Core Viewpoint - MiniMax, a global AI model company, made a strong debut on the Hong Kong Stock Exchange, with its stock price surging 109.09% on the first day, reaching HKD 345 and a market capitalization of HKD 106.7 billion, igniting interest in the AI sector across both Hong Kong and A-share markets [1][2]. Group 1 - MiniMax is currently the highest international revenue-generating Chinese large model company, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from overseas markets [2][7]. - The company attracted 14 cornerstone investors, including notable institutions like ADIA and Alibaba, with a total subscription amount of HKD 2.723 billion [2]. - The public offering was oversubscribed by 1,837 times, with institutional and retail investors showing significant interest, leading to a total order of USD 19 billion (approximately RMB 132.7 billion) [2]. Group 2 - MiniMax aims to provide continuous advanced intelligence and contribute to societal and economic development, as stated by its founder and CEO [5]. - Established in early 2022, MiniMax focuses on the research and development of multimodal models, achieving significant breakthroughs in voice, video, and text models [5][6]. - The company has launched several AI products, including the Speech 01 and Speech 02 voice models, which have generated over 220 million hours of speech, and the Video 01 and Hailuo 02 video models, which have produced over 590 million videos [6][7]. Group 3 - MiniMax has a global user base of over 212 million individuals across more than 200 countries and regions, showcasing its strong market expansion capabilities [7]. - The company has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of the costs incurred by OpenAI [7]. - The funds raised from the IPO will primarily be used for future model upgrades and the development of AI-native products, aiming to enhance productivity and long-term creativity in society [7].

Core Viewpoint - MiniMax, a global AI model company, made a strong debut on the Hong Kong Stock Exchange, with its stock price rising by 109.09% on the first day, reaching HKD 345 and a market capitalization of HKD 106.7 billion, igniting interest in the AI sector across both Hong Kong and A-share markets [1][6]. Company Overview - MiniMax is recognized as the highest international revenue-generating Chinese large model company, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from overseas markets [1][9]. - The company was founded in early 2022 and focuses on the development of multimodal models, achieving significant technological breakthroughs in voice, video, and text models [7][8]. IPO and Market Response - The public offering of MiniMax was oversubscribed by 1,837 times, with institutional and retail investors showing strong interest, leading to a total subscription amount of approximately USD 19 billion (around RMB 132.7 billion) [2][7]. - MiniMax's listing attracted top global long-term investors, contributing to a rally in Chinese tech stocks and creating an independent market trend [2][7]. Product Development and Achievements - MiniMax launched its first voice model, Speech 01, based on the Transformer architecture in 2023, followed by an upgraded version, Speech 02, in the first half of 2024, which ranked first in comprehensive performance [8]. - The company has also released a video generation model, Video 01, and the Hailuo 02 upgrade, which has helped generate over 5.9 billion videos [8][9]. - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and first in open-source models, showcasing the company's rapid ascent in the AI landscape [8][9]. Global Reach and User Base - As of September 2025, MiniMax has over 200 countries and regions with more than 212 million individual users, demonstrating its strong global market expansion capabilities [9]. - The company has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of the costs incurred by OpenAI [10]. Future Plans - The funds raised from the IPO will primarily be used for model upgrades and the development of AI-native products over the next five years, aiming to enhance productivity and creativity in society [10].

