MiniMax (00100) officially launched its share offering on December 31. This AI company, with a team averaging post-95s in age, has ascended to the global AI first tier in just four years since its founding, becoming a significant bellwether for the global AI industry's transition from a "technology race" to an era of advancing "commercialization and globalization" in tandem. According to the prospectus, MiniMax's IPO plans to issue 25,389,220 shares, with a price range of HKD 151 to HKD 165 per share. Excluding the potential effects of the overallotment option, the issuance valuation is estimated to be between HKD 46.123 billion and HKD 50.399 billion, with an expected official listing on the Hong Kong stock market on January 9.
Notably, MiniMax has secured 14 cornerstone investors for this offering, including Aspex, Eastspring, Mirae Asset, Alibaba, and E Fund, with a total subscription amount of approximately HKD 2.723 billion. The investor base spans multiple dimensions, including international long-term funds, leading technology firms, Chinese long-term capital, and industrial strategic investors, creating a powerful endorsement of value. A key highlight of this cornerstone investment is the rare consensus among long-term capital. Long-term funds typically have high investment thresholds and favor companies that have already demonstrated a viable business model or significant technological barriers. Their willingness to hold MiniMax for the long term inherently signifies recognition of the company's self-sustaining business model capabilities.
The presence of international asset management giants like Aspex, Eastspring, and Mirae Asset, known for their long-term strategies and extreme caution towards Hong Kong IPO cornerstone investments, sends a clear signal. It indicates not only an acknowledgment of MiniMax's investment scarcity as a global AI first-tier player but also a commitment to accompany its growth trajectory over the coming years. The global composition of the cornerstone investor lineup also validates the correctness of MiniMax's "born global" strategy.
As one of the rare "big model" companies globally to have achieved first-tier status across all modalities, MiniMax had attracted over 212 million individual users from more than 200 countries and regions by September 2025. Revenue for the first nine months of 2025 surged by over 170% year-on-year, with overseas markets contributing more than 70% of the total, showcasing exceptional global market expansion capabilities and a healthy, diversified revenue structure. It is worth mentioning that MiniMax had previously garnered investment and support from top-tier institutions such as miHoYo, Alibaba, Tencent, Xiaohongshu, Hillhouse, IDG, Sequoia, Matrix, Momentum, and China Life, establishing itself as one of the fastest-growing and highest-valued AI technology companies.
Reportedly founded in early 2022, MiniMax is a "born global" AI company and one of the few large model firms focused on full-modal model R&D from its inception. The company maintains an intensive pace of technological iteration, achieving frequent key breakthroughs, particularly in voice, video, and text models. Starting in 2023, MiniMax launched Speech 01, China's first Transformer-based large voice model, followed by the upgraded Speech 02 in the first half of this year, which ranked first in comprehensive performance. To date, MiniMax's voice models have helped users generate over 220 million hours of audio.
In August 2024, the company released the video generation model Video 01 and its product Hailuo AI, considered the best available video model at the time. In June 2025, the upgraded Hailuo 02 was launched, ranking second in the AA Video Arena. So far, MiniMax's video models have assisted creators in generating more than 590 million videos. In October 2025, the company released and open-sourced its new-generation text large model, MiniMax M2, which immediately entered the global top five and ranked first among open-source models on Artificial Analysis—marking the first time a Chinese open-source large model cracked the global top five on that list. Upon release, M2 quickly climbed to the top spot for token usage among domestic models on the global model aggregation platform OpenRouter, and ranked third globally for token usage in programming scenarios.
Recently, on the LMARENA.AI WebDev leaderboard, MiniMax M2.1 Preview secured the fourth position globally (behind Anthropic, OpenAI, and Google) and first in China. Furthermore, legendary programmer DHH, creator of the Ruby on Rails web framework, praised MiniMax M2.1 highly on X, noting its impressive efficiency in handling complex codebases. Leveraging its self-developed full-modal models, MiniMax has launched a series of AI-native products globally, including Hailuo AI, Xingye, Talkie, and an open platform for enterprises and developers.
From its founding until September 2025, MiniMax spent a cumulative USD 500 million, achieving global leadership across modalities using only about 1% of OpenAI's expenditure. The proceeds from this listing are intended primarily for large model upgrades and AI-native product development over the next five years, aiming to provide increasingly advanced and general intelligence to the world, enhance societal productivity, improve development quality and long-term creativity, and persistently realize its vision of "Intelligence with Everyone."
According to a UNCTAD report, the global AI market is projected to surge from USD 189 billion in 2023 to USD 4.8 trillion by 2033, representing a 25-fold increase within a decade. MiniMax's listing at this juncture positions it to capitalize on this high-growth market window, leveraging its healthy and sustainable business model to fill a gap in the AGI sector within the Hong Kong capital markets and further strengthen its valuation thesis through its inherent scarcity.