Core Viewpoint - MiniMax, a unicorn in the AI sector, is set to debut on the Hong Kong Stock Exchange on January 9, 2026, with a valuation between HKD 461-503 billion, marking a significant shift in the Chinese AI industry towards commercialization and capital realization [2][3]. Group 1: IPO and Market Reception - MiniMax plans to issue 25.39 million shares at an IPO price range of HKD 151-165, with a market capitalization of approximately HKD 461-503 billion [3]. - The company has garnered significant interest from top-tier institutions, with 14 major investors, including Alibaba and Tencent, subscribing to 68% of the shares, indicating strong market confidence in its To C model [3]. Group 2: Financial Performance and Growth - MiniMax's revenue is projected to grow dramatically from USD 346 million in 2023 to USD 3,052.3 million in 2024, reflecting a year-on-year increase of 782.1%, with total users exceeding 212 million across over 200 countries [2]. - The company's core product, Talkie, which focuses on AI emotional companionship, has generated 70% of its revenue but relies heavily on substantial marketing expenditures, which are expected to reach USD 86.7 million in 2024 [3]. Group 3: Challenges and Risks - MiniMax faces significant challenges, including a negative gross margin of -8.1% for its AI-native products in 2024, which only turns positive to 4.7% in the first three quarters of 2025, raising concerns about sustainable profitability [4]. - The company is embroiled in copyright disputes with major entities like iQIYI and Disney, which could lead to substantial financial liabilities and impact its core competitive edge [4]. Group 4: Strategic Opportunities - The global AI application market is transitioning from technical concepts to practical implementations, with a projected market growth of over 150% for AI-generated products in 2025, creating a favorable environment for MiniMax [4]. - MiniMax's strategic partnerships with Alibaba and Tencent may enhance its B2B business and support its commercial ecosystem, potentially mitigating some of the risks associated with its current challenges [5].