MiniMax made a huge jump on its first day in Hong Kong. The young AI firm from China saw its share price shoot far above its IPO price as traders rushed in.
What happened on listing day
MiniMax shares opened well above the offer price and kept climbing in early trade. At one point the stock was up as much as about 90% intraday, putting it far ahead of many recent tech listings in the city.
- IPO offer price: HK$165 per share.
- Intra‑day high: around HK$298 per share by mid‑afternoon.
- First‑day jump: 50–90% range reported across trading sessions.
By raising roughly HK$4.8 billion (about 620 million dollars), MiniMax instantly joined the front line of China’s listed AI players.
Why MiniMax matters in China’s “AI tiger” club
MiniMax is seen as the second of China’s so‑called “AI tigers” to reach public markets, following Zhipu AI’s Hong Kong debut a day earlier. These “tigers” are ambitious large‑language‑model builders positioned as local challengers to global leaders like OpenAI.
MiniMax develops multimodal AI models that can handle text, audio, images, video, and even music inside chatbots and creative tools. The company has backing from big‑name Chinese tech groups such as Alibaba and Tencent, giving it strong cloud, data, and distribution support.
Analysts note that MiniMax leans more into fast‑growing consumer apps, while Zhipu focuses heavily on enterprise and government clients, which investors view as steadier but less explosive.
IPO details, valuation and investor appetite
The IPO was priced at the top end of the marketed range after strong demand from institutional and retail buyers. MiniMax sold about 29.2 million shares, more than its earlier base offer of 25.4 million shares, signaling a solid book.
Key financing points:
- Funds raised: about HK$4.8 billion (roughly $618–620 million).
- Use of proceeds: ramp up research and development and expand computing power for training large models.
- Major cornerstone investors reportedly include Abu Dhabi Investment Authority and Mirae Asset Securities, highlighting cross‑border capital interest in Chinese AI.
MiniMax’s debut also rides on a broader rebound in Hong Kong’s IPO market, where AI and chip firms were central to the city’s strongest listing year since 2021.
MiniMax vs Zhipu: two “AI tigers” in focus
| Aspect | MiniMax Group | Zhipu AI |
|---|---|---|
| Listing venue & timing | Hong Kong, debut Jan 9, 2026 | Hong Kong, debut Jan 8, 2026 |
| First‑day share move | Up to ~90% intraday; often quoted 50–78% jump range | Roughly 13% gain on first trading day |
| Capital raised | Around HK$4.8 billion (~$620 million) | About $558 million (IPO size reported earlier) |
| Core focus | Consumer‑facing apps, chatbots, creative media tools | Enterprise and government AI solutions |
| Tech scope | Multimodal LLMs: text, audio, images, video, music | Large‑language models for knowledge and industry use |
| Strategic message to market | High‑growth AI “unicorn” chasing mass‑market adoption | More stable institutional‑driven AI demand |
The sharper MiniMax rally underlines how traders are currently rewarding growth and consumer buzz over steadier institutional plays.
Bigger picture: geopolitics, chips and China’s AI race
MiniMax’s listing comes as Beijing pushes to build homegrown AI stacks under U.S. export controls on advanced chips and cloud access. By raising fresh capital offshore, Chinese AI startups are trying to secure computing power, talent and data needed to keep pace with U.S. rivals.
For Hong Kong, the deal adds another flagship tech name to its board just as AI and semiconductor firms help revive the city’s role as a regional fundraising hub. For global investors, the stock is an early pure‑play bet on China’s large‑language‑model push at scale.
(Source: thenews, bloomberg, marketscreener)
