According to AIbase, the unicorn large model company MiniMax (00100.HK) officially listed on the main board of the Hong Kong Stock Exchange on January 9, 2026. On the first day of listing, MiniMax performed extremely strongly, with an opening price of 235.4 HKD, a significant increase of 42.67% compared to the issue price of 165 HKD, reflecting the fervent enthusiasm of the capital market for leading domestic large model enterprises.
As one of the "Six Small Tigers" of large models in China, MiniMax's IPO has attracted widespread attention. In the public offering phase, the stock received an astonishing 1,837 times oversubscription, with frozen funds exceeding 250 billion HKD, setting a new record for recent new share issues in the Hong Kong stock market. According to Cailian and related prospectus information, MiniMax was priced at the upper end of the issue price range of 165 HKD, successfully raising about 4.8 billion HKD. This listing not only made MiniMax the AI company with the shortest time from establishment to IPO globally, but also followed the previous day's listing of Zhipu (02513.HK), triggering a wave of AI capitalization in the Hong Kong stock market.
MiniMax was established in 2021, led by Yan Junjie, former vice president of SenseTime. With its self-developed multi-modal large model capabilities in text, voice, and vision, as well as successful commercialization of consumer products such as Xingye and Haile AI, it quickly broke through the primary market. The prospectus shows that Alibaba, Mihoyo, and Tencent are important shareholders of MiniMax. The sharp rise on the first day of listing reflects investors' deep recognition of the potential of MiniMax's M2 series models in edge computing and intelligent agent (Agent) applications. With MiniMax's successful listing and high opening, 2026 has officially marked the beginning of a new era where Chinese large model companies collectively enter the secondary market.
