅导公示系统显示，燧原科技近期已完成上市辅导，将申报科创板。这意味 着，"上海GPU四小龙"（沐曦股份、壁仞科技、天数智芯、燧原科技）的上市版图合拢在即。此外，去 年A股涨幅榜冠军也来自上海——去年7月起，由智元机器人总裁彭志辉出任董事长的科创板上市企业 上纬新材，一改平淡低迷，股价全年涨幅高达1820%。 上海AI产业链相关企业近期密集引爆资本市场，是幸运之神意外眷顾，还是意料之中？ 绩优硬核 上月17日登陆科创板首日，沐曦股价 ...

Core Insights - The article discusses the emergence of MiniMax as a unique player in the AI industry, showcasing a different approach to achieving AGI (Artificial General Intelligence) compared to traditional models like OpenAI [1][4][16] - MiniMax's strategy emphasizes efficiency and monetization capabilities, contrasting with the heavy investment and large teams typical of other AI companies [1][4][16] Company Overview - MiniMax, founded by former SenseTime executive Yan Junjie, has adopted a "light asset, heavy model, high human efficiency" approach, allowing it to maintain a cash reserve of $1.102 billion, sufficient for 53 months of operations [5][16] - The company has spent approximately $500 million since its inception, significantly less than OpenAI's estimated expenditure of $40-55 billion, highlighting its financial efficiency [4][16] Business Model - MiniMax's revenue model is heavily reliant on its C-end business, which contributed over 71% of its revenue as of September 30, 2025, primarily from the Talkie platform [6][11] - The company faces challenges in being perceived as merely a gaming company, which could affect its valuation in the market [8][10] B-end Strategy - MiniMax's B-end business, which generated $1.542 million in revenue and saw a 161% year-on-year increase, is crucial for validating its AGI capabilities and supporting ongoing technological iterations [11][15] - The B-end strategy focuses on providing standardized API services rather than customized solutions, allowing MiniMax to collaborate with over 130,000 enterprise clients globally [13][15] Technological Development - MiniMax integrates AI deeply into its workflows, with approximately 80% of its programming code generated by AI, showcasing a collaborative evolution between AI and human efforts [2][4] - The company aims to position itself as a leader in AGI by embedding its technology into various products, moving beyond the perception of being a mere entertainment platform [10][14] Market Positioning - MiniMax's dual approach of leveraging C-end revenue to support B-end technological advancements is seen as a pragmatic solution to the challenges faced by AI startups [16] - The company is actively working to redefine its identity in the market, distancing itself from gaming associations while emphasizing its technological prowess and AGI ambitions [10][16]