Shares of MiniMax, an AI agency backed by Chinese language recreation developer MiHoYo, surged greater than 70% of their Hong Kong buying and selling debut right this moment, briefly pushing the corporate’s market capitalisation above HK$90 billion ($11.5 billion).
MiniMax, based by former SenseTime vp Yan Junjie, listed on the principle board of the Hong Kong Inventory Alternate beneath the inventory code 00100.HK. The itemizing ranks among the many quickest public choices by a world AI firm since its inception.
Why it issues: The robust debut underscores strong investor urge for food for firms growing massive language fashions and general-purpose synthetic intelligence, as capital continues to move into the sector regardless of heightened competitors and rising improvement prices.
Particulars: MiniMax focuses on basis fashions and AI purposes, and has attracted backing from traders together with MiHoYo, the developer of the hit recreation Genshin Impression.
- MiniMax priced its preliminary public providing at HK$165 per share. Assuming the total train of the greenshoe choice, the corporate raised HK$5.54 billion ($710 million) in gross proceeds globally.
- Market demand was robust, with the Hong Kong public providing oversubscribed 1,837 instances, whereas the worldwide placement was lined 37 instances. The IPO attracted 14 cornerstone traders, together with Aspex, Eastspring, Mirae Asset, Abu Dhabi Funding Authority (ADIA), Alibaba, and E Fund Administration, amongst different home and worldwide establishments.
- As an angel investor in MiniMax, MiHoYo holds a 6.4% stake within the firm, which is valued at greater than HK$4.8 billion ($615 million) primarily based on the newest market capitalisation. Different shareholders embody Tencent, Alibaba, Sequoia China, Hillhouse Capital, and IDG Capital, in accordance with public disclosures.
- Notably, ZhenFund participated in six consecutive funding rounds, making it probably the most energetic investor within the firm. Its founding accomplice Huang Mingming mentioned Yan Junjie’s decision-making on essential know-how pathways gave the agency confidence that he may break the so-called unimaginable triangle of excessive efficiency, low value and industrial scalability.
- Regardless of the robust market valuation, MiniMax mentioned in its prospectus that it stays in a high-investment part, posting a internet lack of $512 million within the first three quarters of 2025. Proceeds from the IPO will likely be primarily used to improve massive language fashions and develop AI-native merchandise, founder Yan Junjie mentioned. “We are going to proceed striving for advances in intelligence and be sure that cutting-edge AI really serves everybody,” he added.
Context: MiniMax has developed in-house multimodal basis fashions spanning textual content, speech and video. Its abab 6.5 mannequin collection adopts a mixture-of-experts (MoE) structure and delivers efficiency inside 5% of main US fashions at round 1% of the associated fee, the corporate mentioned, and has been deployed at scale for industrial use.
- As of September 2025, MiniMax’s companies reached customers in additional than 200 international locations and areas, with over 70% of income generated abroad. Income within the first three quarters rose 170% year-on-year, whereas gross margin stood at 69.4%, in accordance with the corporate.
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