According to AIbase, the Hong Kong IPO subscription of MiniMax (0100.HK), a star startup in China's large model field, has been successfully completed today (January 6). With its leading position in multimodal technology and consumer market applications, MiniMax's listing has attracted intense enthusiasm from the capital market. According to Futu Securities data, the final fundraising amount for the company's IPO reached HK$253.3 billion, and the public offering part received an astonishing 1,209 times oversubscription, making it the hottest tech new stock in Hong Kong's capital market since the start of 2026.
According to the latest announcement from the Hong Kong Stock Exchange, MiniMax plans to issue 25.4 million shares globally, with the price range per share set between HK$151 and HK$165. Given the hot demand, market sources indicate that the final pricing is expected to be set at the upper end of the range. Calculating based on this, MiniMax is expected to raise HK$3.834 billion to HK$4.189 billion, with an estimated valuation exceeding HK$50 billion. The company plans to list on the main board of the Hong Kong Stock Exchange on January 9. This IPO has introduced an extremely prestigious list of cornerstone investors, including Alibaba, Abu Dhabi Investment Authority (ADIA), Aspex Master Fund, and Boyu Capital, among 14 institutions, with a total subscription of about HK$2.723 billion.
As the first top enterprise among the "Six Small Tigers of Large Models" in China to rush for listing, MiniMax was founded in early 2022 by Yan Junjie, former vice president of SenseTime. The company focuses on full-modal model R&D and has products such as "Hailuo AI" and "Xingye," which are phenomenon-level AI-native products, with users covering more than 200 countries and regions worldwide. According to the prospectus, MiniMax's revenue grew by over 170% in the first nine months of 2025, with overseas markets contributing more than 70% of the revenue. Approximately 90% of the net proceeds from this fundraising will be used for R&D expenses over the next five years, focusing on the evolution of basic models and the development of AI-native applications.
With the bell ringing on January 9, MiniMax will break records and become one of the fastest AI companies in the world to go public from its establishment.
