Chinese AI firm MiniMax prices Hong Kong IPO at top range
Chinese AI startup MiniMax is set to price its Hong Kong IPO at the top of its range, raising $538 million and valuing the company at about $6.5 billion, according to sources. The offering is scheduled to start trading on January 9.
Founded in early 2022 by former SenseTime executive Yan Junjie, MiniMax develops multimodal AI models including MiniMax M1, Hailuo-02, Speech-02, and Music-01, capable of processing text, audio, images, video, and music. The company’s IPO books have reportedly been heavily oversubscribed, News.Az reports, citing Reuters.
The listing is part of a wave of Chinese AI and tech IPOs in Hong Kong, as investors flock to domestic alternatives amid rising U.S. tech export restrictions. MiniMax joins five other Chinese firms debuting this week, including Zhipu AI and chipmaker Iluvatar CoreX.
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