tech

January 9, 2026

MiniMax doubles in Hong Kong debut, marking yet another Chinese AI listing

Shares of MiniMax surged in their first day of trading in Hong Kong, in what represents the second major Chinese LLM company to go public.

MiniMax doubles in Hong Kong debut, marking yet another Chinese AI listing

TL;DR

  • MiniMax Group's shares doubled on their first day of trading in Hong Kong.
  • The company raised $620 million in its IPO, outperforming rival Zhipu AI.
  • MiniMax specializes in AI applications like chatbots, image, and video generation.
  • The startup is backed by investors including Alibaba Group and Tencent Holdings.
  • Its founders previously worked at SenseTime, a major player in China's AI sector.
  • MiniMax aims to compete with U.S. AI giants like OpenAI.
  • The company served over 200 million users across more than 200 countries as of September last year.
  • Revenue increased significantly, but the company still reported a net loss.
  • Most revenue comes from subscriptions and in-app purchases.
  • IPO proceeds will be used for research and development.

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