MiniMax IPO Soars with Record-Breaking Debut on Hong Kong Stock Exchange

14,930 10

The artificial intelligence (AI) landscape witnessed a landmark event as MiniMax (stock code: 00100.HK), a leading Chinese AI company, made its stellar debut on the Hong Kong Stock Exchange on January 9, 2026. The listing was met with explosive investor enthusiasm, signaling robust confidence in the future of generative AI and its commercial applications. The company’s shares opened at 235.4 Hong Kong dollars, a dramatic surge of over 40% from its final offering price of 165 HKD.

Unprecedented Investor Demand Sets Stage

The runaway success of the initial public offering (IPO) was foreshadowed by record-shattering subscription levels during its public offering period from December 31, 2025, to January 6, 2026. The Hong Kong public offering portion of the IPO captured the market’s imagination, attracting approximately 420,000 retail investors and becoming over 1,800 times subscribed. The overwhelming demand led the company to price its shares at the top end of its indicated range (151-165 HKD) and even close the books for international institutional investors a day early.

Financial Backing and IPO Details

The IPO has solidified MiniMax’s financial position for its next phase of growth. Through the global offering of approximately 29.2 million shares, the company raised a net sum of about 4.6 billion Hong Kong dollars. The offering was anchored by a powerful consortium of 14 cornerstone investors, whose commitments totaled roughly 27.23 billion Hong Kong dollars (approximately $3.5 billion). This elite group included major international funds like Aspex and Eastspring, tech giant Alibaba, and leading Chinese asset managers such as E Fund.

Financial Performance at a Glance

The following table summarizes MiniMax’s key financial metrics leading up to its IPO:

Period	Revenue	Annual Loss	Key Notes
2022	$0	$73.7 million	Pre-revenue development phase.
2023	$3.46 million	$269 million	Initial revenue generation.
2024	$30.52 million	$465 million	Significant revenue growth.
Jan-Sep 2025	$53.44 million	$512 million	AI原生產品 (AI-native products) contributed 71.1% of revenue.

The Path Forward: From Rapid Growth to Public Scrutiny

Founded just four years ago, MiniMax’s journey from startup to publicly-listed company is among the fastest in the global AI sector. The company, known for its multimodal AI capabilities and products like the conversational AI “海螺AI,” has demonstrated explosive revenue growth, even as it continues to invest heavily in research and development, resulting in significant losses.

According to its prospectus, MiniMax plans to allocate 90% of the IPO proceeds to research and development over the next five years, focusing on advancing its foundational models and AI-native applications. This underscores the company’s commitment to maintaining its technological edge in a fiercely competitive market.

A Bellwether for the AI Market

MiniMax’s successful listing is widely seen as a critical test for the public market’s appetite for pure-play AI companies, especially those in the generative AI space. Its ability to attract massive capital and top-tier investors, despite not yet being profitable, highlights a powerful belief in the long-term disruption AI will bring across industries.

The listing provides MiniMax not only with substantial capital but also enhanced visibility and credibility as it competes on a global stage. It sets a significant precedent for other AI “unicorns” considering the public markets and reinforces Hong Kong’s role as a premier fundraising hub for cutting-edge technology firms.