AI firm MiniMax prepares for mainland China listing after shares surge in Hong Kong
Chinese AI model company hires Citic Securities to prepare a mainland share sale, with the listing venue yet to be confirmed
The Shanghai-headquartered company signed an agreement with Citic Securities on Friday, hiring the brokerage to help prepare for a sale of yuan-denominated shares.
MiniMax is the latest AI firm to tap funding on China’s onshore stock markets as global investors ramp up their bets on tech companies. This follows hyperscalers’ investments in AI infrastructure gaining further momentum and the easing of Middle East tensions boosting the appeal of risk assets.
Global investors’ interest in AI stocks is at an all-time high. The Nasdaq-100 index rose to a record on Friday and markets in South Korea and Taiwan – which are heavily weighted towards memory chipmakers and semiconductor manufacturers – also hit all-time highs last week.
The Star Market 50 index hit a record last week, taking its gain this year to about 30 per cent. Shares of MiniMax rose 0.4 per cent to HK$840 in the city on Friday, valuing the company at HK$264 billion (US$33.7 billion). The stock has jumped 400 per cent since its IPO in January.