来源：市场资讯 刚刚！MiniMax敲钟上市，市值高达827亿港元！闫俊杰爆料：内部代码80%都由AI完成，公司平均年 龄29岁，账上超10亿美金 来源：51CTO技术栈 智谱上市之后，MiniMax打响中国大模型IPO的第二枪！ 刚刚，MiniMax（0100.HK）正式登陆港交所上市，发行价为165港元（约合人民币147.9元），开盘价 为235.4港元（约合人民币211.0元），较发行价上涨42.67%，目前已涨到270.8港元，总市值约为827亿 港元。 MiniMax此次引入包括Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14家基石投资者，认 购总额3.5亿美元（约27.23亿港元）。 其背后股东阵容也相当豪华，获得米哈游、阿里、腾讯、小红书、高瓴、IDG、红杉、经纬、明势、云 启等多家顶尖机构的投资和支持。 1 月 8 日下午的暗盘交易显示，MiniMax 开盘后持续走高，最高触及 211.2 港元/股，最低回落至 180 港 元/股附近，最终收于 205.6 港元/股，涨幅达 24.6%。 这家员工平均年龄仅29岁的"年轻化"AI公司，从成立到完成港股IPO仅 ...

Core Viewpoint - MiniMax is set to launch its IPO on January 9, 2026, with a target fundraising of approximately HKD 27.23 billion from cornerstone investors, indicating strong market confidence in its growth potential [1][2]. Group 1: IPO Details - MiniMax plans to issue 25.39 million shares at a price range of HKD 151 to HKD 165 per share, with an estimated market valuation between HKD 461.23 billion and HKD 503.99 billion [1][2]. - The company has attracted 14 cornerstone investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, which collectively subscribed for about HKD 27.23 billion [2]. Group 2: Business Model and Growth - MiniMax aims to utilize the funds raised from the IPO for model upgrades and the development of AI-native products over the next five years, promoting its vision of "Intelligence with Everyone" [4]. - The company has developed a foundational model architecture that includes text-to-visual, text-to-audio, and text-to-text capabilities, with products like MiniMax M1 and Hailuo-02 already in the market [4]. - As of September 2025, MiniMax has over 212 million personal users across more than 200 countries, with a revenue growth exceeding 170% year-on-year, and over 70% of its revenue coming from international markets [4]. Group 3: Financial Performance - MiniMax has managed to narrow its adjusted net loss while achieving significant revenue growth, with R&D expenses increasing by 30% and sales and marketing expenses decreasing by 26% in the first nine months of 2025 [5]. - The total expenditure since its inception has been approximately USD 500 million (around RMB 3.5 billion), which is lower than that of international peers [5]. Group 4: Market Context - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a nearly 25-fold increase in a decade, positioning MiniMax favorably to capitalize on this growth [5]. - Another AI model company, Zhipu, is also set to launch its IPO on January 8, 2026, with an expected market valuation exceeding HKD 511 billion, highlighting the competitive landscape in the AI sector [5][6].

Investment Rating - The report assigns an IPO-specific score of 6.1, suggesting a recommendation to subscribe to the IPO of MiniMax [7][10]. Core Insights - MiniMax, established in 2021, is a global AI large model company with significant growth, reporting a total revenue of $53 million for the first nine months of 2025, a 175% year-on-year increase [1]. - The global large model market is expected to grow at a compound annual growth rate (CAGR) of 75%, reaching $22 billion in revenue by 2025 [2]. - MiniMax holds a 0.3% market share in the global large model market, ranking 10th overall and 4th among pureplay companies [2]. Company Overview - MiniMax launched its open-source large-scale mixed attention inference models, MiniMax M1 and M2, in June and October 2025, respectively [1]. - The company serves over 200 countries and regions, with more than 200 million users across its AI-native products [1]. Financial Performance - For the first nine months of 2025, MiniMax reported total revenue of $53 million, with AI-native products contributing $38 million, accounting for 71% of total revenue [1]. - The adjusted net loss for the same period was $186 million, compared to $170 million in the previous year [1]. Industry Status and Outlook - The global large model market is projected to reach approximately $200 billion by 2029, with application and MaaS revenues expected to grow significantly [2]. - MiniMax's competitive positioning is highlighted by its ranking among the top players in the industry, with major competitors including OpenAI, Google, and Microsoft [2]. Strengths and Opportunities - MiniMax has a leading capability in foundational model research, with its MiniMax M2 model ranking 5th in global open-source model benchmark tests [3]. - The company possesses multimodal capabilities, including text, video, and voice generation models, with proven commercialization [3]. - A strong research team is anticipated, with plans to recruit 150 top AI researchers over the next five years [3]. Fundraising and Use of Proceeds - The IPO is expected to raise approximately HKD 38.18 billion, with 90% of the funds allocated for R&D of large models and AI-native products [6]. - The IPO subscription period is set from December 31, 2025, to January 6, 2026, with trading commencing on January 9, 2026 [5].

