China AI start-up MiniMax kicks off US$538 million Hong Kong IPO
Start of Shanghai-based company’s share sale follows launch of rival Zhipu’s US$560 million IPO a day earlier
The Shanghai-based company would offer 25.39 million shares globally, with about 5 per cent allocated to Hong Kong retail investors and the rest to international investors, according to a stock exchange filing on Wednesday.
Shares were priced at up to HK$165 each, implying a maximum fundraising size of HK$4.19 billion before any greenshoe option, the filing showed.
The company said it would start trading under stock code 0100 on the Hong Kong stock exchange on January 9, with pricing expected on January 7. The offering includes a 15 per cent overallotment option, which would further increase the deal size if exercised.
The joint sponsors include China International Capital Corporation and UBS, alongside Goldman Sachs and Morgan Stanley as global coordinators.
Founded in 2022 by former SenseTime veteran Yan Junjie, MiniMax develops large multimodal AI models capable of processing text, audio, images and video. The company, backed by investors including Alibaba Group Holding and Tencent Holdings, is considered one of China’s new generative-AI “tigers”, alongside rivals such as Zhipu, Baichuan and Moonshot AI, as domestic firms race to close the gap with US leaders like OpenAI. Alibaba owns the Post.