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国产AI六小虎MiniMax稀宇科技传香港上市,目标年内挂牌
Sou Hu Cai Jing· 2025-07-23 09:25
Core Viewpoint - Shanghai Xiyu Technology (brand name MiniMax) has submitted a confidential IPO application to the Hong Kong Stock Exchange, aiming to complete the listing by 2025, with a post-investment valuation of approximately $4 billion and plans to raise $500-700 million [1][3]. Valuation and Fundraising - The company completed its Series B funding round in March 2024, led by Alibaba, raising $600 million with a post-money valuation of $2.5 billion [3]. - In July 2025, MiniMax raised nearly $300 million in its Series C round, increasing its valuation to $4 billion [3]. - The funds raised from the IPO are intended for AI training computing power procurement, global multilingual model development, and market promotion [3]. Business Scale - As of March 2025, MiniMax's multimodal large model has reached approximately 157 million individual users across over 200 countries/regions, with 50,000 enterprise clients and developers in more than 90 countries/regions [4]. - The projected revenue for MiniMax in 2024 is approximately 380 million RMB, with revenue sources including 48% from the MaaS open platform API, 37% from C-end subscriptions, and the remainder from customized models and solution services [4]. Technical Advantages - MiniMax's MiniMax-M1 model supports 1 million tokens for input and 80,000 tokens for output, with the official claim that its computing cost is 30% of similar models [5]. - The company has established a compliance channel for data export, as indicated by its algorithm registration number in the interim measures for generative AI services management [6]. Hearing and IPO Timeline - The company is expected to undergo a hearing with the Hong Kong Stock Exchange in September 2025, with the official listing anticipated in October to November [7].