12月31日，MiniMax正式启动招股。根据招股书，MiniMax本次IPO拟发行2538.92万股，定价区间为151 港元/股至165港元/股，预计将于2026年1月9日正式登陆港股资本市场。此外，MiniMax此次引入了包括 Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14家基石投资者，认购总额约27.23亿港元。 基石认购超27亿港元 根据招股书，在不考虑发售量调整权及超额配股权行使的情况下，发行估值将介于461.23亿港元至 503.99 亿港元之间。 MiniMax此次引入了包括Aspex、Eastspring、Mirae Asset、阿里巴巴及易方达在内的14家基石投资者， 认购总额约27.23亿港元。投资者类型横跨国际长线、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。 根据招股书，MiniMax拟通过本次上市，将募集资金用于未来5年的大模型升级与AI原生产品开发，为 世界提供越来越先进、通用的智能，长期践行"Intelligence with Everyone"（与所有人共创智能）。 企查查显示，MiniMax成立于2022年初，已形成 ...

Core Insights - The AI large model industry is accelerating its capitalization, with companies like Zhipu and MiniMax entering the IPO stage in Hong Kong, expected to list by early 2026 [1][9] - Zhipu focuses on AGI foundational models, while MiniMax specializes in multimodal models, indicating different technological and business approaches within the same competitive landscape [1][9] Company Overview: Zhipu - Zhipu is the first among the "Six Little Tigers" of AI large models to initiate an IPO, with a strong focus on B2B users and a business model centered around MaaS (Model as a Service) [2][9] - Founded in 2019, Zhipu has shown rapid revenue growth, with projected revenues of 57.4 million, 124.5 million, and 312.4 million yuan from 2022 to 2024, reflecting a compound annual growth rate of 130% [2][4] - The company has a significant R&D investment, totaling approximately 4.4 billion yuan over several years, supporting its technological advancements [4] Company Overview: MiniMax - MiniMax, which focuses on C-end products, aims to become the fastest AI company to go public, with over 70% of its revenue coming from consumer products [6][7] - Established in early 2022, MiniMax has developed several multimodal models and AI-native products, achieving a revenue increase of over 700% in its second year [6][7] - The company has also secured substantial funding, totaling approximately 1.555 billion USD across seven financing rounds, with a cash balance of 363 million USD as of September [8] Market Dynamics - The entry of Zhipu and MiniMax into the IPO process is seen as a milestone for the AI industry, potentially reshaping the narrative from technology storytelling to commercial value realization [9] - Analysts suggest that the differing business models of Zhipu and MiniMax highlight the segmentation within the AI large model market, with Zhipu targeting developers and enterprises, while MiniMax focuses on consumer applications [9]

