Core Viewpoint - MiniMax, an AI model company, successfully went public on the Hong Kong Stock Exchange, achieving a record IPO scale for AI companies, with a share price increase of over 78.18% on the first trading day, reaching a market capitalization close to 90 billion HKD [2][4]. Company Overview - MiniMax was founded four years ago and has developed leading multimodal technology capabilities, serving over 200 million users [3]. - The company aims to continue its rapid growth in the AI sector, focusing on technological innovation and inclusivity [3]. IPO Details - The IPO was met with unprecedented enthusiasm, with the public offering oversubscribed by 1837.17 times, attracting approximately 417,600 valid applications [2]. - The international offering also saw strong demand, with a 37 times oversubscription [2]. Investment and Market Position - MiniMax secured 14 prominent cornerstone investors, including major international funds and tech companies, raising 2.723 billion HKD, which represents 69.8% of the global offering [3]. - The company is recognized as one of the top four multimodal AI firms globally, with a diverse model matrix that includes capabilities in text, audio, image, video, and music [3]. Financial Performance - MiniMax's revenue is projected to grow significantly, with expected revenues of 2.460 million USD, 30.523 million USD, and 53.437 million USD for the first three quarters of 2023, 2024, and 2025 respectively, reflecting a year-on-year increase of over 170% for 2025 [4]. - The company has improved its gross margin from -24.7% to 23.3% over the same period, although net losses are projected to increase [4]. Revenue Structure - The revenue structure is heavily focused on core AI products, which contribute 71.1% of total revenue, with significant growth from Talkie/Xingye and Hailuo AI [4]. - The company serves over 200 countries and regions, with a user base of 2.12 million individual users and 130,000 enterprise clients, where C-end revenue accounts for over 71% [4]. Global Expansion - By September 30, 2025, MiniMax's revenue is expected to reach 53.437 million USD, with overseas revenue accounting for 73.1% of total revenue, primarily from markets in Singapore and the United States [5]. Market Trends - The IPO of MiniMax coincides with a surge in AI-related stocks, following the successful listing of other AI companies, indicating strong market interest in the AI sector [6].

Core Viewpoint - MiniMax, a general artificial intelligence company, is set to potentially list on the Hong Kong Stock Exchange by January 2026, aiming to establish a record for the shortest time from establishment to IPO among AI companies [2] Financial Performance - MiniMax reported no revenue in 2022, with projected cumulative revenue of $87.42 million (approximately 616 million RMB) from 2023 to September 2025, including a staggering year-on-year revenue growth of 782.2% in 2024 and nearly 175% in the first nine months of 2025 [2] - The company's gross margin is expected to improve from -24.7% in 2023 to 23.3% in the first nine months of 2025, despite cumulative losses exceeding $1.327 billion (approximately 9.2 billion RMB) from 2022 to September 2025, indicating a high cash burn rate [2][3] Funding and Investment - Since its inception in early 2022, MiniMax has raised a total of $1.55 billion, with investments from top-tier institutions such as MiHoYo, Alibaba, Tencent, and Sequoia [3] - The company has spent $500 million during this period, contrasting with OpenAI's expenditure of $40 billion to $55 billion in the same timeframe [3] Product Development and Market Reach - MiniMax has developed a series of multimodal general models, including MiniMaxM2 and Hailuo2.3, and has launched various AI-native products globally, serving over 200 million users and at least 100,000 enterprises and developers across more than 200 countries and regions [4][5] - The company operates a dual-driven business model targeting both B2B and B2C markets [4] Legal Challenges - MiniMax faces legal challenges, having been sued by 12 Hollywood companies, including Disney and Warner Bros, for alleged copyright infringement related to its video generation product, Hailuo AI, with claims for a permanent injunction and up to $75 million in statutory damages [5] - The company's overseas revenue share has increased from 19.2% in 2023 to 73.1% in the first nine months of 2025, raising concerns about potential impacts on international operations if the lawsuit results in unfavorable outcomes [5]