Core Insights - MiniMax, an AI large model company, successfully went public on the Hong Kong Stock Exchange under the code "0100.HK," with its stock price soaring 109.09% on the first day, reaching a market capitalization of over HKD 100 billion, setting a record for institutional subscriptions in recent years [1] - The company has attracted significant investments from top-tier institutions such as Alibaba, Tencent, Hillhouse Capital, and Sequoia China, with cornerstone investors collectively subscribing HKD 27.23 billion, accounting for nearly 70% of the offering size, which supported the stock price [1] - MiHoYo, a gaming industry player, made its first successful investment in a listed company through MiniMax, reflecting the gaming sector's long-term commitment to the AI industry [1][2] Company Overview - MiniMax was established in early 2022 and is a global general artificial intelligence (AGI) company focused on multimodal model development, making it one of the few companies in China with a high international revenue from large models [4] - The company has a young team of 385 members, with an average age of 29, and nearly 74% of its workforce in research and development, including over 30% returning overseas talent [4] - MiniMax's founder and CEO, Yan Junjie, has a strong academic background, holding a PhD from the Chinese Academy of Sciences and experience at SenseTime [4] Financial Performance - MiniMax reported revenue of USD 53.4 million (approximately RMB 380 million) for the first three quarters of 2025, representing a year-on-year growth of 174.7%, with over 70% of its revenue coming from international markets [5] - The company has accumulated over 212 million users for its AI products, with a rapid increase in paying users [5] - Despite its growth, MiniMax is facing significant losses, with a total loss of approximately USD 1.32 billion, highlighting the challenges of maintaining technological leadership and converting its large user base into sustainable profits [6] Industry Trends - The case of MiHoYo exemplifies the gaming industry's broader embrace of AI, as companies seek to enhance content production, user experience, and operational maintenance through AI technologies [7] - Major gaming companies like Tencent and NetEase are integrating AI tools into their games, indicating a strategic shift towards AI as a core component of game development and user engagement [7] - The Chinese large model market is projected to exceed RMB 70 billion by 2026, with the gaming sector viewed as a critical area for the application and commercialization of large model technologies [7][8]

Group 1: Company Listings and Financial Performance - Zhiyuan officially listed on January 8, 2026, becoming the world's first publicly traded company focused on general artificial intelligence (AGI) with a market capitalization of HKD 52.83 billion at opening[10] - Zhiyuan's annual recurring revenue (ARR) from its GLM coding plan exceeds RMB 100 million (approximately USD 14 million), with over 150,000 paid developer users acquired in just three months[12] - MiniMax listed on January 9, 2026, with an issue price of HKD 165, raising HKD 4.189 billion and achieving a market valuation exceeding HKD 70 billion[20] Group 2: Revenue and User Growth - MiniMax's revenue for the first nine months of 2025 reached USD 5.343 million (approximately RMB 37.6 million), a 175% increase from the previous year[22] - MiniMax's paid user count grew from approximately 119,700 in 2023 to about 1,771,600 by September 30, 2025[24] - Zhiyuan's revenue from 2022 to 2025 showed a compound annual growth rate (CAGR) of 130%, with revenues of RMB 57.4 million, RMB 125 million, and RMB 312 million respectively[17] Group 3: Market Position and Competitive Advantage - Zhiyuan's GLM technology is recognized as one of the few domestic models that can compete directly with the GPT system, excelling in robustness and controllability[2] - MiniMax's overseas market revenue contribution exceeded 70% in the first nine months of 2025, indicating strong international demand[23] - Zhiyuan's flagship model GLM-4.7 ranked first in both global open-source and domestic model evaluations, surpassing GPT-5.2 in a global coding assessment[16] Group 4: Strategic Investments and Future Outlook - Zhiyuan attracted significant investment from 11 cornerstone investors, raising a total of HKD 2.98 billion prior to its IPO[11] - Alibaba plans to continue substantial investments in Taobao Flash Purchase in 2026, aiming for market share growth and improved operational efficiency[25] - The Chinese instant retail market is projected to exceed RMB 1 trillion in 2026, with Alibaba increasing its focus on high-value user engagement and non-food retail[29]

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 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].

Group 1 - MiniMax, a global AI model company, debuted on the Hong Kong Stock Exchange on January 9, with a strong performance, closing up 109.09% at HKD 345, resulting in a market capitalization of HKD 105.4 billion [1] - The AI sector in both Hong Kong and A-share markets experienced a significant surge, with the Shanghai Composite Index breaking 4100 points and over 3900 stocks rising, indicating a strong market interest in AI [1] - MiniMax is noted as the highest international revenue-generating Chinese 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] Group 2 - The public offering of MiniMax was oversubscribed by 1837 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 attracted top global long-term investors, contributing to a rally in Chinese tech stocks and establishing an independent market trend [2] - 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] Group 3 - MiniMax launched its first voice model, Speech 01, in 2023, followed by an upgraded version, Speech 02, in the first half of the year, which has generated over 220 million hours of voice content [3] - The company released its video generation model, Video 01, in August 2024, and an upgraded version, Hailuo 02, in June 2025, which has helped creators generate over 590 million videos [3] - The new generation text model, MiniMax M2, was released in October 2025, ranking among the top five globally and achieving the highest domestic token usage on OpenRouter [3][4] Group 4 - MiniMax M2.1 Preview ranked fourth globally in the LMARENA.AI WebDev rankings, receiving high praise from notable figures in the tech community for its efficiency in handling complex codebases [4] - The company has launched a series of AI-native products globally, including Hai Luo AI and Talkie, and has over 200 million individual users across more than 200 countries and regions by September 2025 [4] - MiniMax has spent USD 500 million since its inception, achieving global leadership in multimodal models at only about 1% of OpenAI's expenses, with plans to use funds from its IPO for future model upgrades and AI product development [5]

