短短两天之内，两家中国大模型公司接连挂牌上市。 1月9日，成立仅4年、"人均95后"的AI（人工智能）大模型公司MiniMax（HK00100）正式登陆港交 所。首日交易全程表现强势，最终收盘大涨109.09%，股价报收于345港元/股，市值攀升至1067亿港 元。 根据MiniMax此前公布的配发结果，假设绿鞋全额行使，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。 前一日（1月8日），智谱（HK02513）在港交所主板挂牌上市，发行价为每股116.20港元。截至1月9日 收盘，智谱收盘价158.6港元，总市值698.21亿港元。 对于二者都选择在港股上市的原因，香颂资本董事沈萌在接受《每日经济新闻》记者采访时表示，AI 公司虽然概念火热，但不满足当前A股的IPO（首次公开募股）标准。 事实上，无论是MiniMax还是智谱，上市不过是其发展之路的关键一步，前路依然很长，面临的挑战不 容小觑。未来，如何在资本的注视下平衡研发投入与盈利压力，或是摆在所有AI上市企业面前的长期 考题。 AI大模型的"港股时刻" "首先是获得融资，当前股市对AI的估值定位较高，此时 ...

AI大模型的"港股时刻" 短短两天之内，两家中国大模型公司接连挂牌上市。 1月9日，成立仅4年、"人均95后"的AI（人工智能）大模型公司MiniMax（HK00100）正式登陆港交 所。首日交易全程表现强势，最终收盘大涨109.09%，股价报收于345港元/股，市值攀升至1067亿港 元。 根据MiniMax此前公布的配发结果，假设绿鞋全额行使，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。 前一日（1月8日），智谱（HK02513）在港交所主板挂牌上市，发行价为每股116.20港元。截至1月9日 收盘，智谱收盘价158.6港元，总市值698.21亿港元。 对于二者都选择在港股上市的原因，香颂资本董事沈萌在接受《每日经济新闻》记者采访时表示，AI 公司虽然概念火热，但不满足当前A股的IPO（首次公开募股）标准。 事实上，无论是MiniMax还是智谱，上市不过是其发展之路的关键一步，前路依然很长，面临的挑战不 容小觑。未来，如何在资本的注视下平衡研发投入与盈利压力，或是摆在所有AI上市企业面前的长期 考题。 资本市场对这两家企业都敞开了怀抱，市场认购的反响不可 ...

Core Insights - The article highlights significant developments in the global expansion of Chinese companies, focusing on logistics, e-commerce, robotics, and AI technologies, indicating a trend of increasing international collaboration and competition in various sectors. Group 1: Major Events - Temu partners with PostNL to enhance cross-border logistics for local sellers in Europe, aiming to improve delivery flexibility and consumer experience [3][4] - TikTok Shop launches the "One Merchant, Sell Globally" project, enabling merchants to manage multiple stores across regions with integrated functionalities [5] - "Hangzhou Six Dragons" company Yun Shen Chu initiates IPO process after completing over 500 million yuan in Series C financing [7][8] Group 2: Company Responses and Developments - DJI expresses regret over the FCC's decision to list all non-U.S. manufactured drones on a regulated list, emphasizing the impact on market competition and consumer choice [11][12] - Lenovo plans to release the world's first "AI Super Intelligent Agent," aiming to integrate hardware interactions across its ecosystem [14] - MiniMax passes the Hong Kong Stock Exchange hearing, potentially becoming the first publicly listed company focused on general artificial intelligence (AGI) [15][17] Group 3: Market Trends and Financial Insights - OpenAI reports a computing profit margin of 70%, significantly higher than previous estimates, although it still faces challenges in achieving overall profitability [24][29][31] - Dyson founder James Dyson transfers £624 million to Singapore, indicating a strategic shift in wealth management and investment focus [26][27] Group 4: Future Plans and Innovations - Baidu's autonomous driving service platform, "萝卜快跑," plans to launch in London by 2026, marking a significant expansion into right-hand drive markets [18] - Nvidia is set to deliver H200 chips to Chinese customers, with expected shipments between 5,000 to 10,000 modules, despite regulatory uncertainties [24][26]