Core Viewpoint - MiniMax, a global AI model company, successfully debuted on the Hong Kong Stock Exchange, with its stock price surging by 109.09% on the first trading day, reaching HKD 345 and a market capitalization of HKD 105.4 billion, igniting interest in the AI sector across both Hong Kong and A-share markets [1][2] Company Overview - MiniMax is recognized as the highest international revenue-generating Chinese large model company, with a revenue growth of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from overseas markets [1][4] - The company was founded in early 2022 and focuses on the development of multimodal models, achieving significant technological breakthroughs in voice, video, and text models [2][3] Market Performance - The public offering of MiniMax was oversubscribed by 1,837 times, with institutional and retail investors showing strong interest, leading to a total subscription amount of approximately USD 19 billion (around RMB 132.7 billion) [2] - MiniMax's listing has attracted top global long-term investors, contributing to a rally in Chinese tech stocks and creating an independent market trend [2] Product Development - MiniMax launched its first voice model, Speech 01, based on the Transformer architecture in 2023, followed by an upgraded version, Speech 02, in the first half of the year, achieving the top performance in its category [3] - The company has also developed a video generation model, Video 01, and its upgraded version, Hailuo 02, which ranked second in the AA video arena [3][4] - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and first in open-source models from China [3][4] User Base and Global Reach - As of September 2025, MiniMax has over 200 million individual users across more than 200 countries and regions, demonstrating its strong global market expansion capabilities [4] - The company has generated over 2.2 billion hours of voice and 5.9 billion videos for users, showcasing its extensive application in AI [3][4] Financial Strategy - MiniMax plans to use the funds raised from its IPO primarily for model upgrades and the development of AI-native products over the next five years, aiming to enhance productivity and long-term creativity in society [5]

Core Viewpoint - MiniMax, a global AI large model company, successfully listed on the Hong Kong Stock Exchange, reflecting strong market interest in the AI sector and the company's growth potential [1][2]. Group 1: IPO Performance - MiniMax's stock price surged by 63% to 269 HKD, with a market capitalization of approximately 83.1 billion HKD, indicating robust investor confidence [1]. - The IPO raised around 5.54 billion HKD, with an oversubscription of 1,837 times in the public offering and 37 times in the international offering, showcasing high demand for AI investments [1]. Group 2: Investor Confidence - Notable cornerstone investors included Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with total subscriptions amounting to approximately 2.723 billion HKD, indicating strong belief in MiniMax's long-term growth [2]. - The participation of international asset management giants in the IPO signals recognition of MiniMax's unique investment value in the global AI landscape [2]. Group 3: Technological Advancements - MiniMax launched the first domestic speech large model, Speech 01, in 2023, followed by an upgraded version, Speech 02, which ranks first in comprehensive performance, generating over 220 million hours of speech [3]. - The company introduced Video 01 and the Hailuo 02 video generation models, achieving significant milestones with over 590 million videos generated [3]. Group 4: Product Development and Market Reach - MiniMax's new generation text model, MiniMax M2, ranked among the top five globally and first in China, demonstrating its competitive edge in the AI model market [4]. - The company has over 200 million individual users across more than 200 countries, with a revenue growth exceeding 170% year-on-year, and over 70% of revenue coming from international markets [5]. - MiniMax aims to utilize the funds raised from the IPO for model upgrades and AI product development, focusing on enhancing productivity and creativity globally [5].

Core Viewpoint - MiniMax Group Inc. is set to become the largest AI model company to go public, with a total fundraising of over 4.8 billion HKD, reflecting strong market interest and investor confidence in its advanced AI technologies [2][3]. Group 1: IPO Details - MiniMax will officially list on the Hong Kong Stock Exchange on January 9, 2026, under the stock code "0100" [2]. - The company issued 29,197,600 shares, with the Hong Kong public offering being oversubscribed by 1,837.17 times and the international offering by 36.76 times [2]. - The IPO raised over 4.8 billion HKD, with shares trading at 266.4 HKD shortly after listing, a 61.45% increase from the issue price [3]. Group 2: Company Achievements - Founded in early 2022, MiniMax focuses on developing multimodal models and has achieved significant breakthroughs in voice, video, and text models [6]. - The company launched the first domestic Transformer-based speech model, Speech 01, in 2023, followed by an upgraded version, Speech 02, which ranks first in performance [7]. - MiniMax's video generation model, Hailuo 02, was released in 2025 and has generated over 590 million videos, showcasing its strong market presence [8]. Group 3: Team and Efficiency - MiniMax has a young team with an average age of 29, comprising 74% R&D personnel, which contributes to its high organizational efficiency and innovative capabilities [10]. - The company has spent approximately 500 million USD (about 3.5 billion RMB) since its inception, significantly less than competitors like OpenAI, which has spent between 40 billion to 55 billion USD [10]. Group 4: Business Model and Revenue - MiniMax has established a sustainable revenue model based on subscription services and cloud APIs, with over 2.12 million individual users and 130,000 enterprise clients across more than 200 countries [13]. - The company's revenue for 2023 and 2024 was 3.5 million USD and 30.5 million USD, respectively, with a year-on-year growth of 782.2% in 2024 [14]. - International revenue accounts for over 70% of total income, demonstrating strong global market penetration [12][14]. Group 5: Investment and Market Position - MiniMax has attracted investments from major firms like Alibaba, Tencent, and Sequoia Capital, indicating strong confidence in its technology and business model [17][21]. - The company is recognized as one of the four global leaders in multimodal AI, positioning itself well to capitalize on the projected growth of the AI market, expected to reach 4.8 trillion USD by 2033 [15].