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 Insights - MiniMax, a four-year-old AI company, made a successful debut on the Hong Kong Stock Exchange, with its stock price rising by 78.18% on the first day, leading to a market capitalization of approximately HKD 909.21 billion [1] - The company set a record for the shortest time from establishment to IPO for an AI company globally, highlighting its rapid growth and market acceptance [1] IPO Details - MiniMax's public offering was oversubscribed by 1,837 times, with the international offering receiving a 37 times subscription, raising approximately HKD 55.4 billion at a maximum price of HKD 165 per share [2] - The IPO attracted 14 cornerstone investors, including notable firms such as Aspex, Eastspring, and Mirae Asset, with a total subscription amount of HKD 27.23 billion, accounting for 69.8% of the global offering [2] - The demand for the national allocation reached USD 32 billion (approximately RMB 223.49 billion), with actual orders from over 460 institutions totaling USD 19 billion (approximately RMB 132.7 billion), resulting in an oversubscription of about 79 times [3] Company Overview - Founded in early 2022, MiniMax is a leading global artificial general intelligence (AGI) company, known for developing a series of multimodal general large models, including MiniMax M2.1, Hailuo 2.3, Speech 2.6, and Music 2.0 [4] - By September 2025, MiniMax had over 200 million personal 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 revenue coming from international markets [4][6] Technological Advancements - MiniMax has made significant advancements in technology, launching the first domestic speech large model based on the Transformer architecture in 2023, and generating over 2.2 billion hours of speech through its models [5] - The company also released a video generation model in August 2024, which has helped creators generate over 590 million videos [5] - In October 2025, MiniMax launched a new generation text large model, MiniMax M2, which ranked among the top five globally in the Artificial Analysis list, marking a significant achievement for a Chinese open-source large model [5]

Core Insights - MiniMax, a global AI model company, successfully listed on the Hong Kong Stock Exchange on January 9, with its stock price surging over 80% at opening, reflecting strong market interest in the AI sector [2] - The company raised approximately 5.54 billion HKD through its IPO, with a subscription rate of 1,837 times for the public offering and 37 times for the international offering, indicating high investor confidence in MiniMax's growth potential [2] - MiniMax's rapid growth from establishment to IPO in just four years highlights the global capital market's recognition of the AI sector and the company's core value [2] Company Overview - Founded in early 2022, MiniMax is a "globally born" AI company focused on developing multimodal models, achieving significant breakthroughs in voice, video, and text models [9] - The company launched its first voice model, Speech 01, in 2023, followed by an upgraded version, Speech 02, in 2025, with its voice models generating over 220 million hours of speech [9] - MiniMax's video generation model, Video 01, was released in August 2024, with an upgraded version, Hailuo 02, set for June 2025, and has helped creators generate over 590 million videos [9] Financial Performance - As of September 2025, MiniMax reported a revenue growth of over 170% year-on-year, with over 70% of its revenue coming from international markets, showcasing its strong global market expansion capabilities [14] - The company has spent 500 million USD since its inception, achieving global leadership in multimodal models at only about 1% of OpenAI's expenditure [14] 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 [14]

Group 1 - MiniMax, a leading AGI company, went public on the Hong Kong Stock Exchange on January 9, becoming the fastest AI company to list globally, achieving this milestone in just over four years [1] - On its first trading day, MiniMax's stock price surged over 80%, resulting in a market capitalization exceeding 80 billion HKD [1] Group 2 - The total fundraising amount for MiniMax's IPO was approximately 5.54 billion HKD, with 33.58 million shares issued at a maximum price of 165 HKD per share [2] - The public offering was oversubscribed by 1,837 times, while the international offering was oversubscribed by 37 times [2] - Notable cornerstone investors included Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of approximately 2.723 billion HKD [2] - The funds raised will primarily be used for large model upgrades and the development of AI-native products over the next five years [2] Group 3 - MiniMax, founded in early 2022, focuses on the research and development of multimodal models, achieving significant breakthroughs in voice, video, and text models [3] - The company launched its first voice model, Speech 01, in 2023, and plans to release an upgraded version, Speech 02, in mid-2025, with over 220 million hours of voice generated to date [3] - MiniMax's video model, Video 01, was released in August 2024, with an upgraded version, Hailuo 02, set for June 2025, generating over 590 million videos [3] - The company plans to release a new generation text model, MiniMax M2, in October 2025, which is expected to rank among the top five globally in the Artificial Analysis list [3] Group 4 - MiniMax has launched a series of AI-native products globally, including Hailuo AI, Xingye, and Talkie, along with an open platform for enterprises and developers [4] - As of September 2025, MiniMax has over 200 million individual users across more than 200 countries and regions [4] - The company's revenue for the first nine months of 2025 increased by over 170% year-on-year, with over 70% of revenue coming from international markets [4]