随着全球AGI赛道从"百模大战"进入整合期，MiniMax的上市进程备受市场瞩目。它让我们得以一窥， 在ChatGPT点燃全球战火后，中国原生AI大模型公司如何烧钱研发、攻城略地，并探索可持续的商业化 道路。 AI公司的IPO纪录有望刷新。12月21日，全球领先的通用人工智能（AGI）公司MiniMax（稀宇科技） 首次刊发其聆讯后资料集（PHIP）版本的招股书资料，有望刷新纪录，成为从成立到IPO历时最短的AI 公司。 对于一家尚未盈利的特专科技公司，投资者愿意为什么买单？MiniMax的答案是产品。 在商业模式上，MiniMax将赌注押在了C端，即直接面向消费者的AI原生应用，收入占比已超70%。招 股书显示，MiniMax在2023年营收为346万美元，2024年营收为3052万美元，2025年前九个月营收为 5344万美元，同比增长超过170%。 截至2025年9月30日，MiniMax已有超过200个国家及地区的逾2.12亿名个人用户以及超过100个国家的 13万企业客户，其中海外市场收入贡献占比超70%。 AI原生产品贡献增量 作为一家处于高速扩张期的研发驱动型AI公司，MiniMax的财务也呈现 ...

来源：格隆汇APP MiniMax是通用人工智能科技公司，于2022年初成立，致力推动人工智能科技前沿发展，实现通用人工 智能(AGI)。该公司投资者包括阿里巴巴及腾讯。公司的大模型组合包括大语言模型、视频生成模型以 及语音和音乐生成模型。MiniMax M系列由MiniMax M1和MiniMax M2组成，是其大语言模型旗舰产品 线。MiniMax M1今年6月推出，是一款开源的大规模混合注意力推理模型。 格隆汇12月22日｜路透引述两位消息人士表示，中国"AI六小虎"、人工智能初创公司稀宇科技 (MiniMax)正寻求在1月初在香港进行首次公开招股(IPO)，集资资金或高达7亿美元(约54.6亿港元)。 MiniMax已通过港交所的上市聆讯。其中一位消息人士称，发行规模尚未最终确定，将取决于市场条件 和投资者的兴趣，预计发行规模至少5亿美元(39亿港元)。消息人士曾在7月份告诉路透，该公司的目标 估值将超过40亿美元。 ...

Investment Rating - Industry rating: Overweight [1] Core Insights - On December 17, Zhiyu and MiniMax both passed the Hong Kong Stock Exchange listing hearing, marking the first listing of a company focused on "foundation models" in Hong Kong. MiniMax focuses on multimodal models, indicating that AI large model companies are officially entering the IPO sprint phase in Hong Kong, expected to debut in early 2026 [3][11] - Zhiyu is actively launching open-source foundation models GLM-4.5 and GLM-4.6, with strong AI coding capabilities allowing integration with top programming tools and tech companies in the U.S. The CEO of Zhiyu stated that the company's software tools and model business (GLM coding plan) have an ARR exceeding 100 million yuan (approximately 14 million USD), with expected revenue growth of 100% in 2025 [3][11] - MiniMax has developed several multimodal products and has over 30,000 enterprise clients and developers on its open platform. The company’s commercialization strategy includes both B-end open platform and in-product advertising mechanisms [3][11][12] - The report highlights significant investments from major players like Hillhouse Capital, Meituan, Tencent, and Alibaba in Zhiyu and MiniMax, with Zhiyu's latest valuation reaching 40 billion yuan and MiniMax's valuation at 40 billion USD (approximately 300 billion yuan) [4][12] - The report suggests that the upcoming Hong Kong listings will shift the narrative of AI large model companies from "telling technical stories" to "realizing commercial value," providing a basis for future financing and valuation of large model enterprises [4][12] Market Performance Review - The computer industry index fell by 1.48%, underperforming the Shanghai Composite Index by 1.50 percentage points and outperforming the ChiNext Index by 0.78 percentage points. Year-to-date, the computer industry index has risen by 13.45% [14][17] - Among the 31 industry indices, the computer industry index ranked 22nd this week, leading the TMT sectors (electronics, communication, computer, media) [14][17] Company Dynamics - Zhiyu has completed 15 rounds of financing, with a latest valuation of 40 billion yuan, while MiniMax's valuation reached 40 billion USD after a 300 million USD C-round financing [4][12] - The report recommends focusing on AI hardware and application targets, mentioning related companies such as Cambricon, Inspur, Yonyou Network, and Kingsoft Office [4][12]