Core Viewpoint - MiniMax Group Inc. is set to launch its IPO, aiming to raise between HKD 46.123 billion and HKD 50.399 billion, with a diverse group of cornerstone investors backing the offering, indicating strong market confidence in the company's business model and growth potential [2][3]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to HKD 165 per share, with the IPO period starting today and ending on January 6, 2026 [2]. - The cornerstone investors include 14 major firms such as Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of approximately HKD 2.723 billion [2]. Group 2: Investor Sentiment - The participation of long-term capital in the IPO reflects a rare consensus among investors, indicating confidence in MiniMax's self-sustaining business model and growth trajectory [3]. - The global lineup of cornerstone investors supports MiniMax's strategy of being "born global," with over 200 countries and regions having more than 212 million individual users by September 2025 [3]. Group 3: Company Background and Achievements - Founded in early 2022, MiniMax focuses on developing multimodal AI models and has achieved significant technological breakthroughs in voice, video, and text models [4]. - The company has launched several successful products, including the Speech 01 and Speech 02 voice models, which have generated over 2.2 billion hours of voice content, and the Video 01 model, which has produced over 590 million videos [4][5]. Group 4: Market Position and Future Outlook - MiniMax's new generation text model, MiniMax M2, has ranked among the top five globally and first in open-source, showcasing its competitive edge in the AI landscape [5]. - The company has spent USD 500 million to achieve its leading position in multimodal AI, which is only about 1% of OpenAI's expenditure, indicating efficient resource utilization [7]. - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, presenting a significant growth opportunity for MiniMax as it aims to fill a gap in the Hong Kong capital market for AGI [7].

Core Viewpoint - MiniMax, an AI company founded in 2022, is set to go public with an IPO on January 9, 2024, aiming for a valuation between HKD 461.23 billion and HKD 503.99 billion, marking its rapid ascent in the global AI industry [1][8]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to 165 per share, with a total expected fundraising of approximately HKD 27.23 billion from 14 cornerstone investors [1][2]. - The cornerstone investors include major firms like Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, indicating strong backing and confidence in MiniMax's business model and growth potential [1][2]. Group 2: Business Model and Growth - MiniMax has demonstrated significant growth, with a revenue increase of over 170% year-on-year for the first nine months of 2025, and over 70% of its revenue coming from international markets [2][3]. - The company has developed a range of AI models, including the Speech 01 and Speech 02 for voice generation, and Video 01 and Hailuo 02 for video generation, achieving substantial user engagement with over 2.2 billion hours of voice and 5.9 billion videos generated [3][4]. Group 3: Market Position and Future Outlook - MiniMax's M2 model has ranked among the top five globally in various AI model assessments, showcasing its competitive edge in the AI landscape [4][5]. - The company has invested USD 500 million to achieve its current standing, which is only about 1% of OpenAI's expenditure, indicating efficient resource utilization [7]. - 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 MiniMax to capitalize on this growth [8].

