On January 5, media reports indicated that Chinese AI startup MiniMax plans to price its Hong Kong Initial Public Offering (IPO) at the high end of its marketing range. This move reflects a resurgence of investor enthusiasm for Chinese tech startups, signaling that market interest in this emerging sector remains robust.

According to sources familiar with the matter who spoke with Bloomberg, the Shanghai-based company may sell its shares at HK$165 apiece. Due to strong subscription demand, the company plans to stop accepting orders from institutional investors at 5:00 PM local time on Monday, January 5, a full day ahead of the originally scheduled deadline.

It is reported that MiniMax's IPO has attracted subscription demand several times the offering size, with an investor lineup that includes sovereign wealth funds and global long-only funds. If priced at the top end of the range, MiniMax would raise at least HK$4.2 billion (approximately US$538 million). The company is expected to officially begin trading this Friday, January 9.

Backed by Alibaba Group and Abu Dhabi's sovereign wealth fund, MiniMax is one of the first generative AI companies to go public following China's ChatGPT boom, aiming to challenge US competitors like OpenAI in an increasingly competitive global landscape.

The valuation level and the cornerstone investor lineup are noteworthy. According to information from Wall Street News based on the prospectus, MiniMax plans to issue approximately 25.39 million shares in this IPO, with an original price range set between HK$151 and HK$165 per share. If finalized at the high end of HK$165, and excluding the potential impact of the overallotment option, its issuance valuation would range between approximately HK$46.123 billion and HK$50.399 billion.

This offering has attracted an impressive roster of cornerstone investors. A total of 14 cornerstone investors participated, committing around HK$2.723 billion. This group includes international asset management giants such as Aspex, Eastspring, and Mirae Asset, alongside well-known institutions like Alibaba and China Asset Management Co., Ltd. (易方达).

This investor combination encompasses international long-term capital, leading tech companies, and industrial strategic capital. The participation of global long-only funds, which typically impose strict criteria on investment targets and favor long-term holdings, indicates market recognition of MiniMax's business model and self-sustaining capability. Previously, the company had already secured investment support from institutions such as miHoYo, Tencent, Sequoia Capital, IDG Capital, and Hillhouse Capital.

On the operational front, MiniMax has demonstrated rapid growth and a capacity for global deployment. As of September 2025, the company boasted over 212 million individual users across more than 200 countries and regions. For the first nine months of 2025, the company's revenue increased by more than 170% year-over-year, with overseas market revenue contributing over 70%, indicating successful penetration into international markets with higher payment willingness.

Notably, MiniMax has maintained high capital efficiency. The prospectus shows that since its founding in early 2022, with a cumulative investment of approximately US$500 million, the company has completed a full-stack R&D layout covering models from text and speech to video. Based on its self-developed models, the company has launched native AI products like Conch AI, Xingye, and Talkie.

MiniMax's listing is set to kick off a busy start for the Hong Kong IPO market. Approximately 11 companies are planning to list in Hong Kong this month, with total fundraising potentially reaching up to US$4.1 billion. MiniMax's main competitor, Zhipu AI, is also scheduled to list in the same week.

On a macro level, supportive policies from the Chinese government for the domestic AI industry are encouraging companies to accelerate expansion and fundraising. According to a UNCTAD report, the global AI market size is projected to surge from US$189 billion in 2023 to US$48 trillion by 2033.

Facing immense market growth potential and fierce competition from Silicon Valley giants like Google, OpenAI, and Anthropic, Chinese companies like MiniMax are seeking further resource support through capital markets to consolidate their strategic positions within the industry.