Core Viewpoint - The rapid pace of IPOs for AI startups, exemplified by MiniMax, highlights the growing significance and potential of artificial general intelligence (AGI) in the market [2][5]. Company Overview - MiniMax, founded in December 2021 and headquartered in Shanghai, focuses on developing multi-modal artificial intelligence technologies [4]. - The company is recognized for its foundational models MiniMax M1 and M2, as well as AI-native products like Hailuo AI and Xingye [4]. Market Position and User Base - MiniMax is poised to set a record as the fastest AI company from establishment to IPO [5]. - The company has over 2.12 billion personal users across more than 200 countries and regions, with over 100,000 enterprises and developers [9]. - The average monthly active users of AI-native products surged from 3.14 million in 2023 to 27.62 million in the first nine months of 2025, indicating strong user engagement [9]. Financial Performance - For the first nine months of 2025, MiniMax reported revenues of $53.44 million, a year-on-year increase of approximately 174.7% [9]. - The revenue primarily comes from AI-native product subscriptions and enterprise services, with a gross margin of 69.4% for B2B services [10]. - The adjusted net loss for the same period was $186 million, reflecting a slight increase of 8.6% despite significant revenue growth [22]. Research and Development - MiniMax has a strong focus on R&D, with expenditures reaching $180 million in the first nine months of 2025, accounting for 337.4% of total revenue [22]. - The company has made significant advancements in multi-modal AI technologies, launching several models that have gained international recognition [13][15]. Leadership and Organizational Structure - The executive board of MiniMax is notably young, with an average age of 32, reflecting the company's tech-driven and innovative culture [29][30]. - The leadership team is deeply involved in R&D and business operations, aligning with the company's focus on long-term technological investment and efficiency [31]. Future Plans - MiniMax plans to use approximately 70% of the funds raised from the IPO for R&D over the next five years, focusing on model upgrades and AI-native product development [34]. - The company aims to enhance social productivity and individual quality of life through its vision of "Intelligence with Everyone" [37].

Core Viewpoint - The article discusses the evolving dynamics in the AI sector, particularly focusing on the recent actions of SoftBank in relation to Nvidia and OpenAI, highlighting a shift in investment strategies and the valuation challenges faced by American AI companies compared to their Chinese counterparts [2][10][11]. Group 1: SoftBank's Actions and Market Impact - SoftBank sold its Nvidia shares for $5.8 billion shortly after Nvidia's market cap reached $5 trillion, indicating a strategic move to cash out at a high point [2][10]. - The sale is interpreted as SoftBank repositioning itself within the AI value chain, suggesting a lack of confidence in Nvidia's future growth potential [10][11]. - This transaction coincided with significant market fluctuations, with the Nasdaq Composite and S&P 500 experiencing their largest single-day declines in nearly a month, reflecting investor concerns about AI valuations [6]. Group 2: Challenges in American AI Valuations - American AI companies face a high valuation dilemma, characterized by rapid technological advancement and revenue growth but slow profit realization [8][9]. - The cost structure in the U.S. AI sector is becoming increasingly unsustainable, with high salaries for AI talent and exorbitant training costs for models like GPT-4, which is estimated to cost between $700 million and $1.4 billion to train [9][12]. - Companies like OpenAI and Anthropic are under pressure to continuously leverage capital to maintain their technological edge, raising concerns about long-term viability [9][10]. Group 3: Comparison with Chinese AI Companies - Chinese AI companies are reportedly operating under a different valuation structure, with significantly lower capital expenditures compared to their American counterparts, estimated to be 82% lower [12]. - The return on investment (ROI) for Chinese AI firms is perceived to be superior, with some domestic teams achieving faster commercialization of their products [13][15]. - Chinese AI firms, such as MiniMax, focus on practical applications and cost efficiency, contrasting with the high-risk, high-reward strategies of American firms [15][16]. Group 4: MiniMax's Competitive Edge - MiniMax has emerged as a strong competitor to OpenAI, leveraging a dual revenue model of subscription and API calls, with an annual recurring revenue (ARR) reaching $100 million [24]. - The company emphasizes a pragmatic approach, prioritizing immediate market needs and user feedback over long-term speculative models [20][26]. - MiniMax's innovative architecture allows it to achieve competitive performance at a lower cost, positioning it favorably in the global AI landscape [28][34].