Core Viewpoint - MiniMax Group Inc. is set to launch its IPO, aiming for a valuation between HKD 461.23 billion and HKD 503.99 billion, with significant backing from 14 cornerstone investors, indicating strong market confidence in its business model and growth potential [2][3][4]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to HKD 165 per share, with the IPO period running from today until January 6, 2026 [2]. - The total subscription amount from cornerstone investors is approximately HKD 27.23 billion, showcasing a rare consensus among long-term capital investors [3][4]. Group 2: Business Model and Growth - MiniMax is recognized as a leading AI company with a global user base exceeding 212 million across over 200 countries, achieving a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of revenue coming from international markets [4][8]. - The company has received investments from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia, positioning it as one of the fastest-growing and highest-valued AI tech firms [4][5]. Group 3: Technological Advancements - MiniMax has launched several advanced AI models, including the Speech 01 and Speech 02 voice models, which have generated over 2.2 billion hours of speech, and the Video 01 and Hailuo 02 video models, which have produced over 590 million videos [5][6]. - The MiniMax M2 text model has achieved significant recognition, ranking among the top five globally and first in China, demonstrating its competitive edge in the AI landscape [6][8]. Group 4: Market Potential - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years, positioning MiniMax to capitalize on this rapid growth [8]. - The funds raised from the IPO will primarily be used for model upgrades and the development of AI-native products, aligning with the company's vision of enhancing productivity and creativity in society [8].

Core Viewpoint - MiniMax, an AI company founded in 2022, is set to launch its IPO on January 9, 2024, with a valuation between HKD 461.23 billion and HKD 503.99 billion, marking its rapid ascent in the global AI industry within just four years [1][7]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of HKD 151 to HKD 165 per share, aiming for a total valuation of HKD 461.23 billion to HKD 503.99 billion [1]. - The company has secured cornerstone investments totaling approximately HKD 27.23 billion from 14 investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, indicating strong market confidence [1][2]. Group 2: Business Model and Growth - MiniMax's business model has been recognized for its self-sustaining capabilities, attracting long-term capital from major international asset management firms, which is a rare consensus in the market [2]. - The company has achieved over 170% year-on-year revenue growth in the first nine months of 2025, with more than 70% of its revenue coming from international markets, showcasing its effective global market expansion [2]. Group 3: Technological Advancements - MiniMax focuses on full-modal model development and has made significant technological breakthroughs in voice, video, and text models, including the launch of the Speech 01 and Speech 02 models, which have generated over 2.2 billion hours of voice content [3]. - The company released its new generation text model, MiniMax M2, which ranked among the top five globally and first in China, reflecting its competitive edge in the AI landscape [4]. Group 4: Market Potential - The global AI market is projected to grow from USD 189 billion in 2023 to USD 4.8 trillion by 2033, indicating a 25-fold increase in just ten years, positioning MiniMax to capitalize on this rapid growth [7]. - MiniMax aims to use the funds raised from its IPO for model upgrades and the development of AI-native products, reinforcing its commitment to enhancing productivity and creativity in society [7].

Core Viewpoint - MiniMax, an AI company founded in 2022, is set to launch its IPO on January 9, 2024, with a valuation between 46.123 billion HKD and 50.399 billion HKD, marking its rapid ascent in the global AI industry within just four years [1][2]. Group 1: IPO Details - MiniMax plans to issue 25,389,220 shares at a price range of 151 HKD to 165 HKD per share, aiming for a total valuation of 461.23 billion HKD to 503.99 billion HKD [1]. - The company has secured cornerstone investments totaling approximately 2.723 billion HKD from 14 investors, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, indicating strong market confidence [1][2]. Group 2: Business Model and Growth - MiniMax's business model has been recognized for its self-sustaining capabilities, attracting long-term capital from major international asset management firms, which is a rare consensus in the market [2]. - The company reported a revenue growth of over 170% year-on-year for the first nine months of 2025, with over 70% of its revenue coming from international markets, showcasing its effective global market expansion [2]. Group 3: Technological Advancements - MiniMax has achieved significant technological breakthroughs in speech, video, and text models, launching several leading products, including the Speech 01 and Speech 02 models, which have generated over 2.2 billion hours of speech [3]. - The company also released the Video 01 model and its upgraded version Hailuo 02, which have collectively helped creators generate over 590 million videos [3]. Group 4: Future Prospects - MiniMax aims to raise funds primarily for the development of large model upgrades and AI-native products, with a vision to enhance global productivity and creativity [7]. - The global AI market is projected to grow from 189 billion USD in 2023 to 4.8 trillion USD by 2033, presenting a significant opportunity for MiniMax to capitalize on this rapid growth [7].