有消息称MiniMax(稀宇科技)已拿到证监会备案且通过港交所聆讯。这家大模型独角兽有望以"全球AGI 第一股"登陆港股，成为大众投资者参与本轮AI浪潮的稀缺标的。 公司股东包括阿里、腾讯、米哈游、高瓴、IDG、红杉中国、经纬等顶级机构。业内分析指出，全球大 模型行业及中国"人工智能+"发展增速显著，作为国产大模型领军者的MiniMax，在全球展现出全模态 技术实力与商业化能力，是这一爆发增长赛道中的稀缺标的。其上市后将填补资本市场空白，成为2026 年港股IPO资本抢夺的AGI第一股。 MiniMax自创立即全模态自研，是"全球唯四全模态进入第一梯队"的企业。其文本模型MiniMax M2在 全球权威测评榜单Artificial Analysis上总分全球前五、开源第一，视频模型Hailuo 02系列在多个榜单中 位列全球前三，语音模型Speech02系列在国际权威榜单中力压OpenAI登顶全球第一。 商业化层面，MiniMax推出一系列AI应用，包括MiniMax Agent、海螺AI、MiniMax Audio、星野 Talkie、开放平台，在全球超200个国家及地区拥有超2.12亿用户，并覆盖超100 ...

MiniMax自创立即全模态自研，是"全球唯四全模态进入第一梯队"的企业。其文本模型MiniMax M2在 全球权威测评榜单Artificial Analysis上总分全球前五、开源第一，视频模型Hailuo 02系列在多个榜单中 位列全球前三，语音模型Speech02系列在国际权威榜单中力压OpenAI登顶全球第一。 智通财经APP获悉，据腾讯新闻独家消息，MiniMax(稀宇科技)已拿到证监会备案且通过港交所聆讯。 这家大模型独角兽有望以"全球AGI第一股"登陆港股，成为大众投资者参与本轮AI浪潮的稀缺标的。 公司股东包括阿里、腾讯、米哈游、高瓴、IDG、红杉中国、经纬等顶级机构。业内分析指出，全球大 模型行业及中国"人工智能+"发展增速显著，作为国产大模型领军者的MiniMax，在全球展现出全模态 技术实力与商业化能力，是这一爆发增长赛道中的稀缺标的。其上市后将填补资本市场空白，成为2026 年港股IPO资本抢夺的AGI第一股。 商业化层面，MiniMax推出一系列AI应用，包括MiniMax Agent、海螺AI、MiniMax Audio、星野 Talkie、开放平台，在全球超200个国家及地区拥有 ...

Core Viewpoint - MiniMax, one of the "six small dragons" of large models in China, is expected to go public in Hong Kong this year, with ongoing developments in its model releases and product offerings [2][3]. Group 1: Company Overview - MiniMax was established in December 2021 and has developed a multimodal large language model that integrates text, voice, and vision, covering the entire product chain [4]. - The company has received investments from notable institutions such as Yunqi Capital, IDG Capital, Hillhouse Capital, and major tech firms like Tencent and Alibaba, with a valuation of approximately $3 billion [7]. Group 2: Product Development - Starting from June 17, MiniMax will release new models over five consecutive days, including the MiniMax-M1, which is the world's first open-source large-scale hybrid architecture inference model, excelling in productivity scenarios [8]. - The MiniMax-M1 model demonstrates superior efficiency in mathematical and coding tasks compared to DeepSeek-R1, and its inference capabilities are comparable to GPT-4, with costs only 0.5% of GPT-4 [9]. Group 3: Market Position and Performance - MiniMax holds the position of having the second-largest commercial voice model globally, supporting 32 languages, and its video model leads in global usage [5]. - The company has launched several AI products, such as Hailuo 02, which set new records for video model performance and cost-effectiveness [10].