Core Viewpoint - MiniMax has successfully launched its IPO on the Hong Kong Stock Exchange, achieving a market capitalization of approximately HKD 82.7 billion, marking a significant milestone in the Chinese AI sector [3][6]. Group 1: IPO and Market Performance - MiniMax's IPO was priced at HKD 165, with an opening price of HKD 235.4, reflecting a 42.67% increase from the issue price [3]. - The stock reached a peak of HKD 270.8, contributing to a total market value of around HKD 82.7 billion [3][6]. - The company attracted 14 cornerstone investors, raising a total of USD 350 million (approximately HKD 272.3 million) [5]. Group 2: Company Overview and User Base - Founded in January 2022, MiniMax focuses on developing general artificial intelligence (AGI) technologies, with a product lineup that includes MiniMax M1, M2, and various AI applications [7][13]. - The company has over 2.12 billion individual users across more than 200 countries and regions, with over 100,000 enterprises and developers utilizing its services [7]. - MiniMax's overseas revenue accounts for over 70% of its total income, indicating a strong global presence [12]. Group 3: Financial Performance - MiniMax's revenue for 2023 was USD 3.46 million, with projections for 2024 showing a dramatic increase to USD 30.52 million, representing a year-on-year growth of 782.2% [8][9]. - For the first nine months of 2025, the company reported revenue of USD 53.44 million, a 175.07% increase compared to the previous year [9]. - The gross margin improved from -24.7% in 2023 to 12.2% in 2024, and further to 23.3% in the first nine months of 2025 [11]. Group 4: Research and Development - MiniMax has invested heavily in R&D, with expenditures reaching USD 180 million in 2025, which is 337.4% of its total revenue [26]. - The company has a young workforce, with an average employee age of 29 and a significant portion of its team being recent graduates [28]. - Over 80% of the company's code is reportedly generated by AI, showcasing its commitment to integrating AI into its operational processes [32]. Group 5: Product Development and Innovation - MiniMax has made significant advancements in multi-modal AI technologies, including text, audio, and video capabilities [13][24]. - The company’s latest models, such as MiniMax M2 and M2.1, have achieved top rankings in various benchmarks, indicating strong performance in the AI model landscape [17][22]. - MiniMax's AI products have been widely adopted, with its video generation platform, Hai Luo AI, producing over 590 million videos [25].

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].

Core Viewpoint - MiniMax is set to launch its IPO on January 9, 2026, with a share price range of HKD 151 to HKD 165, aiming to raise significant capital for future AI developments [1][2] Group 1: IPO Details - MiniMax plans to issue 25.39 million shares, with an estimated valuation between HKD 46.12 billion and HKD 50.40 billion [2] - The company has secured cornerstone investments totaling approximately HKD 2.72 billion from 14 investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund [1][2] Group 2: Strategic Partnerships and Investments - Visual China has made a strategic investment in MiniMax and both companies will collaborate to create a traceable and commercially viable AIGC visual content ecosystem [3] - MiniMax has received support from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia since its inception [2] Group 3: Company Growth and Financial Performance - Founded in early 2022, MiniMax has developed a foundational model architecture across three modalities: text to visual, text to audio, and text to text [4] - The company reported over 2.12 million users across more than 200 countries by September 2025, with a revenue growth exceeding 170% year-on-year, and over 70% of revenue coming from international markets [4] - MiniMax's adjusted net loss remained stable year-on-year, indicating effective cost management despite high growth, with R&D spending increasing by 30% while sales and marketing expenses decreased by 26% [5] Group 4: Market Context and Future Outlook - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting a significant opportunity for companies like MiniMax [5] - Another AI model company, Zhipu, is also set to launch its IPO shortly, indicating a growing trend in the AI sector within the Hong Kong market [5][6] - The listing of MiniMax is expected to shift the narrative of AI model companies from focusing on technology to demonstrating commercial value [6]

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]

Core Viewpoint - MiniMax, a leading AGI company, is set to break the IPO record, potentially becoming the fastest AI company to go public since its establishment [1][9] Financial Performance - MiniMax reported revenues of $3.46 million in 2023, projected to reach $30.52 million in 2024, and $53.44 million in the first nine months of 2025, reflecting a year-on-year growth of over 170% [1][10] - The company has incurred significant net losses, amounting to $73.73 million in 2022, $269 million in 2023, and $465 million in 2024, with a net loss of $512 million in the first nine months of 2025 [3][11] - Research and development (R&D) expenses have been substantial, with figures of $10.56 million, $70 million, $189 million, and $180 million over the respective years, although the percentage of R&D costs relative to total revenue has decreased [3][11][12] Revenue Model - MiniMax's revenue model is heavily focused on consumer-facing AI applications, with over 70% of revenue derived from this segment [1][10] - The company has expanded its user base significantly, with over 212 million individual users and 130,000 enterprise clients across more than 200 countries by September 2025 [1][10] Product Development - MiniMax has developed a strong product matrix, including four core AI applications: Talkie, Hailuo AI, MiniMax App, and MiniMax Voice, which cover various AI interaction modalities [6][13] - The Talkie application has become a revenue leader, contributing 63.7% of total revenue in 2024, while Hailuo AI has shown strong monetization potential [14][15] Market Focus - A significant portion of MiniMax's revenue comes from international markets, with Singapore and the U.S. contributing $12.98 million and $10.91 million respectively in the first nine months of 2025, accounting for 73% of total revenue [15][8] - The company aims to leverage the faster monetization opportunities in overseas markets compared to domestic ones, which face more regulatory challenges [8][15]

Core Viewpoint - MiniMax, a Chinese AI startup, is planning to conduct an IPO in Hong Kong in early January, aiming to raise up to $700 million (approximately HKD 546 million) [1] Group 1: IPO Details - MiniMax has passed the listing hearing with the Hong Kong Stock Exchange [1] - The final issuance size is not yet determined and will depend on market conditions and investor interest, with a minimum expected size of $500 million (approximately HKD 390 million) [1] - The company's target valuation is expected to exceed $4 billion [1] Group 2: Company Overview - MiniMax was established in early 2022 and focuses on advancing artificial intelligence technology towards achieving Artificial General Intelligence (AGI) [1] - The company has notable investors including Alibaba and Tencent [1] - MiniMax's product lineup includes large language models, video generation models, and models for generating speech and music [1] Group 3: Product Information - The flagship product line of MiniMax is the M series, which includes MiniMax M1 and MiniMax M2 [1] - MiniMax M1, launched in June of this year, is an open-source large-scale mixed attention inference model [1]

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].