MiniMax Hong Kong IPO Success: Alibaba-Backed AI Startup Raises $618M as Shares Double
Alibaba-backed AI startup MiniMax successfully raised $618M in its Hong Kong IPO, with shares more than doubling on the first day. Discover the details of MiniMax Hong Kong IPO success.
It’s a massive $618 million debut that's shaking up the AI market. MiniMax, the Alibaba-backed AI startup, saw its shares more than double on its first day of trading in Hong Kong this Friday.
MiniMax Hong Kong IPO Success Driven by Global Revenue Growth
According to reports from Nikkei, the Shanghai-headquartered unicorn sold over 29 million shares at an offer price of 165 Hong Kong dollars each. The stock's explosive performance follows the listing of its local rival Zhipu AI just a day earlier, signaling a renewed investor appetite for Chinese AI champions.
A Global Play Beyond China
MiniMax isn't just a domestic player. Over 40% of the company's revenue now comes from overseas markets. This global footprint has helped it stand out in a crowded field of Chinese LLM developers, providing a buffer against intense domestic competition and attracting international capital.
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