MiniMax IPO: AI Startup’s 70% Surge Makes It Hong Kong’s Hottest Tech Listing

In a dazzling debut that’s electrifying the tech investment world, MiniMax has skyrocketed 70% on its first day of trading in Hong Kong, briefly pushing the company’s valuation beyond HK$90 billion ($11.5 billion). The artificial intelligence firm’s explosive market entrance is sending shockwaves through both the tech and financial sectors, marking one of the most spectacular IPO performances in recent memory.

Founded by former SenseTime vice president Yan Junjie, MiniMax priced its initial public offering at HK$165 per share, ultimately raising HK$5.54 billion ($710 million) in gross proceeds. The demand was nothing short of extraordinary—the Hong Kong public offering was oversubscribed a staggering 1,837 times, while the international placement saw coverage 37 times over.

The Power Players Behind MiniMax’s Meteoric Rise

The IPO attracted an impressive roster of 14 cornerstone investors, including heavyweight names like Aspex, Eastspring, Mirae Asset, Abu Dhabi Investment Authority (ADIA), Alibaba, and E Fund Management. These institutional giants clearly see something revolutionary in MiniMax’s AI technology stack.

Among the shareholders, gaming giant MiHoYo stands out with a 6.4% stake now valued at more than HK$4.8 billion ($615 million). The connection makes perfect sense—MiHoYo, creator of the global phenomenon Genshin Impact, understands the transformative potential of AI in gaming and entertainment.

Other notable investors include Tencent, Alibaba, Sequoia China, Hillhouse Capital, and IDG Capital, creating a who’s who of tech investment royalty backing this AI venture.

The “Impossible Triangle” Conqueror

What makes MiniMax particularly fascinating is how it’s tackling what many consider the “impossible triangle” of AI development: achieving high performance, low cost, and commercial scalability simultaneously. ZhenFund, the most active investor participating in six consecutive funding rounds, credits founder Yan Junjie’s decisive approach to critical technology pathways as the key differentiator.

MiniMax’s abab 6.5 model series employs a mixture-of-experts (MoE) architecture that delivers performance within 5% of leading US models while operating at roughly 1% of the cost. This efficiency breakthrough could fundamentally reshape the economics of AI deployment.

Global Reach, Rapid Growth

Despite being in a high-investment phase with a net loss of $512 million in the first three quarters of 2025, MiniMax is showing remarkable growth metrics. The company’s services now reach users in over 200 countries and regions, with more than 70% of revenue generated from overseas markets.

Revenue surged 170% year-on-year in the first three quarters, while maintaining an impressive gross margin of 69.4%. These numbers suggest MiniMax has cracked the code on monetizing AI at scale—a challenge that has tripped up many competitors.

The AI Arms Race Heats Up

MiniMax’s successful debut comes at a pivotal moment in the global AI race. As development costs soar and competition intensifies, investors are increasingly looking for companies that can deliver both technological innovation and commercial viability.

The strong market reception signals that MiniMax has positioned itself as a serious contender in the foundation model space, potentially challenging the dominance of US tech giants. With its multimodal foundation models spanning text, speech, and video, MiniMax is building what could become a comprehensive AI platform.

What’s Next for the AI Unicorn

Proceeds from the IPO will be primarily directed toward upgrading large language models and developing AI-native products, according to founder Yan Junjie. “We will continue striving for advances in intelligence and ensure that cutting-edge AI truly serves everyone,” he stated, articulating a vision that extends beyond pure technological achievement to meaningful societal impact.

The company’s continued focus on R&D, despite its current unprofitability, suggests management believes the AI market is still in its early innings. By investing heavily now, MiniMax appears to be positioning itself for long-term dominance rather than short-term profitability.

Market Implications

MiniMax’s blockbuster IPO could signal a broader shift in how investors value AI companies. The willingness to assign a $11.5 billion valuation to a company still operating at a loss reflects growing confidence that AI represents a fundamental technological shift comparable to the internet or mobile computing revolutions.

For Hong Kong’s stock exchange, the successful listing reinforces the city’s position as a viable alternative to US exchanges for Chinese tech companies, particularly in strategic sectors like AI where geopolitical tensions have complicated US listings.

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