Core Insights - MiniMax, a leading global artificial intelligence (AGI) company, successfully listed on the Hong Kong Stock Exchange with an issue price set at the upper limit of the range, at HKD 165 per share. The stock opened with a gain of over 50% and closed with a total increase of 109.09%, reaching HKD 345 per share, with a trading volume of HKD 4 billion and a total market capitalization exceeding HKD 100 billion [2][4]. Company Overview - MiniMax, located in Shanghai, is recognized as one of the top four companies globally in the full-modal AI model sector. The company has developed a series of full-modal general models, including MiniMax M2.1, Hailuo 2.3, Speech 2.6, and Music 2.0 [4]. - As of September 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, indicating a strong global presence [4]. Financial Performance - In the first nine months of 2025, MiniMax reported a revenue growth of over 170% year-on-year, with more than 70% of its revenue coming from international markets, showcasing its robust global market expansion capabilities and a healthy, diversified revenue structure [4]. Leadership Vision - The founder and CEO of MiniMax, Yan Junjie, emphasized that the true value of an AI company lies in its ability to continuously provide advanced intelligence for practical use, highlighting the company's commitment to contributing to social and economic development [4].

Core Viewpoint - MiniMax officially listed today, experiencing a significant increase in stock price, closing up 109.09% at 345 HKD with a trading volume of 4.005 billion HKD [1] Group 1: Company Overview - MiniMax is a leading global general artificial intelligence technology company, having developed a series of multimodal general models including MiniMax M2, Hailuo2.3, Speech2.6, and Music2.0, which possess code and agent capabilities as well as long-context processing abilities [1] - The company offers a range of AI-native products globally, such as MiniMax Agent, Hailuo AI, MiniMax Audio, and Xingye, along with an open platform for enterprises and developers [1] Group 2: Market Potential - According to a report from China Merchants Securities, the global large model market is in the early stages of commercial explosion, with the application layer expected to grow over 20 times in five years [1] - MiniMax is recognized as a rare AI enterprise with comprehensive self-developed capabilities and successful commercialization, establishing strong barriers in technology iteration, product matrix, and global operations [1] - With the explosion of the AI application market and the release of the company's scale effects, there is potential for improvement in profitability [1]

Core Insights - MiniMax, a leading global artificial intelligence (AGI) company, went public on the Hong Kong Stock Exchange on January 9, achieving a market capitalization exceeding HKD 90 billion shortly after listing [1] - The company raised approximately HKD 5.54 billion through the issuance of around 33.58 million shares at the upper limit of HKD 165 per share, with an overwhelming market response reflected in a subscription rate of 1,837 times for the public offering and 37 times for the international offering [1] - MiniMax has developed a series of multimodal general models, including MiniMaxM2.1, Hailuo2.3, Speech2.6, and Music2.0, and has over 212 million personal users across more than 200 countries and regions as of September 2025 [1] Financial Performance - 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, indicating strong global market expansion capabilities [1] Leadership Perspective - The founder and CEO of MiniMax, Yan Junjie, emphasized the company's commitment to providing continuous advanced intelligence and contributing to societal and economic development [2]

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].

Group 1: Company Overview - MiniMax (稀宇科技), a leading global artificial intelligence (AGI) company, was listed on the Hong Kong Stock Exchange on January 9, achieving a market capitalization of over 76.3 billion HKD, making it the largest IPO in the AI large model sector to date [1][3] - The company has developed a series of full-modal general large models, including MiniMaxM2.1, Hailuo2.3, Speech2.6, and Music2.0, positioning itself among the top four global companies in this field [3] - As of September 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, 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 international markets [3] Group 2: Market Response and Financials - The global offering of approximately 33.58 million shares was priced at the upper limit of 165 HKD per share, raising approximately 5.54 billion HKD, with the public offering receiving an oversubscription of 1,837 times and the international offering 37 times [1] - The listing attracted 14 prominent cornerstone investors, including Aspex, Eastspring, MiraeAsset, ADIA, Alibaba, and E Fund, indicating strong market confidence and diverse investor interest [1] Group 3: Industry Development in Shanghai - Shanghai's artificial intelligence industry has shown significant growth, with 394 large-scale enterprises generating revenue of 435.49 billion CNY in the first three quarters of 2025, reflecting a year-on-year growth of 39.6% [4] - The city has implemented various measures to foster AI development, including the introduction of resource vouchers and a financial ecosystem to support startups, significantly lowering the barriers to entry for new companies [5] - In 2025, a national AI fund of 60 billion CNY was established in Shanghai, alongside a municipal AI pilot fund of 22.5 billion CNY, creating a comprehensive investment system to support early-stage AI ventures [5]

Core Viewpoint - MiniMax-WP (00100) has successfully listed its shares at a price of HKD 165 per share, raising approximately HKD 45.96 billion in net proceeds, with a significant initial trading increase of 42.67% to HKD 38 per share [1] Company Overview - MiniMax is recognized as a leading global general artificial intelligence technology company, having developed a series of multimodal general models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0, which possess code and agent capabilities as well as long context processing abilities [1] - The company’s self-developed models enable it to understand, generate, and integrate various modalities, including text, audio, images, video, and music [1] Product Offering - MiniMax has launched a range of AI-native products globally, including MiniMax Agent, Hailuo AI, MiniMax Audio, and Xingye, along with an open platform for enterprises and developers [1] User Growth - The AI-native product matrix of MiniMax has attracted a large user base, with average monthly active users (MAU) increasing from 3.1 million in 2023 to over 19.1 million in 2024, and further rising to 27.6 million for the nine months ending September 30, 2025 [1] - As of September 30, 2025, MiniMax has over 212 million individual users across more than 200 countries and regions, as well as 130,000 enterprise customers from over 100 countries [1]

Core Insights - The article highlights the launch of a new content format by Kuaikan Manhua, introducing AI-powered interactive comics that integrate AI technology with a complete worldview, character interaction, and immersive experiences, leading the industry in content innovation [1] Group 1: Company Innovations - Kuaikan Manhua is committed to innovating comic formats, building on previous forms like strip comics and comic dramas, and is now exploring a new comic experience driven by AI technology [1] - MiniMax Yiyu Technology, a core technology partner, provides video and voice generation model support, enabling comic characters to "move and speak," thus creating a more natural interactive experience [1] Group 2: Technology and Partnerships - MiniMax Yiyu Technology is a leading global general artificial intelligence company that has developed a series of multimodal general models, including MiniMax M2.1, Hailuo 2.3, Speech 2.6, and Music 2.0, positioning itself among the top four multimodal companies globally [1] - MiniMax has previously collaborated with well-known IPs and content companies, such as Mixue Ice City and director Lu Chuan, to explore new paradigms of "AI + IP" in content innovation and user co-creation [1]

Core Viewpoint - The AI large model "MiniMax" has received approval from the China Securities Regulatory Commission (CSRC) and has passed the Hong Kong Stock Exchange hearing, indicating a significant step towards its public offering [1] Group 1: Company Overview - MiniMax, established in 2021, is recognized as one of the "Six Little Tigers" in the AI large model sector [1] - The company has developed a series of multimodal general large models, including MiniMax M2, Hailuo 2.3, Speech 2.6, and Music 2.0 [1] Group 2: Regulatory Milestones - The approval from the CSRC and the successful hearing at the Hong Kong Stock Exchange mark important regulatory milestones for MiniMax [1] - As of now, MiniMax has not provided any comments regarding its recent developments [1]

Core Insights - The article highlights the transition of artificial intelligence (AI) into the "intelligent agent era" by 2025, marking a shift from tool-based products to autonomous decision-making systems [1] - China's AI sector is evolving from "made in China" to "created in China," positioning itself as a leader in the global AI race with unique paths in performance, cost, and algorithm originality [1] - The Yangtze River Delta region is emerging as a hub for AI innovation, with a surge of new AI products and applications in recent months [1] Technological Breakthroughs - The Yangtze River Delta's AI models are establishing a robust foundation for intelligent agents, exemplified by MiniMax's M2 model, which ranks among the top five in global assessments with only 10 billion activation parameters [2] - MiniMax's technology has been integrated by global tech giant Meta, marking a significant recognition of Chinese AI algorithms on an international scale [2] - MiniMax has expanded its offerings with a comprehensive suite of models across text, video, voice, and music, showcasing a breakthrough in multimodal AI capabilities [2] Vertical Industry Advantages - Companies in the Yangtze River Delta are demonstrating specialized strengths, such as Nanjing's NanZhi Optoelectronics, which upgraded its photon-specific model to enhance design efficiency by 30% [3] - The "Inspiration Intelligent Agent" developed by Hefei's team revolutionizes visual content creation, allowing users to perform complex tasks through simple dialogue interactions [3] - The team received the Best Demonstration Award at the ACM International Multimedia Conference, highlighting their innovative contributions to the field [3] Scene Empowerment - The rich industrial ecosystem and large consumer market in the Yangtze River Delta facilitate the practical application of AI models, as evidenced by the rapid success of Ant Group's "Lingguang" application, which surpassed 2 million downloads within a week [4][5] - The "Qwen" model from Alibaba also achieved over 10 million downloads shortly after its public testing, showcasing the competitive edge of Chinese AI products [5] - Suzhou's industrial park has seen significant algorithm aggregation, with 35 algorithms approved for deep synthesis services, leading the province in this area [5] Policy Support - The article discusses the comprehensive "ecological cultivation" system established in the Yangtze River Delta, supported by forward-looking policies from key cities [7] - Shanghai has positioned AI as one of its three leading industries, with projections indicating the industry will exceed 450 billion yuan by 2025 [7] - Hangzhou aims to create a full-chain support system for AI innovation, with the launch of the largest AI open-source community in China [7] City-Specific Initiatives - Suzhou's action plan aims for over 3,000 AI companies and a core industry scale growth of over 20% annually by 2026 [8] - Nanjing plans to achieve a core industry scale of 60 billion yuan by 2026, focusing on developing foundational and industry-specific AI models [8] - Hefei is advancing its AI industry through a dual strategy, establishing a comprehensive ecosystem that includes data labeling and computational support [9]